I need more, but don't know how to start.
by Kevyn House
What the heck, it never hurts to ask.
I am the current owner of a single family investment property in Guelph Ontario.
This house is currently revenue neutral.
I do not make any money, nor does it cost me (except for the $7k renovation I just completed in April). I have a stable long term tenant who will very likely be in this house for the next 10 years.
My goal when renting this property was to find a stable long term tenent who would take care of the property, pay the rent, and not cost me any money - I achieved that goal.
I now have a new goal. I would like to retire. More specifically, I would like to quit my job. I do not care if that takes me another 5-10 years, I just want there to be an exit strategy.
I have about $60,000.00 in equity on my rental property.
How can I use this equity most effectively to buy one, two, three (start with one) more property? Can I use this equity?
I am sure I can - I just do not know the best way. I would prefer not to sell the property to access the equity.
The area is increasing in value at about 8-9% per year, and there are plans to build a GO train station within walking distance of the house - which will only increase the value.