Ten to fifteen years to graduation. As a parent, you want to do whatever you can for your kids. Right now a full course load at the University of the Fraser Valley is costing approximately $6000. So what do you do? As a very approximated calculation, and not taking into account rental increases, vacancy, repair or property appreciation, this is what the situation could look like for your family. With 25% down on a great little revenue property at 2750 Fuller Street with a rental income of $900 per month, you would have approximately $110,000 in equity as your child reaches the university age. You could sell the condo and fully fund a university education. However, if you wanted to forgo the daily Starbucks specialty drink and you are able to save an extra $200 per month to put towards the mortgage, you financial position changes again. Your mortgage would be virtually paid off at the end of the 15 years, and now the rental income would be funding your kids education to the tune of approximately $550 per month. At the end of it all, you still have a fully paid for apartment. Give me a call and we can talk further.
February 8, 2017