Martin is now on board with my plan to house hack a duplex or triplex in southern Ontario!
It’s not because I forced him, but it usually takes him longer to accept ‘new’ ideas than it does me. Also because I’m the one who proposes the life changing ideas so I’ve had more time to think about it.
These are our options of how to live when we move to Canada (that I could think of):
- House hacking and being landlords and/or Airbnb hosts
- Live at my parents’ for FREE and retire now!
- Find corporate jobs so that we can rent a decent place and continue investing in ETFs
- I find a corporate job so we can rent a decent place and continue investing in ETFs, and he can chill out or find a fun job
When presented with these ideas, he thought about it some more and agreed that house hacking wasn’t a terrible idea and that we should try it so long as we don’t get in over our heads financially. #2 is not really an option, I just threw it in there to help me with my case. 😉
If he really wanted me or us to find jobs in Canada (options #3 & #4), I would do it but move over to the western part of Canada in Alberta, where wages are higher and COL lower. Also it’s near the Rocky Mountains which we’re both in love with and even got married there!
Money is not the most important thing
My biggest priority for us moving to Canada may seem very money focussed, but it’s actually for Martin to feel comfortable. Way back in 2010 when I moved to Germany, he supported us both financially while I chilled out (if grad school is considered ‘chilling out’, which in retrospect it is!). Not having to worry about money was a huge weight lifted off me while I adjusted to living abroad. So I can empathize.
Real estate investing partnership!
Now that Martin is on board, he made me an awesome spreadsheet so that we could evaluate properties together!
He’s really great with numbers and is a handy, DIY kinda guy. I’m none of those things but like to think I’m good at finding the deals, networking, negotiating, and talking with people like realtors, other investors, banks, etc… I’ll also be the one learning the Ontario Landlord and Tenant Act, screening tenants and/or dealing with Airbnb guests.
So I think we have a good basis for house hacking and real estate investing!
This is all a bad idea
No one we have told so far thinks this is a good idea. Actually we’ve only told our Moms and they both think it’s terrible idea and that we should find jobs and buy a nice single family home somewhere.
It’s actually a good sign that our Moms are against it, because we don’t want to live like our Moms. We want to be financially independent and to retire early (FIRE!), and if real estate investing accelerates this process without us having to work 9-6 jobs, then we want to at least consider it.
I get that parents are proud of their kids working white collar jobs, and that it’s more fun to say ‘My daughter/son is a PROFESSIONAL SOUNDING TITLE and works for BIG COMPANY’, instead of ‘Yeah s/he lives in [unsexy city] and manages tenants’ . But we’ve been there and done that so let’s try something different now!
My goal is to first house hack and live off the cash flow, and then acquire enough properties to earn us $1000 per month in passive income.
This will likely require 3 cash flowing units, which is pretty doable I think!
Once we reach this $1000 mark, I’ll probably want to be nomadic again. 😀