Should I get an investment property even though I don't live in my own property yet?
Hi Tom & Nick!
First of all, want to send a big thanks for all the information you've shared about real estate investing! It has pushed me to pursue this venture and learn more creative ways to approach it.
Having said that, I'm a little lost as to how to get started. I'm currently renting in downtown Toronto and prefer to stay within the city, close to my work. I've managed to save some money for a down payment and I'm looking to purchase my first property.
I want to follow your strategy and grow this venture into a side-income. But I think the first thing I need to figure out is, should I cover my bases and buy a property I can live in (maybe rent out a basement/second unit which maybe farther from downtown) or do you advise I continue renting (to stay in the city) and invest in a more affordable property somewhere else? Do you know of any tax advantages for continuing to rent and having an investment property at the same time?
Thanks and look forward to your response!