house hacking to get in an expensive market

[Ian Dale Ibrado]

Hi everyone!  Looking for your opinion.  Im from Edmonton, Canada and I have just recently closed on my 3 unit suite and want to keep my momentum going. Im thinking of renting out my primary which will cashflow $650 (no management fee, self manage) because of low interest rate i got it for 2% which still has 2 years before rates renew.  When it does, if at 5%, I'll be breaking even.  Heres my thought, I want to purchase my next primary as a house hack.  Buy a primary with a basement suite but wont entirely cover my mortgage.  My mortgage will be still around $1800 but will allow me to control an asset worth 630k.  Wife is telling me to slow down.  I want to keep momentum going.  These primary residences will then be just for appreciation.

What are your thought?

Thanks

[Ian Dale Ibrado]

Thanks for your response.   We both agreed that homes will continue rising and that weve seen it first hand at vancouver.  relatives have bought homes for 200k and sold at 1.8m 3 years ago.  I told her we need to own 2 residential for our 2 little ones because given 10 to 15 years time that its their time to buy, homes that were looking at will cost 850k to 1.2m.  If we buy now, our kids wont be renters for life.  were both 39 y.o