Q: Our questions is: We are both seniors. We have just bought a condo in Ambleside, West Vancouver for $460,000.00. We now have $275,000.00 in cash. We live on our Old Age and Canada Pensions. We have no other income. Our question is: We are thinking of buying a rental property perhaps in Maple Ridge or Chilliwack. The rental income would cover our maintenance fees, as well as provide us with some extra income. Would you say this is the best way to create extra income?
A: No need to rush. Markets likely will slow. Go to my website at Jurock.com for latest forecasts. Make sure you evaluate purchase thoroughly. Get a solid realtor.