imported_JoonyaSI

I am very interested in starting a 2nd source of income.. i currently live with a roomie in a condo in scarbaria.. i used to (before moving out) own a house with my mom (in both our names) therefore i am somewhat already qualifed for a decent mortgage.. im wondering what the best move is at this point .. and is the money more in condos or full house's .. i can see maybe 5 years down the road there will be condos on every corner .. but i basically want to buy a place and rent it out for additional income .. anyone here in real estate have any genereal ideas ??

imported_Dawson

my mom owns a realestate company in whitby & oshawa and if you were down here you would be better off buying a house and renting it out but in places like scarbrough i would suggest getting a condo or something like that cause houses there arent cheap

i can ask her more if you want

imported_JoonyaSI

nice nice .. i know someone who has been buying / selling in phases and they've already on their 3rd house now and have made enuff profit to own their own house mortgage free since im still young i think this is something that i may be very well intrested in and its a good way to make some good profit .. ya i do know the property is cheaper the further east you go and houses arnt that cheap anymore that is true .. if u have a contact PM me so we can talk more about this ...


if anyone else has more info to add please feel free i need all the valuble info i can get .. thanks

imported_SW20 MR2

It is tough to make money by renting right now. The current mortgage rates are very attractive to first-time homebuyers. It is currently a sellers market for buying houses/condos and a renters market for rental properties. Thus, you'll be paying a high price for the house/condo and dropping rent prices or offering freebies to attract renters.

imported_JoonyaSI

hmm odd cause i know the market was in the favour of BUYERs around the end of last year (sept) thats when i sold my old place... and since then i have heard that the market has levelled out .. i think i would rather buy and then rent out a condo .. less maintainence and such

bbarbulo

iTrader: (2)

I've owned a couple of houses. Pain in the **** if you ask me. Well I still own one place...

imported_JoonyaSI

you live in it or do u rent it out as income ?

koshimaro

There are a few good books you can read instead of relying on opinons of those on a forum (no offense to anyone).

Buy low, rent smart, sell high. - Frank Scott

There is another one called the Beginners Guide to Real Estate or something to that effect. Check amazon and check the reader reviews as well. Good Luck.