First property and Borden at 27

[Chadwick Haines]

Hi guys,

I really don't have anyone to talk to on this topic so I wanted to see what people thought. I find posts online very frustrating from some because they don't give full details to make the reader understand what is happening. Your opinion is appreciated. I will be fully open. My parents own investment properties, mainly triplex's. I see there success and wanted to get involved myself. They really are not the type of people to talk to about it (i know sounds stupid). Lots of arguements are started when this topic comes up. Anyways here's my story.

My salary is 53K Canadian a year. I had 0 debt before the house purchase. I don't have a university degree in engineering only college which is not equivalent at all so I will never make high income. I am 27 years old and single.

I purchased a home in July 2016. It was a 3 story house including basement. Very nice house in decent shape built in 1952 by original owner. I got it for 360,000. It is located close to the large university in town. I spent 80K on a renovation to make it a legal duplex as per the city. All inspected by the city and issued as a duplex. I have the upstairs 4 bedroom staged and ready for rent in June and all is good.

My question is... I really get scared in life that this will take forever and that because of my low income I will never be able to afford higher end properties like triplexs/fourplexs. I know my mortgage guy told me that I need to have duel income for the bank to really take me seriously or else I will never get approved for more than 400,000. They also just changed the mortgage rules so the next property I buy will be tough since I don't make alot of money. I do alot of investing on my own and am very good with money and can afford to pay my mortgage, all my bills, save some money, and still invest. I'm very frugle. I buy blue chip stocks like Coke and GE plus I invest in ETF's which include only bluechip. I have a dividend re-investment strategy which works really well for me.

My life is very boring as I don't do much because of money. I'm ok with that but I get jealous of others and the things they have and the stuff they do. I love cars specifically 03-04 cobra terminators but know at this rate I'll just be in debt for a while building equity and saving for the future with investing and buying more properties. I feel like so many people piss their money away that make way more than me and it really gets me depressed.

I try hard, I work hard, and give 100%. Am I doing the right thing? Maybe I shouldn't be complaining, things just feel so boring. Saving, Saving, Saving. I wish I had a GSXR 1000, 03-04 cobra mustang, a garage with a hoise, but i know those would be stupid investments at this time. Anyways thanks guys. This is my first post.

Thanks,

Chad