Iam 32 years old, living in northern bc canada. I own 2 Lots next to each other one of which has a house and large 5000sq ft shop.
The Lots and house are paid for no mortgage or debt owed on them. One lot vacant assessed at 112,000 and the other lot at 374,000 that has my current primary residence which is a 3 bedroom 2 bath house and detached shop with a separate 2 bedroom suite I just finished and have rented out at 850 a month.
I would like to get a line of credit to build a house on the 2nd lot. This house would have a rental suite in the basement with a separate entrance and a carriage house above the detached garage that would be rented as well, budget wise iam looking in the 400 to 425k range.
I figure if I build the new house, then rent out my old house along with the suite on the shop along with the 2 rentals in the new house I would be fairly safe and not extended or leveraged doing so even without them being rented I feel I would be safe.
Iam single no wife or kids, have my own company which is home based. Income wise I average 95 to 130k a year. Down payment wise I'd be looking to put down 60 to 80k. I've always had renters for the past 10 years so this is not new to me, but more wondering if leveraging my house to build another one in the Hope's that between 3 to 4 rentals I'd bring in 3000 to 3500 in rental income. Is doing this a sound investment. Or would there be better ways to use / leverage my equity.
What iam really looking for is a critique and or reality check if this is the right move or wise investment or if I'm missing anything..
Submitted December 21, 2018 at 07:31AM by North_eh http://bit.ly/2SflHw7
