House Hacking in Mississauga

[Preeti Madan]

I have been planning to start investing in Mississauga/ Brampton, Ontario with House hacking. In Ontario, renting out basement is very common. My starting out strategy is buy a below average property, with basement, in livable position and either rent out basement or main floor for maximum money out. Live there for a few years and do cosmetic renovation. After that move to other property and rent out both the floors to get more money. after my few months research i have got to know that, In Ontario, it's hard to get cash flow and Buy and Hold strategy works better. I have a few below questions:

• Is there any risk i should be considering in above approach?
• I heard USA and Canada market doesn't work same, in that case if basement doesn't have kitchen then what would be the approximate cost of building it or how can i calculate it?
• in there any different route i should consider?
• Is Mississauga/ Brampton a good place to invest in or one is more good than other for house hacking?

Thank you for any help.

Preeti

[David Nakkila]

Hello Preeti, 

I am a real estate agent and investor in the Mississauga, Brampton, Halton Hills, Milton, Oakville market. I currently live in a home where I rent out my basement and own another rental property out in Guelph Ontario. I would love to meet with you and discuss your needs and some of the other areas in which I believe our perfect for investing in. I also have a background in renovations so I have an extensive knowledge on creating legal suites in different cities. All the cities have different by laws and rules. Let me know if I can help!