June 2017 (Home Owner)
It took a few tries but it finally happened. I am officially an owner of my first rental property! I purchased a 1.5 stories, 5-bedroom home for 420k in Waterloo. I put 10% down with some monetary assistance from family members (partnership). I am a little over what I wanted to spend on a first time house but I strongly believe the numbers will be working in my favour. This is my first major step towards financial independence and I am eagerly awaiting the results, positive or negative.
I put a $10,000 deposit down on the house, had a home inspector go through the property, even though I was confident in the house. I hope to make many house purchases down the road so I would like to make a habit to have all of my homes inspected before purchasing them. I come from a construction background but it has already proven to be beneficial to have another go through with a critical eye.
I am not sure how I will be including this purchase into my monthly updates. I believe I will have a second section dedicated solely to rental properties. This will allow my savings to be separated from my business! My goal is to see how this property goes and hopefully make another purchase in the following year as I become more comfortable as a landlord.
|Assets||June 1st, 2017||June 1st, 2017||Change|
|CIBC Credit Card||$0.00||$127.00||-$127.00|