Advice for talking to lenders as new investor (Canada)

[Jeff Shea]

Hey lovely people, I would like some advice on how to talk to lenders as a new investor, without having a proven track record.

I’m in Canada, looking to invest in small multi-family properties and to use the “brrrr” strategy. My wife and I have good jobs with good incomes, with a bit of our own money to have “skin in the game”. What are the things that I would have to bring to the table to convince lenders to work with me?

Now, I figure it’s probably more about bringing in a good deal, but is there anything I can do pre-deal to get a relationship started and help them feel comfortable with me?

Thanks!

[Josh Caldwell]

I honestly have no info on this subject, but I am sure that you don't need a bank.   I know a number of foreign investors, Canada included who use owner finance as a work around.  Simply put, you just buy the property directly from the seller.  You offer to pay them X per month for Y months.  Once you have the title to a property, it is much easier to refinance after some seasoning. 

A lot of sellers will accept this type of offer. These sellers are likely to be off market (you have to look for them) and they are usually non owner occupied.  You can buy a list of these properties from list brokers. The lists are pretty cheap 30 cents per lead or less. 

The mechanics of the deal are pretty simple and most real estate lawyers can handle that for you. 

To your success

Josh