All Forum Posts by: Dominik B.

@Chris Muller What happens to the CMHC premium if you refinance to 80% LTV within a year?

The other option is to do a 1 year fixed rate mortgage at 20% down to avoid an IRD penalty and refinance after 1 year but i'll have to wait a full year before I can pull my money out. 

Hi all,

I am excited to get into real estate investing. I purchased my first property, a triplex for 500k and will live in one of the units. I have ~200k saved up and would like to build a portfolio of properties. How much would you recommend I put down on the property? Given I'll be occupying the building, I have the opportunity to only put 5% down.

Also, I plan on doing some renovations and the ARV will be around 650k. I plan on refinancing the property within a year. What would happen with the CMHC premium if I went with 5% and then refinanced for 80% LTV 30 year amortization?

Curious if taking advantage of only putting 5% down is something I should really consider. Note I remain cashflow positive in all scenarios.

Thanks in advance.

Really appreciate the advice. I shopped around and got about 15 quotes from lawyers across ontario and chose to go with a lawyer near the property that was on the more expensive side instead of my original intention of going for someone priced lower. 

Home insurance quotes ranged from $160 to $260 per month which I was pleasantly surprised considering it's my first home insurance policy.

I'll update if I feel I should've chose differently.

Cheers,

Dom

Hi all,

I recently purchased my first property, a fourplex that is about three hours away from where I currently live. I was wondering what people's opinions were on two items:

1. Would you hire a lawyer that's close to your current home or a lawyer located in the city of the investment property? What's a fair or good price for a multifamily lawyer purchase transaction?

2. Would you hire a home insurance broker near home or in the city the investment property is in? What are typical home insurance rates to expect for a fourplex?

Any advice would be greatly appreciated. Been a long time lurker and excited to finally jump into the game and start contributing more to the forum.