Thanks ryeguy21. I have only roughly looked at the numbers. I would be leaving about 100k of equity in the house and I'm shopping in the 350k area.
My costs would be cmhc, interest on the rental mortgage as well as the mortgage payment, taxes, incidental repairs.
My roi would likely be minimal I would think. I'd have to be banking on appreciation to make any great gains other than keeping the mortgage paid.
It sounds like I need to do some homework.
I've done some research into rental pricing and seems at today's rates the rental should be paid off in ten years.
|