According to Statistics Canada, in 2005, 37% of people were home renters and 63% of people were home owners. Most home renters would love to be home owners but choose to rent because of lack of money available for a down payment, unfavorable credit or simply are not making enough money to carry a mortgage. When you are renting for said term outlined in the rental agreement, you are making your landlord a very rich person. In this process, you are paying down his mortgage and putting cash in his pocket every month. At the end of your rental term, you walk away with nothing. Knowing this most people neglect the units and do not take pride in their living space and that is why most of the rental units are substandard.Continue reading
Having no money holding you back from investing in Real Estate? We got the solution for you!The simple solution is Other People’s Money!
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Let the Government pay your Down Payment
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Are you looking to buy a house but feel you may not qualify for a mortgage through a conventional method; well this article may be just what you need to buy your home or investment property.
What is Owner Financing in Canada a.k.a (vendor take back)? Owner Financing in Canada is when the seller agrees to finance the deal as if he is the bank, it is a win- win situation both for the seller and the buyer. There are many benefits for both parties, if you are the buyer, you do not need to worry abut qualifying for a mortgage, you do not have to worry about a credit check (especially if you have credit issues), you can have a long term mortgage, more flexibilities with closing dates and more.
Purchasing real estate at market value these days is different from purchasing real estate 30 years ago. Today, most real estate investors benefit from real estate by purchasing below market value. The way to purchase undervalued properties is to find distressed owners who are willing sell their property below market value. Under valued properties are the cash cows of the real estate market.
Rookie Real Estate Investors Nightmare
Investing in Real Estate can be very lucrative provided you are well informed being. Instead people intend to follow the rat race. When market is going up, everyone likes to jump in not knowing where they are going. Ignoring the basics and fundamentals can lead you to lose it all propositions. Quick bucks in Real estate have created more bankruptcies than millionaires. Whenever there is a boom in Real Estate it is due to high demand and very low supply. When supply catches up to it or supply can be surplus the boom turns into bust. There is no exact science to figure out the boom and bust cycle.
Many of you don’t realize how lucky your grandparents/parents were in the 1970s. They were able to purchase a much bigger home than the one you have now, with a much bigger property, but for a much lower price than you would pay today. Are any of you wondering how this was possible? Well let me tell you how! You see, the average house in 1975 would sell for $57,581. After 1975 the price for an average home increased by almost $5,000 a year and in ten years the price almost doubled! The market inflated until 1989 when the average house would eventually sell for $273,698. So, if you would have bought a house in 1975 and sold it in 1989 you would have made more than $200,000 just for living in the house for 14 years. Just imagine if you had bought more than one house, lived in one of them, and rented the other, you could be rich! If only our ancestors were more aware of the housing market and inflation, even we their grandchildren could be benefiting from their success.