09/10/2021
🏡🏡When you buy an investment property don’t expect to earn a large income from the property if it is mortgaged.
A lot of accountants will recommend an investment property as a retirement strategy.
If it is mortgaged your current tenant will cover the mortgage payments but typically a large profit only comes once the mortgage is paid off….thus giving you an income to retire on.
Regular maintenance is required to maintain the value of the property which means painting every couple of years, updating services amd plumbing so you don’t run into unexpected issues .
There are rules with revenue canad that need to be discussed with your accountant when it comes to refinancing and consolidation of debt . Getting professional advice is key.