joe is a driver who rents out his condo on Airbnb.
And he’s saved a lot of money by doing so.
He says his rental income is $100,000 a year, with the $1,000 upfront payment.
And it’s a lot cheaper than paying the rent.
“I pay the rent, the mortgage and the insurance, plus it’s in my name, so it’s not something I have to worry about, which is a lot for me,” he said.
But he’s also paying the mortgage interest, insurance and property taxes, plus the rent increase.
“That’s about $1.2 million,” he told CBC News.
“And the taxes add up to about $2.3 million.”
The average Canadian household would pay about $7,500 in rent for a one-bedroom apartment, and about $3,500 for a two-bedroom.
For a three-bedroom, you’d pay about twice as much.
That means joe would save about $12,000.
But he says he’s already saved $10,000 in interest and taxes.
He has no plans to take the condo off the market, even if the condo goes for $1 million.
He’s planning to keep the home as a rental for at least 20 years.
“It’s the perfect balance between saving for retirement, and keeping a home,” he says.
“This is the perfect thing to do for me.”
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