STORY-TIME 💫 TURNING DOWN MY FIRST RENTAL PROPERTY!
Hi Friends!
Today I will be explaining why I turned down my first opportunity to buy a rental property. I'll be going through how I got the opportunity, how it aligned with my goals and why I decided it was not in the playing fields for me right now.
Opportunity:
I got an email about a house that was not on the market yet from my parents Realtor. A townhouse, west of Toronto in a highly populated and tourist area and I choose to reject the offer. The property actually got sold the following day, instantly once it was put on the market.
Why:
I chose to reject this property for two simple reasons that some might disagree with.
1) I truly believe in focusing on your Goals. I knew that if I took on the responsibility of owning a home I would have to put my current goals on hold. Putting down a down payment would mean not being able to meet my OSAP Goal. Right now, my number one goal is to kill off my osap (6 more months) and I was not willing to end that goal in order to take on another one.
If I could do both I 100% would, but financially I can only afford to complete one task at a time.
2) I understood the pressure I would be putting on myself to come up with a down payment, to be a landlord, to think about how I haven't completed all my other goals. Health is everything! You need to think about how you will feel whether that means feelings of stress, depression, lack of motivation etc. I chose to put my health first and sit back and I truly believe that when its time for me to own it wont be this daunting.
I hope this helps you guys remain focused, responsible and healthy.
-Coll
Today I will be explaining why I turned down my first opportunity to buy a rental property. I'll be going through how I got the opportunity, how it aligned with my goals and why I decided it was not in the playing fields for me right now.
I got an email about a house that was not on the market yet from my parents Realtor. A townhouse, west of Toronto in a highly populated and tourist area and I choose to reject the offer. The property actually got sold the following day, instantly once it was put on the market.
Why:
I chose to reject this property for two simple reasons that some might disagree with.
1) I truly believe in focusing on your Goals. I knew that if I took on the responsibility of owning a home I would have to put my current goals on hold. Putting down a down payment would mean not being able to meet my OSAP Goal. Right now, my number one goal is to kill off my osap (6 more months) and I was not willing to end that goal in order to take on another one.
If I could do both I 100% would, but financially I can only afford to complete one task at a time.
2) I understood the pressure I would be putting on myself to come up with a down payment, to be a landlord, to think about how I haven't completed all my other goals. Health is everything! You need to think about how you will feel whether that means feelings of stress, depression, lack of motivation etc. I chose to put my health first and sit back and I truly believe that when its time for me to own it wont be this daunting.
I hope this helps you guys remain focused, responsible and healthy.
-Coll