Bought a house, price $237,500. Mortgage by TD Bank. 25% down, 3.05% five year fixed, 25 years amortization.Monthly payment: $757.75. Plus 225/month property tax, total payment: 982.75/month. This marks the last purchase in this resource town. The next thing I want to do is to sell the lot I have in town.Subject removal July 27; Completion August 16. I need to make some renovation downstairs, and have talked to a handyman to have a look in advance. I hope renovation will be completed by September 15, and rented out for October 1st. I feel very lucky to get this mortgage. It is getting harder and harder to get a mortgage. I have built up a pretty big position in this town: when this one is completed, I will have ten condos, five houses in town. Rent has been up substantially in the one year and a half; because of this, it has become the biggest contributor for rents in the whole portfolio.Price has went up too:if this one were purchased in December, it would be less than $200K. Had the new mines started as planned, this will be engine for my future growth for quite some time. This will also be the last purchase this year. I have been on a spending spree since the beginning of the year, with new purchase, renovation, and furnishings. I have exhausted my buying power with this one, and I need to consolidate to replenish the reserve fund in the next while.
