Originally Posted by
s2k_boi
Just throwing this out there. If your tenant is interested you could maybe do a private deal with them. Check with someone to make sure this is legal and this is a weird thought.
1) If you are targeting $230k you would be about $11,445 with real estate fees and your net after the mortgage penalty would be $217,265
2) If the tenants are interested but can't afford the down payment. Maybe reverse the numbers and say sell it to them for $243k and "gift" them 5% down at the time of closing (this part I'm not 100% sure how it would be structured or legality of it as it's kind of zero down/cash back mortgage in cmhc's eyes potentially - maybe a mortgage broker can answer you better on this or even a realtor might have seen this happen) and you would net $229,560 after the mortgage penalty. So win win for both potentially...
Of course you can structure the numbers however you want. But I went with a number that's kind of in your favor and is still lower than the other units prices.