What is going on with them? First two games of the season and the combined attendance wouldn't even sell out Harbour Station.
Meanwhile, Senior A Saint John Flames home opener tomorrow is sold out at nearly 2k fans.
I can't see the Sea Dogs lasting too much longer if this keeps up.
They also bought 2 crows brewing in Halifax, which closed recently due to cash flow issues.
Wife and I are both 39 with two very young children in NS. HHI is normally around $210k-$220k/year.
We moved into our primary 4 years ago, and kept the other house as it was originally my wife's and we were able to. She originally paid $180k for it, and when we moved, it was appraised at $390k. There's about $145k left on the mortgage now. If we were to sell it tomorrow, we'd get around $420k for it. Rent is currently $2100/month. After expenses, before taxes, we cash flow around $900/month. Tenants for the most part are great, very quiet, and rarely hear from them on issues.
I'm looking for input on either selling and cashing out, or doing a cash damming strategy on the property and keeping it.
As mentioned earlier, we kept the house as we were able to. We aren't interested in adding rental properties to our portfolio at this time, especially with possible increases to government regulations in NS. Now, it is a challenge doing much else with two very young kids. If we ended up selling, the gains would be used to max out our retirement accounts and put the rest on the primary.
We also have above average income and secure jobs, her, a bit moreso than mine. We don't need to sell at this time. Wife has a DB pension from work and about $30k of RRSP room left. My TFSA is 60% contributions full, and I have RRSPs between work/matching worth around $200k. We were considering cash damming, but the main concern from my understanding is it would take quite awhile to get there as thee's ~$191k left to pull. With $2100/month in rent, it would take us 7.5 years to fully convert main mortgage debt to a HELOC for tax deductible interest. That's a long time to me, when the benefit seems to be realize the money now, but maybe I am missing something or not fully understanding the cash damming strategy.