All Forum Posts by: Anthony Panepinto

Hey!

I have a tenant in Toronto, ON that locked in a rental rate in the early stages of the pandemic. However, now with the mortgage rate hikes, I am losing $700/mo on this property. We don't have rent control here so I am not able to arbitrarily raise the rent. How do I reconcile this? 

Any help is much appreciated,

Thanks!
Anthony

Anybody know? I have some questions regarding Canadian real estate, specifically, Ontario based real estate. 

I used to love going through the Ontario section of the forums, what happened to it? 

Awesome, thanks guys for all of the awesome responses. I appreciate it. 

@Chris Baxter Totally agree, I am reaching out to smaller firms now and getting some good traction with them.

@Ming Lim Please send an intro! I will dm you now. 

@Tyler Stiller Thanks Tyler, I will look into Dominion lending and may reach out!

@Roy Cleeves Will look into private lenders as a way to "hedge" my odds. Got to try everything!

Hey, hey!

Your help is appreciated here folks.

So, I am looking at 3 properties that I've ran the numbers on and look like they will work well for the BRRRR method.

With that said, I would like to place offers and see which ones bite - to make the deal smoother for the seller, I'd like to get pre-approved for a mortgage. 

With that said, I've begun discussions with a Mortgage agent at TD bank (I'm based in Toronto) and given that I run my own tech company, I fall under the "self-employed" category and as any business owner knows, if you can keep money in the company there are great tax benefits. On the flip side, my salary is low because I have kept a lot of the profits in the company. This is causing some issues with getting pre-approved for a mortgage and the agent mentioned that I will need a co-sign with a strong salary and that they will also HAVE TO be on title. 

I'd rather NOT get a co-sign because I'd like to manage my own risk completely, at least at this stage as I am buying my first investment property. 

Are there any tricks, tips, or ways to get pre-approved with a low income as a self-employed business owner?

P.S. if there are any local mortgage brokers here (from Toronto, or Ontario) that are interested in working with me, please DM. 

I will continue reaching out to other banks, however, I want to approach them in a way that will make it easier for them, so your help is much appreciated here!

Thanks so much!

With much gratitude.

@Chris Baxter Right, it's not really fair to Landlords, nor does it encourage investors to fix places up and rent them etc...

I'm thinking of using this rule and move into the place while we fix it up, the year term is a bit of a turn off though but it is what it is. 

Thanks @Chris Baxter! Excellent resource, just what I was looking for

Cheers 🍻 

Hey!

So I have been looking at 4 different rental properties, some duplexes, fourplexes, etc... and they all are being sold with existing tenants. Some of the properties have tenants paying on a month to month basis and their leases have expired. How can I remove the tenants in Ontario, if I were to acquire one of these properties? Some of them are paying rents from 5-8 years ago, so I would like to come in, add value and get new tenants at current market rates.

I was thinking of moving into the property while I rehab, would this allow me to remove the existing tenants, if I were to move into one of the units myself? What if there are several units, could I remove all tenants even if I were to move into only one of the units?

The only other option I can think of is to pay them to leave.

Any advice here is appreciated!

Cheers 🍻 

@Avery Amores Thank you! This is great, I will check out the channel. There's nothing better than finding someone you can model in your area. 

Cheers 🍻 

Great points thanks @Israel Garavito. The right of first refusal may cause some issues with this, that's something I have been thinking about also. Including the cost per unit in the underwriting is a good practice, appreciate it. As I near a deal I will definitely have some more q's about this!

Thanks @Forrest Williams. Some good actionable ideas here on cost cutting to improve ROI. Also, I'm open to looking outside of Toronto, like Vaughan or Milton etc... (sort of suburbs of Toronto).

I'll loop you in on what decision I end up with!

Cheers 🍻