Newbie Buy / Hold Investor looking for advice on first deals

[Richard Huynh]

Hello everyone,

I would like to get your input on my first buy and hold.

I just purchased my first home and was wondering if you can kinda evaluate my strategy and if I am heading in the right direction.

• My areas average single family home cost around 300k - 500k. I purchased the land / home for a total of 451k.
• In my new home purchase, the home will be built from the ground up and will have a two bedroom legal secondary suite (two basement suites with common areas such as kitchen / living rooms). The average rates for basement suites go between $600 - $900
• I will also come into possession of my parents home, which can be rented between $1000 - $1500. Its a rather old home so I may require some renovations
• My mortgage payments are around 2k per month.
• In theory if rented out for both the minimum amounts ($600+$600+$1000 = $2200) giving me a net surplus of +$200 (I did not factor in utilities )
• With this I can have my mortgage paid and save for any unexpected costs, while saving my work income to continue investing.

Let me know what you think, and if I'm on the right track or not.

Thanks,