Triumphs and Mistakes of 2020
Hi BP community, Happy new year to all of you!
I am a newbie REI from Ontario, Canada. I see a lot of experienced Canadian Real Estate investors in the forum. I would love to learn from your collective experience and would like to know about your biggest Triumphs and mistakes of 2020. What actions are you very proud of and what could you have done better?
I am sure all newbies will benefit from it. Thanks
Most Popular Reply
My first rental property mortgage was also a 10yr fixed at 5.69%. Back in 2013. I thought it was a good idea at the time to have 10 years of stability and a consistent payment. I learned quickly that was a mistake. Cost me thousands to break that mortgage. Now if I do a brrr, I do a 1 or 2 year fixed as I'm renovating, then when I refinance I switch to a 5 year variable at the lowest rate I can find.