Hi everyone! I'm new to the investment world, I put 40K down to purchase my first property late last year in Hamilton, Ontario, Canada. At first it was meant to be a primary residence, but I decided shortly after that I want to get into rental property investing - my parents live closeby, so I do have the flexiblity of moving back in with them for a bit should I sell/rent.
I invested another $40K to completely renovate the condo (a renovation value of about $60K, since I was able to cut costs through knowing contractors) - therefore, I was thinking of selling it as a flip to make a profit and re-investing the cash into a rental property. Or the other option in my mind was to rent - my hesitation with renting is that I would only be about $100 / month cash-flow positive.
My reasoning to sell and re-invest is that the market is red-hot right now, and I'm worried I might be missing an opportunity to get a very high return.
Any guidance as I'm very new to the real estate world would be very helpful!!
Investment Info:
2 bedroom Condo, downtown Hamilton
Purchase price: $339,000 / Down payment: $40,000
Cash invested to renovate: $40,000
