Renting out a portion of your home can be a great way to increase your affordability as a homeowner. But relying on rental income to pay your mortgage can be risky. Sean Cooper shares his experience finding – and – losing tenants. Read on for the full story.
Owning an income property or two is both a great way to make money and a real financial challenge. It’s been an excellent source of income for people over the last decade or so, as real estate prices in Canada have soared. But making money from property is a lot of work, an ongoing expense and requires some financial know-how to, in the end, make it make sense.
Professional flippers will buy, fix and flip a property in 6 weeks – sometimes less. The fewer mortgage payments they have to make, the better. Thanks to the likes of HGTV, home renovation shows have the general population thinking that you can flip a home and make a profit at any time. Unfortunately, that’s just not true. There’s so much more to it than just buying a house, fixing it and flipping it.