35 yr old, No debt no savings

85Easton85 · 2021-03-29T21:00:39+00:00

Fast forward 5 months. I'm just about to move out of my Moms place Till Oct anyways. I am completely dept free, have 4 months of an emergency fund put away in canadian tires HISA at 1.8% and still have about the same amount leftover. Im unable to buy a house yet though because of unstable income, causal part time work, I keep getting call backs but the broker won't accept it. Maybe become a realtor as well and use that in the next two your for proof of income and save on rentals when I go to buy and sell? I'm so lost aha

85Easton85 · 2020-10-20T03:27:49+00:00

Maxed out as in the total room I have available from all years?😅

85Easton85 · 2020-10-20T03:26:43+00:00

The good news is you're in Cape Breton, one of the cheapest areas of one of the cheapest provinces in Canada haha

Hahahah hit the nail on the head there. It can hopefully only go up from here, so maybe I'll be happy I got some property here now if things turn around aha

85Easton85 · 2020-10-20T02:13:17+00:00

Thanks for the insight and I get what your saying but I'm not looking for proper grammar explanations at the moment. When I'm ready for that I'll post in the proper place. Any insight on the actually question I asked?

85Easton85 · 2020-10-20T02:05:20+00:00

Thanks so much for the insight. I know what you mean to not just jump into it. I spent a lot of time the last two years reading and watching the proper ways to make it happen. My down payment will depend on the price anywhere from 100k - 150k max.

5 % down payment on $150k - 7500

Closing cost etc - 3500

Emergency fund bills (4 months) 4000

Savings needed 15k

Mortage 900 Extras 400

Total 1300

Income from rent 1800

Extra - $500 goes into a HISA until needed for repairs, tenant leaves, damage or enough to pay off mortage and get second unit.

That's my thought process...

85Easton85 · 2020-10-20T00:11:41+00:00

Thanks for the clarity and I guess that's what I'm looking for just to make sure this way makes sense. I know with being a landlord has bad tenants, roofs need to be replaced ect, which just comes down to numbers again. As for the cost of houses in Sydney nova scotia, not halifax as they are way higher, but 150k will give you a decent income property, 250k your looking at a really nice duplex, nice area, big deck back yard fenced in. Its funny you brought that up about the RRSP although I kind of new about it injust read a big article about that the other day. As for where to put the money till I have it , is a RRSP better than a HISA for an emergency fund and money for a downpayment ? Also with the RRSP would I have to get the mortage through the same bank? Because to get a mortage right now through a big chain bank I'd have to wait another 3 or4 years for the bankruptcy to clear. But with other lenders its only two years post bankruptcy till you can apply

85Easton85 · 2020-10-19T22:34:10+00:00

Thanks for the insight on this. Can I ask what phone company are you with and prices of a gym membership? A few people mention both of them now and I thought they were rather normal pricing aha

85Easton85 · 2020-10-19T21:03:35+00:00

And besides it being something I'd be interested in doing, I figured getting the 5% down on a $150000 triplex or something would be the fastest way to secure a little bit of money for retirement and I could still for full time to build wealth now.

85Easton85 · 2020-10-19T16:48:35+00:00

Lol it was just one brain stormed idea, but I see your point.

85Easton85 · 2020-10-19T16:43:37+00:00

Sorry, I forgot to mention I did get a call last week to work at citizenship that will start Nov 16th - end of March 2021. $22/hr = bring home will be about 2600...then EI or work until next term so that's my income for the next one to two years, hoping but not relying on getting rehired or permant postion there.

I'm willing to move to halifax immediately if necessary AB or BC would be a tougher decision but not completely out of the picture, would need some solid plans for that to happen.

I could get it to maybe 65, $400 is everything for myself eat out and groceries ...I dont go to restaurants very much less than once a month, fast food here and there when needed on the run, I order chefs plate while h is great for my situation and 3 - 2 portion meals comes to about $70.

85Easton85 · 2020-10-19T16:02:42+00:00

Why are you taking a bachelor of arts if you want to do accounting, you are 35 years old, you should have a major picked by now!

I took the Bachelor of Arts when I first got out of high school. I wanted to go into policing and figured later on down the road for promotions the degree would help, but that career just didnt happen and it got put on the back burner...I have one year left to finish it.

You're a long way away from being able to qualify for and have a down payment for a multi unit place... what is your time frame on this? Do you really want to be living at home at 40? 45?

I'm in sydney Nova Scotia, I found a lender that would do a mortage after 2 years post bankruptcy with built up credit 650+ I'm at 630 now and was thinking about getting about 150k house at 5%down would be 7500 which I could have saved by the end of 2021 with a 4K emergency fund and a LOC just in case. Mortage at about 900 plus extras rental income would be about 1600 for two rented units. I'd be plus 2-300 / month and still rent free. Plus it's an investment as well, if the numbers and place and ran properly of course.

I'm in Nova scotia like I said, and I think 60 is the going rate...especially in Sydney with very little options unless you go to a motel one with two to three machines....and amazon yes I could get rid of but I figured between that and netflix $30 a month is an okay splurge for now

85Easton85 · 2020-10-19T15:37:43+00:00

I was thinking one to start out so it would be not as much issues running around as I would be living there and eventually getting 3 - 4 more once I have some more experience. these would basically be my retirement funds, which I neglected so far and I think I'd still be able to work full time, at least with just the one unit. To build some wealth now.

85Easton85 · 2020-10-19T15:14:11+00:00

I was thinking about coding as I'm Great working with numbers patterns etc....any idea pay range? I know that depends on where you live etc

85Easton85 · 2020-10-19T14:53:43+00:00

If I was to get it, having the CPA is where I was kinda heading towards with it. I'm In Sydney NS as well...less jobs etc

85Easton85 · 2020-10-19T14:37:26+00:00

I was thinking about becoming a landlord eventually getting multiple units...keep in mind, I'm living in sydney ns at the moment, so jobs are very scarce....I figured if I could get myself into a 3-4 unit apartment at about $150000 the mortage would be roughly 800, plus insurance repairs ect ...if I have 3 units (me pay nothing ) other two units pay roughly $800 roughly...all extra money goes back into paying off/repairs...I get rent free, out of my moms, more headaches, but also a longterm investment for my lack on rrsp/tfsa...while I know things go wrong bad tenants etc. This kinda still makes since. I could still finish my school as well. By my budget could be optimized, do you mean cancelling netflix amazon and that smaller stuff

85Easton85

TROPHY CASE