Investment income is the goal.
Money earning money on money. We've all heard that money never sleeps, so you might as well try and make it when you are sleeping. There's plenty of different ways to invest, and we don't pretend to be specialists in all of them nor do we recommend you speak with anyone who claims they are. What we can say is that historically, Canadian real estate has been an incredibly stable and performant investment.
Leveraging up.
You may have some RRSPS that are barely paying interest more than your bank fees, or perhaps your company has some retained earnings. The most likely scenario is your current home has plenty of equity. If that's the case, you might be able to tap into that equity and use it to buy an investment property. What kind of properties are we talking about?
- Rental Home (maybe with a basement suite as well!)
- Duplex/Triplex/Four Plex
- Small Commercial
- Vacation Property with Short Term Rental
The options are limited only by what ideas you can come up with. It's our job to see if we can get you a mortgage with a low enough payment, that by the time your expenses are covered, you're still coming out ahead. Based on the hundreds of clients we've helped do this in the past, we think there's a pretty good shot!
What are the options?
Well, as mentioned above, we could try and refinance your existing home to cover the down payment on an investment property. From there, we'd work to get you a mortgage on the investment property, so you're effectively leveraged. Or maybe your home has enough equity that we can pull out the entire amount needed, getting you, a cheaper rate and you could just buy the investment with cash. Perhaps you want to buy the investment in a company name as you plan to grow your portfolio. The reality is, there's dozens of options and each one is unique to each clients' particular scenario. We suggest you book a meeting, come visit us or give us a call and let us know what you're thinking - we're always happy to go over your ideas and see just how we can make your money work for you.