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Updated almost 1 year ago on . Most recent reply

User Stats

16
Posts
4
Votes
Jordan Regier
4
Votes |
16
Posts

Sell or rent out?

Jordan Regier
Posted

Hi everyone, I’m looking for some advice. I’m 32 years old and live in Ontario Canada. I’ve done really well in the past few years building houses and selling them so I decided to build a cottage to rent out for a year to sell. In Ontario you have to rent out a house you build before you sell unless you have a special license. 

The house ended up costing more than expected and to rent out and sell in a year I could possibly take a loss of 50k or more. Right now the rental income covers most costs and I’m going to be paying 600 a month of my own money. 

I have a lot of money tied up in the house that I can’t use for future investments. I guess the question is should I sell in a year and take the loss so I can find better investments? or keeping renting it out for a couple years and try and make my money back? Thanks any advice would be greatly appreciated.

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