Do you have any regrets about your first real estate deal?

[Ben Stevenson]

Hi there,

My name is Ben Stevenson, I am a 22 y/o electrical engineering tech outside of the GTA. My significant other and I attempted to purchase our first home/investment property in April but couldn't conquer the stress test put in place January 1st. A major element of the failure was due to her being in school and working retail part time (non-management), so the banks and private lenders only looked at my income. Although we had 20%, I was not personally approved for the loan that we required - the house prices are ridiculous in the Barrie-Orillia area.

She's finishing up her last year and we are looking to purchase our first home/duplex. 

My question is... if you could have gone back in time, what would you have changed about your first deal? Do you have any regrets about a certain aspect of the deal, is there something you wish you had done differently? I am eager to learn.

Thanks for your time, have a wonderful day.

-Ben

[DJ Cummins]

@Ben Stevenson some lenders may be different(some could require 25% or more, some less).  My lender requires 20% down for a commercial 20 year loan.  That is what we have on each of our properties.  If you live there is a primary residnce for at least 12 months, its only 3.5%.  So the difference in a 300k shack would be 60k vs. 10,500.  big difference!