All Forum Posts by: Casey Mac

Thanks @Roy N. and @Scott Trench.

Yes, we are looking at buying it as a home. The location is hip, safe, and very convenient (walking distance and biking distance to jobs). We are also in Canada where the taxes and expenses are a bit higher (in the major cities this definitely applies). As mentioned, our rent is about $1400 right now, plus we pay hydro, etc.

In Canada (US too?) we have a government program where if you don't put down 20% or more you pay an insurance fee (CMHC - 2-3%). Properties purchased solely for renting must have 20% down as well. So we would plan on putting down 5%, live in one and rent the other.

@Scott Trench 1) My partner would not be so cool about renting out our half. Good suggestion though. 2) The $1000 figure was from the previous owner (who pays for everything at the property ... amazing deal and dangerous, I know) giving ballpark figures of his previous costs (Per year: insurance $2k, taxes $4k, internet $1k, water $1k, gas $1.5k, hydro $2k (total $12k)). 3) Good points. We'd live in the upper unit and update the kitchen and add a bathroom. Thanks for the tips and comment.

This house is listed at $529k by the owner ... it is too high and does not show well. I think it will be tough to get him down as he's the owner and looking for as much cash as possible. 

 @Roy N. and @Brian Simmons thanks for the replies.

To be clear, this is going to be a first home purchase. I am currently renting for ~$1400 (split w my partner).

The house in question would offer more room (larger kitchen, living space, and one more bedroom).

Does this information change anything? 

Hello all,

Very envious of of the low-priced houses in all these US cities. Love the BP podcasts.

-Out of Canada

Keywords: Canada, Toronto, Ottawa, Vancouver, Calgary, Halifax, Montreal

Looking at a (FSBO) semi-detached duplex property, 4-floors, each unit has 2BR, 1BTH, WSHR/DRYR in both, all-inclusive, currently both are occupied ($1500 and $1400).

I would look to buy with roughly 5% down (save and invest the remainder of cash flow for repairs and emergency fund). I would live in the more expensive unit and update/repair.

Mortgage would be approximately $2200 and expenses could be another $1000, total $3200/month.

Is this feasible? A good idea? This is in a major city in Canada in a pretty hip/hot area. The neighbouring house sold for $480k last year and it is not divided into a duplex. Is posting the ad acceptable or more helpful here?

Also newbie to the forums, not the podcasts however. 

RE in major cities up here is pretty different from what I have read on these forums ... hopefully there is some useful information.

Keywords: Canada, Toronto, Vancouver, Ottawa, Halifax, Montreal, Calgary, Owner Occupy Occupied