First investment advice

[Mikey Bars]

Greetings BiggerPockets!

This is my first post and Im hoping to get some suggestions from everyone.

So let me explain a bit about myself first.

My name is Mikey and my wife and I live in Southern Ontario Canada.

I own a successful one location vape shop and I have been saving in my TFSA for the last year. I have around $11,000 currently to invest.

I rent my house at the moment and we have turned it into a cash flow positive house. It was a three bedroom when we moved in but I built a room/vocal recording booth in the basement. We rent out 2 of the rooms upstairs and the room we built downstairs.

Our rent is $1100 and we make $1800 from the house so we are already house hacking a house we don’t own.

Its time for us to start getting some equity instead of paying off someone elses investment.

I don’t have a ton of time to put into it because Im still growing my business but I want to get started.

What would your first move be in our position.

We made the mistake of reading ALL of the info we could get our hands on and we are now overwhelmed with options.

My thoughts are to find a multi family or single family around the same size as what we have now and simply move everyone from this house to that one.

We already have tenants and cash flow.

Anyways, any ideas would be SUPER appreciated!

[Roy Cleeves]

The first step is to get a pre approval for your mortgage.  That will help you determine what price range you can look in. 

And ask them about how much higher a pre approval could be if it was a duplex or triplex and if you had income from those units.

And get a couple of opinions.  Banks sometimes are limiting so be sure to check with at least one mortgage broker that is not tied to a bank.

Best wishes  and if you share options as they come up, I am sure this community will help you evaluate those options.  Best wishes.