Is Anyone Else As Dumb As Me?
Okay, I may have messed up with my first try at investing. I recently purchased a bi-level with the intent to put a secondary suite in the basement. My daughter and her partner will live on the main floor and be partial owners (at some point). At present they are not on title, but will be after he completes school.(approximately 6 years from now). My principal residence is valued at approximately 350K, the outstanding mortgage was 40K. I re-financed to get the 20% down payment for the new property, bringing my mortgage up to 126K.Mortgage on the new property is 306K.
Do you have any experience with this type of arrangement? I can't seem to get my head around how to structure this. Financially,they cannot afford more than 50% of the property, however the upstairs would be worth more than the suite (?)
My retirement goal is to have revenue coming in from residential properties, and would like to purchase additional properties at some point.