All Forum Posts by: Account Closed

Looking to see if anyone has ever partnered up with a house hacking deal? I'm trying to get into triplexes and fourplexes but it's taking a while to save the 20%, if I could house hack myself I would do it in an instant but with a growing family its not really possible anymore. So I have been thinking of partnering up with a friend that is currently renting, that is looking to buy their first house. My questions is can you have both names on the title of the home and still use the first time home buyer 5% down? Has anyone had experience with this type of deal?

Hey there from Red Deer!! Good info on this post thanks for starting it!!

Roy Thanks for pointing me the right direction I will defiantly continue my research into it!

Has anyone had any luck with foreclosures? I know in the US it's much easier to acquire a foreclosure and a lot less hassle and I know the banks in Canada don't let them go for nothing.

Makes total sense I think I already new the answer I just needed to here it from someone els. thanks for Your time!

Thanks for taking the time to respond, yeah I think in my case for now is to have a long loan so I can free up some Cash now and hopefully be able to make extra Payments in the future to make up For it. Thanks!

HI there I'm 27 years old I live in Canada, I currently have one rental property and I'm looking to take my step as an investor. My current rental property has about 50000$ in equity but is not cash flow positive, doesn't cost anything but still no cash flow , another negative is that it is about 2000 miles away and makes it hard to deal with tenant issue, thankfully no major issues have come up YET. The market I live in now is pretty expensive the average cost of a half duplex is about 300000$ which makes it difficult to first, come up with the 20% down and second to be cash flow positive.

Multifamily units do come on the market at around the 500k-650k range, small 2 apartments I can find for about 150K, both that will produce cash flow.   

My question to you guys is..

#1 Do you think its worth keeping my current rental and refinancing for my next move or should I dump it and start fresh local?

#2 Should I buy what I can now as long as its cash flow positive or should I wait and save up for multifamily deal where cash flow will be more?

#3 when I do get a loan is it better to max out my amortization so I produce more cash flow to start off, or in your experience is it better to pay less interest in the long run?

I appreciate any comments/thoughts 

Thanks