Thinking of buying an investment property? πŸš€ 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! πŸ πŸ’‘

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. πŸ’Έ

3. Increase Rental Income: Explore options to add a third unit for even more rental revenue. πŸ“ˆ

When NOT to buy:

-If you need immediate cash flow πŸ’΅

-If you have a short-term property plan (1-3 years) ⏳

-If you’re relying solely on property appreciation πŸ“‰

-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

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