Buying your first home is a big milestone, but what if that home could also pay you back? On this week’s TNT Real Estate Podcast, Tyler and Tanya break down why your first property should ideally be income-producing.
Tyler shared his own experience: he and his wife bought a bungalow that was perfect for a duplex conversion. With just $10,000 in renovations, they added a basement suite and their first tenants were covering the entire mortgage. They essentially lived for the cost of utilities—a game-changer that allowed them to save for their next property.
This strategy, often called house hacking, works in multiple ways:
✅ Buy a duplex or triplex and rent out the other units
✅ Convert part of a single-family home into a legal rental suite
✅ Rent extra bedrooms to friends or family
✅ Consider co-ownership with trusted partners to break into the market
Beyond monthly savings, an income property also helps build equity faster and can even improve your mortgage qualification since lenders may count part of the rental income.
With more cities (like Hamilton) offering forgivable loans and incentives for adding secondary units, and zoning changes opening the door for triplexes or fourplexes, first-time buyers in places like Sudbury have more opportunities than ever to start smart.
If you’re planning to buy your first home, consider making it an income-producing property—it could be the stepping stone to building long-term wealth.