- Joined
- Feb 27, 2008
- Messages
- 104
I am in a state of confusion right now about enrolling with rein,i have read some testimonials and i do realise that this will be a major breakthru for me financially and i will learn lots but am doubting if it will help in my particular situation.Reason i say this is:
I bought my first residential property in January and decided to rent it out so i could save some money,i do not get any cash flow from this,the rent basically covers the mortgage payments and taxes.I only have about 4k of savings,nothing on my rrsp`s since i used it as down payment.I probably have negative equity on my house since the prices have dropped a bit from the time i bought.I spoke to my mortgage broker about getting a second mortgage for rental property and she told me i needed at least 10% down.In as much as i would love do be a rein member and get tips on buying property i have no money to do this,My question to you all is,should i wait and save the money i would use for the membership to accumulate more money for downpayment or just join and pray some miracle will happen and will buy a property with zero down.What is ur take on this,was anyone in debt when they joined rein?i feel i should pay off and save a bit before i can afford to spend on the membership.I would realy appreciate some advice on how most of you did it.I feel some were in a better financial position to start with.Thanks for all ur honest responses and excuse my lengthy question.
I bought my first residential property in January and decided to rent it out so i could save some money,i do not get any cash flow from this,the rent basically covers the mortgage payments and taxes.I only have about 4k of savings,nothing on my rrsp`s since i used it as down payment.I probably have negative equity on my house since the prices have dropped a bit from the time i bought.I spoke to my mortgage broker about getting a second mortgage for rental property and she told me i needed at least 10% down.In as much as i would love do be a rein member and get tips on buying property i have no money to do this,My question to you all is,should i wait and save the money i would use for the membership to accumulate more money for downpayment or just join and pray some miracle will happen and will buy a property with zero down.What is ur take on this,was anyone in debt when they joined rein?i feel i should pay off and save a bit before i can afford to spend on the membership.I would realy appreciate some advice on how most of you did it.I feel some were in a better financial position to start with.Thanks for all ur honest responses and excuse my lengthy question.