All Forum Posts by: Chris Rogers

Me and my wife bought a purpose built turn key legal duplex in Dec. We now have secured great tenants!

At this point in time we are a little handcuffed towards purchasing future properties...don't have enough equity yet.

I have an opportunity for a join venture where we would purchase single family homes and renovate to a triplex. I need 250K in available funds for down payment/closing costs and renovation cost. At that point we would go back to the bank and refinance and get back most of our initial money. I would need to qualify for a new mortgage of about 580K @ 80% LTV.

Our combined TDS between our two current properties is about 34%. In our area we can go to 44%.

Does anyone have any advice on how to proceed....wait to build equity? then purchase another? I want to buy another property and renovate now and don't want to wait months to build equity.

Thank you.

Good Morning,

Has anyone had any issues with getting financing for future rental properties? We recently bought our first rental property (closes Jan 31st) which used up a lot of our available equity according to our mortgage broker. He says we only have about 75k in equity available.

I've got a great opportunity to team up with another investor but need to come up with at least 150-300k in available equity. What about private lenders? I'm hesitant.

I'd say it's a c class neighbourhood. All the neighbours on the street are rentals, purpose built duplexes. It would be nice to know if neighbours have them in both units.

I recently bought a duplex. The upper unit has a dishwasher but the lower not. I think it's not worth putting one in as it wouldn't increase rent. What do you think?

Thanks for the info Anthony.

Yes, I  plan on staying in my current job so that I can finance future projects. I'm hoping within 5 years I can go part time after developing a large enough portfolio. I'm a very handy person and very good at managing people, I'd love to buy homes Reno rent and refinance then repeat but can't do that working full time. Thanks again 

Thanks Nathan, that's what I was thinking. I'd like to leave my job but need the financing to launch my real estate portfolio. I'm thinking 5 years from now I could go part time as I'm hoping to have a big enough portfolio then

I'm thinking of going part time with my current corporate job and starting a property management company. I currently own a legal duplex and plan on expanding my real estate investment portfolio. A key component is being qualified for getting financing of future properties.

Does anyone have any thoughts for me of going part time and starting a property management company in terms of future financing ability?

Thanks Jeff.

What about vacancy? have you ever had any issues renting.

I'm considering a property on MLS near my local college/hospital. Great rental area, I'm just hesitant of getting a student rental unit. Does anyone have any advice or thoughts? I'm concerned of noise complaints and destroying the property.

It's a motivated seller and sounds like I could negotiate a good deal.