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Student turned investor bullish on hometown investment options

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Canadian Realestate Magazine | 06 Apr 2016, 08:15 AM Agree 0
He learned about the opportunities provided by real estate investment while in school, and his properties in that market may soon help him become a full-timer
  • Rose | 08 Apr 2016, 02:26 AM Agree 0
    Just wondering where a 20 year old gets the capital to downpay or leverage with the bank for those mortgages? How did thst work please?
    • Scott | 08 Apr 2016, 11:21 AM Agree 0
      He only needed 5% down. On a $100 k house, that's only $5,000. With legal fees and closing costs, let's say it cost $7,000 total. That's not a lot of money if you have a part time after school job and no expenses such as car insurance, house insurance, mortgage payments, debt repayments such as credit cards, lines of credit and car payments.

      It's very easy to save. And if you go up to full time hours in the summer, even better.

      And......the old stand-by - the bank of mom dad (family) can provide some security as well. Maybe not money but rent free accommodations, the use of the family car.

      My guess anyways.
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