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Updated 15 days ago on . Most recent reply

User Stats

10
Posts
4
Votes
Stephen Tsan
  • Homeowner
  • Hamilton
4
Votes |
10
Posts

34 Year old looking for advice

Stephen Tsan
  • Homeowner
  • Hamilton
Posted

Hi,

I am looking for advice as what you would do.

I am open to almost anything.

Here some Info about me.

I am 34 year old married and soon to be dad. 

We currently have 3 properties. One paid off (worth around 1.4m) student rental. Another student rental that has a mortage of 900k me and my wife live here on a private floor. 
thrid property is also another rental ( duplex w a mortage of 390k ) was fully rented but tenant upstairs has moved out a year ago so I decided to renovated to do short term rental added in 2 ensuite rooms. And the downstairs tenant will move out next month. 

The paid off student rental plus the 2nd student rental helps pays off the mortage for 2nd student rentals and living expenses for me and my wife. 
the duplex was  cash flowing approx  $300 month with the old tenants 

We manage everything ourselves with some help from our family. 

I left my job 2 years ago to help me and sister build a online business. We put back most of the money back into our business, as the cost of living for me is covered by the student rentals. So I  have a income of around 15k from the business. My sister lives with my parents. To keep her expenses down.

My plan is to rent the duplex out agian with new tenants and cash flow for about a year or two until I see the market become a seller market. Then sell the property and start doing fix and flip or fix and rent. ( I prefer to sell this property as it 100km away from my student rentals. ) 

Not sure if I should renovate the lower unit to sell. Because it still livable, and doesn’t have any issues but plumbing in the basement needs to be jetted almost every 1- 2 years because of root issues. 

Is this the best course of action. Please let me know what you think.

thank you for taking the time to read through this. 


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