Investment Property in Barrie
Planning to buy an investment property (townhome-2000 sqft) near Barrie south GO. After 20% down payment, the estimated monthly mortgage will be $3500. Closing will be Jan. 2024. Based on previous lease data research, the monthly rent will be approx. $2500 for > 1500 sqft tomehomes. For 2000 sqft, can I expect $3000/month? But still, there is a negative cash flow. My friend has just signed up for the townhome (as an investment property). He says negative cash flow will not be an issue. There are more chances that rent will increase over time. He is investing purely based on expectations on property appreciation. Is it the right approach to buy an investment property?