Thinking of buying an investment property? 🚀 Here’s why it could be a smart move:
1. Great Entry Point: Dive into the market and reduce your mortgage payments! For a property priced at $850,000 with a 20% down payment at a 5% interest rate, your monthly costs are approximately $4,201, including mortgage, property tax, and insurance. By renting out the basement for $1,700-$1,900, you can slash your mortgage payments to just $2,300-$2,500! 🏠💡
2. Porting Your Mortgage: If you have a low-interest mortgage, porting it to a new property can save you money on your mortgage because you would get a blended rate which would be cheaper than the current market rate. 💸
3. Increase Rental Income: Explore options to add a third unit for even more rental revenue. 📈
When NOT to buy:
-If you need immediate cash flow 💵
-If you have a short-term property plan (1-3 years) ⏳
-If you’re relying solely on property appreciation 📉
-Just to jump into the market without a clear strategy 🚫
If you would like to discuss your personal scenario, please book a call with my via my calender link: https://calendly.com/samanhabibi_realestate/1-on-1-virtual-coffee
