Sorry please read my response more closely
+2 K from not paying my mortgage (so that figure will be different for you depending on if you are paying for your dwelling or not)
+3 K for buying a house for 500 000 K or less in a university town and renting it out. Depending on how many students I have heard of 8 not being unheard of in one house each paying 500. I subtracted 1 K from the 4 K for taxes.
Use my own house plus the above mentioned house as collateral to buy another rental property. It brinngs in another 4K - 1K for tax - 2 K for mortgage
+1 K
Add that up that's 6K extra per month. Figurese are based on a coworker whose kids are in university in a small southern ontario town.
So for me personally that would be a 6K swing.... minus an amount to keep as a kitty for if the houses need maintenance.
Oh and of the 8K generated by rental property remove 6% to a property manager if you don't want to take care of the place your self so that would be -480 per month.
So let's call it 5.5K extra to my monthly budget.
For you if you own your home or live in a rent free situation that's still an extra 3.5K per month
+2 K from not paying my mortgage (so that figure will be different for you depending on if you are paying for your dwelling or not)
+3 K for buying a house for 500 000 K or less in a university town and renting it out. Depending on how many students I have heard of 8 not being unheard of in one house each paying 500. I subtracted 1 K from the 4 K for taxes.
Use my own house plus the above mentioned house as collateral to buy another rental property. It brinngs in another 4K - 1K for tax - 2 K for mortgage
+1 K
Add that up that's 6K extra per month. Figurese are based on a coworker whose kids are in university in a small southern ontario town.
So for me personally that would be a 6K swing.... minus an amount to keep as a kitty for if the houses need maintenance.
Oh and of the 8K generated by rental property remove 6% to a property manager if you don't want to take care of the place your self so that would be -480 per month.
So let's call it 5.5K extra to my monthly budget.
For you if you own your home or live in a rent free situation that's still an extra 3.5K per month