So, I Bought a Condo Today…

I hemmed an hawed over a pair of $800 boots for years before I tried them on but I saw a condo yesterday and went in today with cheque book in hand and signed all the necessary documents to call unit 905 mine.

Am I NUTS???

It was and it wasn’t fast.

I have been thinking about dipping my toes back into the real estate market again for years and this seemed like a good opportunity. It is a really well-laid out two bedroom, two washroom unit on the 9th floor (my lucky number) that should be ready in 2013.

I have a mortgage consultant to talk to (I have been assured that since I own my house mortgage free and have money in hand, I’ll be able to negotiate a good rate and better terms), a lawyer to consult and when he gets back from vacation, an accountant to discuss how best to set up a company through which to invest in property.

Whew.

There is still a bit to do but if everything checks out, I’ll start looking for the next opportunity. Now that I have a team of experts to support me, things should move along nicely.

The plan is to build up a portfolio of rental real estate over the next few years. I want to diversify the type of properties and the locations. I mentioned to my friend/real estate agent that good friends of mine have discussed the possibility of buying property in Ottawa should something suitable come up. Coincidentally, he has been considering Ottawa as well- the company overseeing the project I bought into are developing a couple projects in Ottawa.

How convenient….

There is a lot to do over the next 10 days…. This cooling off period should be more than enough time to make sure everything is covered off.

Somehow, the boots don’t seem like such a big deal now….

Advertisement

~ by angryegg on August 22, 2010.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: