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Updated over 7 years ago,

Account Closed
  • Investor
  • Montréal, Québec
17
Votes |
52
Posts

What is the best move for tax purposes/debt/future purchases ?

Account Closed
  • Investor
  • Montréal, Québec
Posted

Hi BP, little background: currently own and renting out a triplex, the property mortgage is tied to my name   ( No trust, corporation) holding the property. Now my current plan is to purchase more rental property, however I would ideally like to buy a property to live in within the next 5 years... my dilemma is how I should proceed to limit the debt I tie to my own name, assuming this would make it harder to finance future deals and ultimately my ideal living property. My current solution is to purchase larger residential rental properties (6-8 units) as financing for this would be considered commercial and therefore would not be tied to my personal debt as is my triplex, any advice as to how I should proceed would be greatly appreciated  

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