Introduction
To build wealth, one thing is a must to document all expenses and income. I like to write down my personal history to build wealth in Canada. I came to Canada in April 23, 2010. And I brought $17,000 us dollars to Canada, and then I started to work full time from June 15, 2010 in a small manufacturer company.
My asset
I brought my 1999 Ford Explorer and some belongings to Canada. Here is July 1, 2010 my bank statement.
I brought $17,000 US dollars to Canada, in two months I found a full time software programmer job.
One idea was to pay my USA home equity loan using $12,000 US dollar and start to live on pay check from pay check in Canada. Or another idea is to save $10,000 dollar more to have a down payment for a condo in the city of Surrey in 2011. Another idea is to borrow another $17,000 US dollars from my home equity line and purchase a condo in the city of Surrey.
In 2017, I had to pay back to my USA home equity line $25,000 us dollars.
Actionable Items
I have to build a habit to do finance analysis every month. I should spend a few hours to document all expenses, income.
I should start to study real estate market from 2010, from Chilliwack, Abbotsford, and Surrey. I should go out to learn and figure out real estate market.
I should make a plan and budget, and set limit of expenses. I need to learn how to discipline myself financially.
Brainstorm idea
From the viewpoint of Dec. 15, 2018, what I should do in 2010 July, I should borrow another $17,000 us dollar to reach maximum home equity line in USA, and then I should purchase a two bedroom condo in the city of Surrey, 10 years old or so. I will try to rent out one or two bedrooms separately, and I will spend time to learn the city of Surrey, and force myself to adapt to finance challenge.
The reason to purchase two bedroom condo is to think in long term. There is much easy to sell and also the price can go up more compared to one bedroom condo. The passive income from the rent will help to reduce risk of foreclosure etc.
The total loan amount will be around $150,000 include two homes, one is USA, one in the city of Surrey. There are four bedrooms, and I have chance to serve four people for their housing need.
Interest rate was very low, us home equity loan is less than 2.25%, Canadian is less than 3%.
Follow up
Nov. 11, 2019 4:59 PMIt is my holiday called remembrance day. I like to work on the research, and write down my thought process about my decision making back in 2010.
I was not confident back in 2010 even though I got the full time job. I had to learn how to hold a job longer than two years.
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