All Forum Posts by: Account Closed

How long must an owner-occupied remain owner-occupied in Ontario, Canada? I'm looking online and through my mortgage documents again. I don't see any indication of a minimum amount of time an owner-occupied property must remain owner-occupied. Is there a particular document that should tell me, like what a 'deed of trust' would show in the states (I think)? I'm seeing 12 months being thrown around by posters south of the border, I'm looking for something specific to Ontario. Any ideas short of calling the lending party and asking?

@Matt Geerts I've been living on the road for over a year, since I started trucking. Keeping my expenses low.

I have another bank I deal with that would probably give me a pre-approval considering I have a few accounts open with them already (I also look good on paper). I can still look at other options such as seller financing/VTBs. I just need to focus and get it done ASAP.

@Matt Geerts They didn't like that I have no residential address (clearly states it is required in their policy to open an account) so that was a complete bust... FFS... 

Still looking for a lender at this point for a simple residential fourplex mortgage.

@Tim Grassin Usually it is said that partnering up with someone is a very good thing for a new investor to do. Someone with more REI experience than you that you can learn from. I am not personally about to partner with anyone (and never have) but I think most people would say partnering with someone on your first deal is better than going in solo with little experience.

Matt Geerts 51%... To paraphrase, they don't want to run into a hotel/boarding house issue as they do not fund either of those types of properties and although that is almost unheard of in a condo, complex or apartment etc. [the financial institution] does not change their policy on this. I have a meeting scheduled for Saturday with a different lender and I will find out how little I can get away with putting down... Your point on taking into account property management makes sense.

Matt Geerts I am a truck driver (pulling flatbed B-trains). I go all over Ontario (and into Québec and occasional further, as far as the east coast and Alberta). Allen Seto That all sounds just fine to me. Ultimately I don't need a place to live, I'm just interested in the 5% down so if the numbers work the numbers work. I did see someone somewhere else mention Cornwall as being a good area for REI. Tim Grassin House hacking refers to an owner-occupied rental. The reason I'd be allowed to put only 5% down is because it will be my "primary residence". I don't know how long I should stay but it will be as little time as possible, whatever makes the lender or whoever else happy. Samuel Sedore I did get pre-approved and was told 5% down on a fourplex was fine (though I am now meeting with a new lender as this previous institution wanted at least 51% of any property to be owner occupied for some reason...). I will look into it.

I'm looking for the best market in Ontario, Canada for multi-family house-hacking opportunities... It's said that REI is local but I'm not tied down anywhere and looking to move for my first investment in a house-hacking situation with 5% down for however long and then move out again to maximize cash flow. I am based out of South-Western Ontario but I'd be willing to go as far North-West as Thunder Bay (coincidentally, I am typing this from Thunder Bay right now) and I could get away with as far East as the Québec border. I've been trying to gather information about different markets around Ontario but it's slow going. Can anyone offer some advice on this front? I'd be looking at a $250k purchase price or less. Fourplex preferred. Thanks.

@Account Closed Hahah, I wonder...

That minds me of when I was in a hardware store once. The young college girl working the checkout was having a conversation with someone she knew. Anyway, I overheard her say something like "$xxx a month, like, I can afford that" (in a 'who couldn't afford that' kind of way). Talking about leasing a brand new car. I couldn't help but wonder......

Originally posted by @Account Closed:

@Bill Schrimpf So true.  I always thought it was so weird that the car advertisements sold the amount of the car payment, as opposed to the cost of the car.  I thought, nobody could be that stupid.

I was just out walking the shore of Nova Scotia here and walked past a used car dealership. A least two of the vehicles out front had only a monthly payment on the tags hanging from their rear view mirrors, while some others actually had a purchase price.

Thanks @Kory Hodgson, @Jack Butala, @Matt Geerts, @Samuel Sedore, and @Paul MacInnis. I look forward to taking my investment portfolio to a new level and obtaining a great deal of knowledge along the way.