How I did it: In Canada, one can borrow from out RRSPs at 0% over 15 years to buy one's "first" home.  So I did that.  I also borrowed a bunch of money from a bank (at a good rate) to contribute a bunch more - which I was able to lend myself after 90 days.  In the end, I had a 20% down payment, which allowed me to avoid paying CMHC fees for default insurance.

In in debt up to my neck now --- but what else is new?!?!?!?  LOL!!  Not only did I eliminate the need to pay rent, but part of the house is rented, which pays the mortage, taxes, utilities, and leaves a little for renovations.   :c)

Lessons & tips: It helps if you are trained in construction.  As a professional carpenter, I'm more than capable of fixing up an older house.  I don't recommend this to amateurs, regardless of how easy TV makes it look!  LOL

Other than that, I'd say take advantage of every government grant, low-rate loan, etc that you can lay your hands on!

Resources: God; my realtor; my mortgage broker; gf and family for moral support.  A big BOO!!! to my insurance broker!!!  

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Oct 21, 2010, 05:24PM PDT | 0 comments | 1 cheer