i hate rent

i hate renting. it sucks your money, you have nothing to show for it, it sucks your money and you have nothing to show for it! as of late i've been looking to buy a home so i can unleash my imagination which is prohibited by rent. of course that is next to impossible here in New York City. it is however possible for me to own back home just outside of Toronto. so i'm thinking...do i save money by staying in my cheap rental unit where i'm slightly stressed, but can own a home abroad which can be rented out to generate income OR do i move into a sweet artist space, pay double, have less stress but possibly miss out on buying my dream home? hopefully option number 3 will present itself :)
anyways i've been doing lots of research on what first time home buyers need to know. i have a few friends who have bought, flipped and sold homes however their profits weren't much. i also have family members who didn't do their homework and got screwed royally by shady tenants and/or contractors so i can safely say i've learned from their mistakes and continue to learn. oh yeah, i'm obsessed with HGTV. thanks Mike Holmes! the tentative plan: buying a 2+ bedroom detached 50's home and making it into a modern artist space that can be rented out to industry peeps (film crews, artists, or students). that way i have a constant (hopefully) source of income and within the next 5 years i can sell for a profit or move into when i'm ready to have a family.
the amazingness...i can make this all happen by April/May 2011.
i'm the live-for-the-moment type of gal. but living here in NYC has really changed my perspective especially on home owning. if my blog entry hasn't given you the buying bite, the-brick-house.com will. this frugal couple bought a home in foreclosure and did all the renos themselves.
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i've been scouring MLS.com and have found these cutie beauties for under $80,000

i love that circular window! and if you wanted to stretch this bad boy out the ample lawn space accommodates that

then i googled mapped them to check out the area.

i love the cute character these homes have and the large windows. but i'm sure different homes will be on the market when i'm ready. window shopping, self inflected cruelty. oh my wandering mind!