All Forum Posts by: Dominik Hekiert

Hey BP community, I am new to the notion of investing and looking to get a bit of expertise when looking to buy my first investment property. I have been pre-approved for my first mortgage and currently looking at a wide array of investments in Ontario, Alberta and Québec. 

However, I am creating this thread to hopefully show some of the best problems to buy into in a residence with. What exactly I mean by that, I am hoping investors can share experiences of what problems cause the average individual to pass up on a residence. Leading the value of it to plummet and give investors a discounted price on a residence that costs very little time and money to fix. Please feel free to share your experiences in your investment journeys. 

@Zorya Belanger thank you for your response. Main concern with getting the mortgage pre-approval of what I was lead to believe is that it would do a hard check on your credit, which could possibly lower your credit score if you go in for another pre-approval. Also what I was lead to believe certain creditors will give you firm rates for 90 days with the pre-approval to close but after that you lose your rates. So that is why I am currently waiting, so that I can use the 90 days to find the best property I can. 

I would of course always love any references in the Ontario area, to connect with and pick their brains. 

@Scott Innocente I do agree with the exponential growth of Windsor in the past 3 years nothing compares. 

Since, you do have a general expertise in the Windsor demographic, I do have a few questions regarding the area. 

What area do you see the most promise for in the next 3 years:

• - West: One of cheapest regions other than downtown, main Mecca area for student rentals. Currently, appears to have lower prices as university of Windsor is remote due to covid. For example, Randolph st 
• - Downtown: Appears to be poorest demographic in Windsor, which translates to lowest prices. However, from what I read the city is planning on revamping the downtown core.
• - East/South: More expensive regions, considered the better regions of Windsor, where there are new developments expanding constantly.

Please feel free to critique on my research of the regions and add any information you feel would be pertinent =)

@Hai Loc Thank you for your response.

I do have a few questions regarding your statement just to make sure I understand correctly. 

Going to an A list bank, For declaring rent as income: 

• -You can only declare 50% of rent
• -To declare rent as income you need to assume the tenants upon purchase of the property. 
• -If you house hacking, you can still get away with 5% down.

However, If you do not go with the traditional A list bank. 

• -If you declare the property as an investment and input 20% down, you could declare 100% of the rental income?

That is what I was lead to believe with previous conversations of a mortgage Broker, is this correct?

Hey @Jordan Perry, 

Thank you for taking the time to respond to a few of my questions directly. I am mainly interested in Ontario, as I plan to check up on property regularly, regardless of having a property manager if I do not live within the residence. I will for sure reach out in regards to have a more in depth conversation about pre-approval process and best practices to increase the approval amount. 

Thanks again!

Hey Everyone, 

I am relatively new to the BP community but I have learned a lot of useful information in this short time. However, I am looking to get my first property and I am looking to get some general advice on how to achieve my goal of buying a residence in 2021. 

Insight into my situation:

• - I am based out of Ontario, Canada. 
  - I am looking for a property mainly in Windsor (lowest prices), London, Welland.
• - I am a 21 year old currently in my 4th year of university, my program is 6 years long
• - I work a part time and made roughly 35k in reportable income 
• - I have $30,000 saved for a down-payment 
• - I have a good standing credit score
• - I have still not filled out a mortgage pre-approval as I am waiting for the perfect time. 

What I am looking to invest in:

• - I am looking to possibly buy a run-down but rentable duplex in the Windsor area for $150,000-$250,000 to do a BRRR
• - I intend to hold onto this property long term and to be a part of my portfolio of residences in the future. 
• - I am hoping to take advantage of the first time home buyer incentive, needing to only put 5% down and living in a room of the residence. (This is possible for me since my work and school are remote)

What I want to know:

• - Is it possible for me to get a pre-approval to that extent if I do not put down 20% and report the rent as additional income
• - If this is the best way currently for me to start my journey into real estate or if there is a better option?
• - Would it make better sense to find a wholesale deal, pay the assignment fee directly and have the rest financed by the bank instead of looking on the mls.
• - Are there currently better markets than Windsor for low pricing in Ontario?

Thank you for reading and I hope we can all connect =)