All Forum Posts by: Brett Nacci

Any luck finding a broker? I believe -Personal Choice Mortgage Services Inc- in Hamilton deals with private lenders (im sure they wouldn't turn down someone willing to lend). 

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Sorry Rick, the purchase price is 390k, I am able to put down 60k. The property is probably worth about 430k. I did mention how much the bank is willing to lend me..which is 190-200k. I would need an overall lending amount of 330kish to make it happen. (So 130k more than what the bank is willing to lend me) .

The triplex was purchased for 310k (70k is now invested in it), so now there is an outstanding amount of 240k owing. It was only purchased a year and a half ago, and not many renovations have been made to it, not sure if refinancing would work but let me know what you think .

Credit score is 790.

also no outstanding debt besides other mortgage

thanks for reading

Sorry Rick, the purchase price is 390k, I am able to put down 60k. The property is probably worth about 430k. I did mention how much the bank is willing to lend me..which is 190-200k. I would need an overall lending amount of 330kish to make it happen. (So 130k more than what the bank is willing  to lend me) .

The triplex was purchased for 310k (70k is now invested in it), so now there is an outstanding amount of 240k owing. It was only purchased a year and a half ago, and not many renovations have been made to it, not sure if refinancing would work but let me know what you think . 

Credit score is 790.

also no outstanding debt besides other mortgage

thanks for reading 

Hey Guys,

Just joined the community and I'm hoping to get some advice from anyone with expertise in the field :).

I currently own a triplex in Ontario (Niagara Region), with an investment partner. Between the 2 units (of the 3) being rented out, it JUST covers the mortgage, utilities, and property tax. I currently live in the 3rd unit, but am hoping to rent it out the minute I buy a new property. If all goes well, the third unit will rent for 1100-1200 / month- no problem (high population area, so shouldnt have a problem renting it). So my share would be roughly 500-600 in additional income from that property / month. 

I found an amazing property, well priced (inside is completely renovated, but outside needs work). I would live on the main floor, and  rent out the basement. The basement in large, with a separate entrance to it (in law suite). The basement would rent for roughly 800 a month. Even if it was not rented out , my job would put my in a position to make the monthly house payments.     

 Im having a hard time with the second mortgage. I own a roofing & siding business and have only been in business for 1.5 yrs. 2018's income was well, but the year prior was a lot lower, so the big banks ( and A lenders) are making it difficult for me to qualify  for a lending amount over 200k.  I need a lending amount of roughly 320-340k

The question: Would a B lender be able to lend me an additional 120-140K ontop of what an A lender is willing to lend me? 

I understand the difference in interest is 1-2% extra with a B lender which would be ok, not ideal, but ok. 

Let me know what you guys think :), really trying to make this second deal happen ASAP. If I need to wait for another couple months for 2019s T4, t1, etc its no problem also, but I like to jump in first opportunity possible!

Thanks for reading guys :D