[8 / 1 / ?]
Little bit of background...
I'm 24 y/o, making ~140k CDN, living at home with no debt. I'm looking to maximize my money and move out at the same time but I've reached a conundrum.
Option #1
Purchase a home in the 400-450k range... 450k gets you a two story, ~2300 sqft home w/ finished basement, usually 3-4 rooms. Mortgage works out to just north of 2k/m. Acquire 2-3 roommates, rooms go for about 700-800/m here. Assuming rooms booked 11/12 months of the year, that's 16.5k/yr (using 750). Obviously there is a lot of hassle to deal with and I understand that but the plan would be to have roommates to some degree for 5 years.
OR
Buy a decent apartment for ~300k and pick up a mortgage in the 1200/m range and invest the remaining money I make into my company which GUARANTEES a 10% year over year return (last 3 years have been 16%).
I'm really not sure exactly how the math works out with having roommates contribute to the mortgage (or perhaps having that money go straight into the company?) but I need some direction. I'm neither here nor there for living conditions and I don't mind the hassle.
I'm 24 y/o, making ~140k CDN, living at home with no debt. I'm looking to maximize my money and move out at the same time but I've reached a conundrum.
Option #1
Purchase a home in the 400-450k range... 450k gets you a two story, ~2300 sqft home w/ finished basement, usually 3-4 rooms. Mortgage works out to just north of 2k/m. Acquire 2-3 roommates, rooms go for about 700-800/m here. Assuming rooms booked 11/12 months of the year, that's 16.5k/yr (using 750). Obviously there is a lot of hassle to deal with and I understand that but the plan would be to have roommates to some degree for 5 years.
OR
Buy a decent apartment for ~300k and pick up a mortgage in the 1200/m range and invest the remaining money I make into my company which GUARANTEES a 10% year over year return (last 3 years have been 16%).
I'm really not sure exactly how the math works out with having roommates contribute to the mortgage (or perhaps having that money go straight into the company?) but I need some direction. I'm neither here nor there for living conditions and I don't mind the hassle.
