All Forum Posts by: Kenny Keating

@johann, I wasn't aware of the inner gang war on the site lol. I'm a newb and appreciate all the insights from both angles. Hey, weed stocks do pretty Damn good up here also. The books I read on finance all preach increasing net worth as the primary focus and it seems like you did that well Johann. I'd love to hear the details of how you acquired the triplex.

The unit has increased in value from 150,000 originally to now 220,000 in 6 years. It was refinanced back up to 170,000 to leverage another house that im living in now that has appreciated 20,000 in one year. This is the outlook for the region. https://globalnews.ca/news/4749870/winnipeg-housing-market/. There isn't much speculation with these numbers, it will appreciate in this market quite well. I don't know of another investment with that kind of ROI in 6 years using a banks money.

The rent is competitive for the area and the tenants are interested in a rent to buy. 

@Thomas S. but what about the the equity it is building? The market here in 

Winnipeg is one of the strongest in Canada and the vacancy rate is very low.

The income that I receive from the rental is not taxed but then taxed on top of my income. In Canada that's 30% of 15,600. I claim mortgage interest, utilities, $1000 for lawn maintenance and property tax but I still fall short come tax season. I'm not sure what "E" is as this is my first post. 

I haven't claimed depreciation yet in 7 years, waiting for the sale.

I'm looking at turning this into a rent to buy now but still learning the ropes.

I have this rental single detached home that is 100 years old. It has been lifted and a foundation has been poured about 20 years ago. I just put in a new A/C unit and furnace. My tenant will be leaving in 1 year. The market is good for finding renters and the house is a good location in decent shape. I owe $170,000 on the mortgage and it has been appraised at $220,000.  The costs are about $1080 in taxes,insurance and mortgage and I get $1300 for the mortgage leaving a net $220. It is practically cash flow neutral but i'm confused. If the market keeps going up and the tenant is paying down the mortgage should I keep it or not? I claim all the utilities and property tax come tax season however I still have to pay taxes on the extra 15,600 I make off the monthly income. I have used this rental house as an equity leverage move to buy another property that I live in raising it's mortgage from 136,000 to now 170,000 in a refinance. The house I now live in is worth 280,000 and the mortgage owing on it is 260,000. I will be leaving my job to go back to school for 5 years and may not have a good income for awhile. Do I sell this rental and invest in stocks or some other real estate? what are my options?

so i'm leveraging my rental property's equity to produce a 5% down payment on a second home.  I have 40,000$ in equity in the rental house and the second house i am looking at is going for 224,000. my real estate agent says it can go on the market for 300,000 with the right cosmetics. I'm skeptical, the other houses he has shown me sold for 285,000- 300,000 looked alot better, plus they had a garage and this one didnt.  They are taking offers in 4 days. could i post the pictures and others sold on the market and get some advice?