Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

From Renting to Owning

mike81

0
Registered
Joined
Feb 13, 2009
Messages
20
Hey Guys; been reading this forum a lot, thanks for keeping me busy at work! So, I`d like to eventually invest in RE, but right now I`m trying to just make the step from Renter to Owner.

Current Situation – I`m currently renting a 1b+1d condo Downtown Toronto for 1550$. Have been looking to buy since early this year but I`ve run into a problem.

Problem 1 – I`ve Co-signed a Mortgage 1.5 years ago for relative without thinking about it much. Big Mistake. This pretty much nulled my attempt at getting my own mortgage because I basically have 1 already according to Mortgage Broker(180k). So, I have to wait another 3.5 years until said relative can refinance without me. (sonofa!)

Now, I have good credit/job and 35k downpayment. Condo I`m living in selling for roughly 300-330k.

What are my options here if any? Wait it out? Or ??? Move somewhere a lot cheaper heh Or take out some kind of credit?? Invest in something else meantime? I`d like to stay in the Downtown area, but I know the prices are quite high compared to places in the surrounding GTA.

Anyways, I`ll be plotting and planning in the background.
Cheers
Mike
 
QUOTE (mike81 @ Oct 26 2009, 04:42 PM) Hey Guys; been reading this forum a lot, thanks for keeping me busy at work! So, I`d like to eventually invest in RE, but right now I`m trying to just make the step from Renter to Owner.

Current Situation – I`m currently renting a 1b+1d condo Downtown Toronto for 1550$. Have been looking to buy since early this year but I`ve run into a problem.

Problem 1 – I`ve Co-signed a Mortgage 1.5 years ago for relative without thinking about it much. Big Mistake. This pretty much nulled my attempt at getting my own mortgage because I basically have 1 already according to Mortgage Broker(180k). So, I have to wait another 3.5 years until said relative can refinance without me. (sonofa!)

Now, I have good credit/job and 35k downpayment. Condo I`m living in selling for roughly 300-330k.

What are my options here if any? Wait it out? Or ??? Move somewhere a lot cheaper heh Or take out some kind of credit?? Invest in something else meantime? I`d like to stay in the Downtown area, but I know the prices are quite high compared to places in the surrounding GTA.

Anyways, I`ll be plotting and planning in the background.
Cheers
Mike

Mark Loeffler does Rent-to-own. Maybe that`s an option.

http://www.theversatileinvestor.com/
 
QUOTE Problem 1 – I`ve Co-signed a Mortgage 1.5 years ago for relative without thinking about it much. Big Mistake. This pretty much nulled my attempt at getting my own mortgage because I basically have 1 already according to Mortgage Broker(180k).

Are you sure about this? I would talk to a mortgage broker.

You may want to look at a property with a mortgage helper (suite) to offset your debt ratios.
 
QUOTE (vandriani @ Oct 26 2009, 03:10 PM) Are you sure about this? I would talk to a mortgage broker.

You may want to look at a property with a mortgage helper (suite) to offset your debt ratios.

heh, no not really sure; it sounded weird to me when i heard it, so i should probably re investigate this. Thanks for the responses.
 
get someone to qualify with you. or for you, you put up the money and he puts up the credit. give him/her enough of the deal to make it worth eveyones time, viola. problem soved. This has been been done many times.
 
Back
Top Bottom