I`ve bought my own home, now what?

[Charlidam]

Howdy all,



I've perused this forum for months and appreciate all the info and personal experiences you share with everyone.



So I'm 27 and if you asked me 2 years ago if I wanted my own home I would have said no way, I did not want the responsibilities that went along with home ownership. How quickly things change. About a year and a half ago I went out of town with my boss and man did I learn a lot about investing in my future in that 2 hour drive. These were things I had never really thought of and it gave me a completely different perspective on life, and hope for the future as well.



In august of last year my girlfriend and I purchased a townhouse style condo here in Winnipeg, I would have prefferred a house but we did not want to rent for another year or 2 saving for the downpayment as house prices keep going up here. So we got something in our price range that would still allow us to downpay our debt (mostly school related). That was my step 1, to get started by buying my own home. Now what?



I try to read as much as I can about real estate, buisness and things like that and I will continue to do so but is there anything else I should be doing in the mean time while paying down debt and trying to save for an income property? I know real estate is not "get rich quick" but I'm impatient to get started, it's what I think about most of the time which according to Napoleon Hill is a good thing but it's still hard to wait probably 2+ years. And a question for those who do their own reno's or home repairs, what is the best way to learn that kind of stuff? I'm thinking of changing jobs to something in that industry like say drywalling to get started but I'm concerned about the salary drop I would have to take. Is school a better route? It seems that those who do their own reno's often enough have jobs in another industry like a friend of mine's cousin who's always been a fireman.



Anyways enough yammering from me.



Cheers.

 

[bizaro86]

Congratulations on taking the first step! One of the big advantages you and I have is youth. That means you have lots of time to save, buy properties, and let your tenants pay off the mortgages.



[quote user=Charlidam]And a question for those who do their own reno's or home repairs, what is the best way to learn that kind of stuff? I'm thinking of changing jobs to something in that industry like say drywalling to get started but I'm concerned about the salary drop I would have to take


I wouldn't change jobs to something in the reno industry just to learn how to do renos, especially if it involves a salary drop. My wife and I do most of the work on our own renos, and I sit at a desk all day. It doesn't make sense to take a pay cut to learn how to do drywall when the cost of hiring someone to do all the drywall you'll ever need isn't that significant. If you aren't enjoying your current work it might be worth switching for lifestyle benefits, but a higher paying job is a bigger asset to your real estate investing career (mortgage qualifying) than the ability to hang drywall/do renos. Also, it sounds like you have a pretty good boss, which is half the battle.



Regards



Michael

 

[RussellWestcott]

I think the first thing you need to do is celebrate and give yourself a big 'Pat on The Back'



[quote user=Charlidam]Howdy all,



About a year and a half ago I went out of town with my boss and man did I learn a lot about investing in my future in that 2 hour drive. These were things I had never really thought of and it gave me a completely different perspective on life, and hope for the future as well.




Just imagine, what you learned in that 2 hour car ride... how much do you think you can learn from a team of Real Estate experts on a monthly and even daily basis?



The next step for you should be to join REIN`.



My personal situation, prior to joining, I rented a basement suite, since I became a member (and later onto the Management team of REIN`), I have purchased many properties, I was trending at about a property a month for many years... and have slightly slowed of that pace recently .



If you feel you have received plenty of value from the community, just imagine how much you can learn and you horizons would expand if you were to become a full member, receive the monthly and even daily support a membership can provide you.



To get more information you can check out this site --> click here, or you can call our office and ask for Ron Smouter 1-888-824-7346, to see if this is a fit for you.

 

[kfort]

Sign up for some Home Depot weekend classes. They are only a couple hours generally. And, look at it half ful vs. half empty, you now have the advantage of having time to learn what the next step is prior to doing it. Many people do the opposite.

Sources I've found for doing reno's include but are not limited to:

Google

Youtube (I learned a ton about welding this way last summer for the fun of it)

myREINspace

The shop teacher I work with

various tradespeople you come across while at Home Depot etc

 

[invst4profit]

Congratulations on your purchase.



Don't bother taking up a trade unless it is a life long dream. Especially stay away from drywalling. It is the absolute worst job there is.

Personally I am self taught in all aspects of home reno and learned by reading and doing. Google anything reno/construction wise and you will have more info than you will ever need to get started on any aspect of building/construction.



As far as your future plans are concerned you mentioned you are not married but living with a girl friend. Are you legally consider common law? When you purchased your home was it registered in both names? If not what is the arrangement.



These may seem like personal question not related to investing but in your situation the answers will have a big impact on your future.



Depending on the legal status of your relationship now and in the future may have a big impact on how your investments are divided in the event you two break up.



Personally I would not move any farther forward in your situation unless you get married first or brake up with your girlfriend. That's just my opinion as I believe protecting my investments and my money is of prime importance.



There is no point in beginning to invest only to lose it all to a relationship breakup.

 

[dplummer]

Ah to be 27 again ...... any way, Congratulations on your first purchase. As a contractor & on my 2cd marriage listen to the info being provided. Please don't you or your girl friend take offense to the info. Your partners, talk openly about your goals & the what if's. Have a lawyer set up an agreement as to how things will go in the event of a parting of ways. Enjoy the journey together!



As mentioned take the Home Depot or any big box store DIY training, watch you tube, get a part time job in what ever trade you have a interest. KEEP your regular job! You'll need the money. Take any extra money you make or savings & keep it until you have a cushion to cover 3 month expenses if you should get laid off, hurt or whatever. Save for another property. You have time on your side. Get a good team(lawyer, mortgage broker, realtor)on your side. My definition of luck is when preparation meets opportunity. All the best!



Doug