All Forum Posts by: Colson Boyle

I have recently purchased a new build rental property in Ontario.

I bought it for 550,000$ and the resale value is up to 800,000$ now (as the exact same model has sold for that much)

I am waiting for it to close as it will be closing in June 2022. When It closes I would like to pull some equity out of it and put it into a safe index fund to back the property incase all goes wrong.

I will have the ability to pull out approximately 200k-250k.

I am 19 years old and I can afford a little more risk as I obviously have some time before I am going to retire.

Any advice regarding this subject?

How much equity should I pull out?

Should I place some of my equity back into real estate?

Any advice would be greatly appreciated!

I have about $70,000 in equity on a $530,000 rental property that’s now worth about $650,000-$700,000

What’s the best way to use that equity to purchase another rental?

Taking in account I probably won’t qualify for another mortgage through an A lender as my yearly income has not increased since my purchase of the first home not including rental income.

@Tyler Stiller

Do you mean a home equity loan when you say I can use my equity from my one house for a down payment for another?

Also does taking out 80% equity over and over to buy more properties come with a lot of risk?

I’m 18 years old and I have just purchased my first home in Ontario Canada. It’s a new build that will be built next February. I bought it for 530k with 10% down. Don’t have to pay mortgage until it’s built. The other new builds, which are the exact same models are already selling for 570k as it’s in a developing area. My plan is to pull some equity out once I get the house(or within a year) and purchase another home. Is it risky to have 20% equity in multiple rentals if I repeat the process? Is there any better strategies I should use?