If you don't, you are looking at getting into credit card problems.Even though we are paying a little more on the contractors, it is almost a wash compared to carrying costs if we financed through HML or private lenders.

Fortunately Canadians are smart enough not to make RICO level mortgage origination fraud legal (unlike your southern neighbors here in the US) so a collapse brought on by mortgage rates resetting on borrowers who had no business getting a mortgage in the first place is very unlikely.On the other hand with mortgage rates below 3% and most Canadian mortgages being short term (compared to a 30 year in the US at least) if rates rose significantly a lot of folks might have a hard time affording the new payment when the loan was due to roll over.

Just tell them your story and explain what is going on especially if your income is projected to go up in the coming years compared to the 2 prior.

2 bedroom, 1 bath, townhouse in Reading, Pa.Buying for 13,000.Paying $6500 cash and owner financing remaining $6500 over 2 years at 9% interest ($297 monthly)Comparable houses in area average 15k-30kNeeds about 6k in repairs to get up to comfortable standard.

This is very much a sticking point for me, and I'm just trying to compare notes here...Thanks, guys!

Although they compared it unfavoribly to a duplex next to us that I consider not as nice as ours.  

the internet has changed this a lot compared to what it used to be ..

I'm interested in that area and wondered how you found the rental market as compared to the vacation rental market?

I would try to compare what updates those houses had to what you house looks like.

The shift will begin at some point when my cash flow is comparable.