Finally Offical, We own our New To Us House!

Finally! When we sold our other house we were told and had on paper by the bank that we needed a certain amount of $ for a down payment to buy our other house to have the same exact mortgage payment as before. When we were getting ready to get our appointment with our lawyer we then found out that we actually owed $3000 more then what we would have originally needed as we didn't take into account for any extra fees taken out of the sale of the house money such as survey fees etc...Big Whoops and all I can say is that we learned from our mistake!

I thought how on earth will we come up with $3000 more on top of the $11,000 and money from the sale of our house we had already come up with which was already $19.500. With the help of our mortgage broker and some shuffling of funds we managed thank goodness!

I have been wanting to invest in real estate but by gosh, I had better get things straight right off the bat as this could have been a Huge Disaster.

We had bought an investment property (house) in my home town 3 months prior which my parents have been living in until they sell their house. I don't know how this will end up but they have not had an offer on their house in the past 3 months. Dh and I have been covering the mortgage and insurance except for Septembers payment as they paid but it is really hard on my parents and they can't afford it. They might have to move back to their old house and take it off the market. If this does happen we will be putting up the investment property for sale. We would keep covering it for them but it is very tight for us as well especially paying for two mortgages,insurances, taxes etc...in such a short period of time.We would have been "ok" for a bit if we hadn't had purchased two properties so close together.

Dh and I have been talking again about him retiring by the time he is 55 which is 10 years away. He does have a military pension which is a big help, I think that I have mentioned that before? It won't however support us at this time. The only way I can come up with and possibly make this a reality is by investing in real estate. Location is key, this I know along with being at the right place at the right time to get a good deal. I am learning as I go and keeping track of our "mistakes". So far there are quite a few.

Another idea in which I am playing around with is to maybe buy a house, do some cosmetic work, live in it for a year and then sell it for a profit and buy another house to live in for a year etc...Almost like the show "Flip this house" but instead of taking so many weeks to do it we would be doing this within a year. In Canada you do not pay capital gains on the profits from the sale of your house if it is your main principle dwelling for one year minimum. That would be a lot of moving though but I think we will consider it for this house and see how it goes, we are not totally sure of the "route" we will take as of yet.