Rental Property

rental property: They owed $100,000 when the business failed a few years ago and had to move in with relatives. A well-paying job has since allowed them to take on mortgages to buy a home and a rental property, but they owe nearly 4.5 times their projected $112,068 annual employment income and spend more than they earn, according to The Star. Things improved after their business failed and Alfred found a job with a union wage and pension plan. Having maintained a good credit rating, they were soon able to buy a small home of their own, then a larger home they estimate is worth about $549,000. As home prices rose, they borrowed more to pay half the cost of a rental property in partnership with a relative. They worked to fix it up before renting it out to students this fall, and now hope to buy one or two more properties and Alfredo and Theresa are risk-takers recovering from a business failure. Virtually everything is going to a monthly payment for the utilities and other debts with no room for savings or vacation funds, frets Alfredo, 47. Month in, month out, we spend more than we take in. (www.immigrantscanada.com). As reported in the news.