/biz/ - Business & Finance

I own 6 rental spaces, well.. I guess technically 5 as I live in one.
I live in rural British Columbia.
I bought a house for 190k like 10 years ago, it has gone up in value almost 100%. the amount I charge for rent just covers mortgage, taxes, insurance. Any repairs come outta my pocket, but I'm a tradesman so I do everything myself. I was young and inexperienced so this property was a huge learning curve. It was in bad shape and needed lots of work to make nice.

Then about 7 years ago bought a commercial building for 70K, it needed about 70k in renos, not counting my labour. I get 2 retail units and 1 residential apartment. I do very well on rent $ in this one.

Then 4 years ago I purchased an acre of land with 2 houses on it for 200k. The small house i live in, the large one I rent out to cover the mortgage and etc. I live for free in the little house, which is renovated very nicely.

my advice, multiple unit dwellings are more profitable, and learn how to do your own work.

I wish there was more threads like this