First personal house or first rental unit?

[Dylan Duffield]

So here’s my situation. I’m 2 years out of school. last year I made 52k and this year I’m on pace to make about 70k. I’m in a field where Income can fluctuate month to month but I am pretty good at saving in advance. I am looking for guidance on how to make the most of my money (don’t have much of a background in finance, my parents were both terrible with money so I’m kinda on my own here). I came out of school with 24k of student debt, I have that widdled down to about 3K left. I have about 10k saved up, and am looking for my best course of action going forward.

Monthly expenses:

Rent :$667 ($2000 split three ways between my girlfriend, our roommate, and myself. We’re in a pretty nice situation as my roommate only stays in his room, so it’s essentially like my girlfriend and I have our own place.)

Car and gas: $6-650

All other expenses :$4-500 monthly max

I live pretty well below my means, which has allowed me to get rid of my student loans. My question is whether I should buy myself a place where I live (Kitchener-waterloo) or buy a rental investment in London for students. How I look at it, I can buy myself a place which is nowhere near the house I live in currently (very lucky, large rental) and pay $1600-2000 monthly and save a little bit month to month on the side to eventually get a bigger place. My other option is to buy a place in London to rent out to students because houses are much cheaper. As I’m looking at it, I could buy a house with 5-6 bedrooms with a mortgage of 400k(monthly mortgage of $1900, assuming total monthly cost of $2500 with utilities) and rent out 6 rooms for $550 each (profit $800 per month). I know that unforeseen costs will come up along the way and things will need to be fixed. With that being said I’m not the type of person to start blowing money once I start making more. Any profit from the unit will be invested to save for future.

Now with me being young I know there is probably some things I’m overlooking which is why I’m coming here to get the opinions of the smart people on this subreddit.

Thanks in advance to any and all input.