All Forum Posts by: Elliott Davis

Hi Filipe, I just recently butted up against this as well. I took my mortgage broker out for a coffee to discuss a strategy to get to 10 rental properties. My wife and I currently have 4 plus our primary place of residency and it was explained to me that a lot of lenders are not extending mortgages to those with with a certain number of mortgages or above a certain dollar amount. The specific number of properties and dollar amount varied slightly by lender. 

His suggestion for us, to get to our goal of 10 buy-and-hold rental properties was to use portfolio lending. He had worked with 3 different lenders who would lend in this way. They still required 20% down but I don't recall him saying that their rates/terms where any different then a conventional financing structure. 

Another thing that I am researching is private money but the rates will likely be higher than 4% so may not be the solution you where looking for. 

I am in Edmonton so I'm not sure what differences will exist for you in the GTA but good luck and I hope this was helpful. 

Elliott.

I see value in this. More money is always nice but the peace of mind of a high quality tenant is priceless. If staying just below market is profitable for you and allows you to be selective then I'd say your on the right track. 

He may have his financials in such a state that he has to charge market or above market price just to stay afloat. Not a comfortable position to be in and may explain some of his hostility. 

I have rented to tenants with pets. In a recent podcast, the guest said that she will rent to tenants with pets (additional deposit required) because fewer people will so that tenant is more likely to stay longer term. 

As mentioned above, there can be issues with pets but for the otherwise good tenant I think the risk is worth the reward.

For clarity, a judicial sale is where the price is determined by a court?

I believe that buying a foreclosure has the potential to yield great cash-flow but I live in Alberta Canada and cannot seem to find anywhere that advertises foreclosures. 

Does anyone know where I could find this information in my area?

I have been listening to a number of the podcasts on financing and a number of the ways that have been discussed do not seem to be options for me here in Canada. 

So far, I have purchased investment properties in conventional ways. I'd like to hear from anyone who has done unconventional financing in Canada and the avenues in which they have done so.