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Nothing drives me crazier than when somebody says “I can’t afford the down-payment ” or “I can’t afford to save”, but they are driving around a car that leases for $750/month!

This post was inspired by a new investor client that was thinking of getting into his first property. He had done the meetup’s, the courses, and tons of research on the areas he wanted to invest and was really prepared so I assumed he would have no problems financing his first purchase.

He had decided that since he was young and had time before getting married and having a family, he would purchase a duplex. He would live in one unit and rent out the other. He had found the perfect property that needed some work but he was able to get it for a steal – in Hamilton no less!

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Recently, I was contacted by a new client that was separating from her husband. Prior to filing for separation they decided to amicably split and split the proceeds from the sale of their existing home. They agreed that since they had no children and he had supported her through her schooling, he would not pay her alimony. The amicable split helped them protect their credit score as the credit score will usually take a hit, when you divorce or separate.

Divorce or separation can have a major impact on both your personal and financial lives. Where you might have previously had joint accounts for major expenses like your mortgage or loan payments, now you will have your sole accounts. Furthermore where you had two incomes you now have one income.

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January is a time of year that new resolutions get made and also broken! For instance usually try to start some kind of diet or exercise program, only to give up by February.

For those that are looking at their debts – especially after Christmas with higher spending than usual, they may endeavour to start a budget or stick to a budget or even get some help with credit counselling.

For investors, this may be a great time to reflect on the past year’s successes or misses. For instance at the start of the previous year, you may have set a goal to buy 1-4 properties during the year or you may have wished to start lending your money instead of becoming a landlord or you may have started off great only to be brought to a full stop due to the inability to qualify for a mortgage or lack of a down payment.

So what do you do when your credit has suffered, you have credit issues or debt issues and you cannot qualify?

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