Advice on moving on from my first deal

[Christopher Holt]

Hi everyone, this is my first post on the forum. I hope this is going in the right category.

I purchased my first SFH 2 years ago. The house is a nice brick 3 bedroom 1 bathroom on a large corner double lot with a partially finished basement in a great neighbourhood close to all amenities. The house will be completely updated by spring. A real gem.

I now want to work on my passive income so I can leave my soul sucking factory job to persue other business ventures.

I’m in a good position to have this work out well either way I choose to proceed but I’m looking for some advice from those of you who have been in the game for a while. I want to maximize my monthly income. Where would you go from here if you were in my shoes?

1-Flip the house and walk away with about $120,000+ in profit with no capital gains tax due to the house being my primary residence for 2 years (my real estate agent’s appraisal. Great sellers market where I live) The money would then be re-invested into multi-family properties. The reason for this would be more units under one roof and house hacking (5% down)

-There is still potential for more value if I add a second bathroom to the upstairs master bedroom. $$$

2-Rent it out and use a HELOC to fund an owner occupied 5% down MFH

-House has potential to bring in around $800-$1000 CAD per month in profit 

3-Rent it out, move in with the family until I have enough saved up for another down payment. Not my favourite option but it’s a possibility 

What would you do? Looking forward to hearing all of your responses.

Christopher