lubna b: im a canadian and i want to buy a second house to rent then so i will get the profit do i get any?income taxi?
i dont have a job and if i rented my second house is it worth it to do that financially?for example i bought the house 100,000 then rent do u thing its ok what about the tax the income tax?or its better and more profit to buy a house and rented in detroit?tell me please what can i do?!!
Answers and Views:
Answer by Yoho
you could take the 100k put in into 6% cd and make 500 month without having to deal with insurance,rent,repairs,housing market going to crap. ect.
If you can find good renters, it IS a good idea. I rented out my home when I went to live with my bf. Both situations ended in a bust. Next time I try that, I would invest in a duplex and live in one part of it until I got to know and trust my neighbour. I would move on and do the same thing in a second place, and maybe even a third. You gotta remember that you are responsible for the upkeep on a house, and emergencies (natural or unnatural) can stop you financially dead in your tracks.
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