From Renting to Owning

[mike81]

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

 

[ltam68]

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/

 

[vandriani]

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.

 

[mike81]

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.

 

[CalvinPeters]

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.