All Forum Posts by: Eric S.

@Mason Hickman thank you. Will I be able to know before purchasing if I'm able to refi after reno and renting?

@Paul Sverdlin thanks for the good info. Yes, the baby is definitely adding to the motivation. I'm most likely going the JV route. I'll look into Matt Piche!

@Drew Sygit sorry for the very late reply. I'm not sure what a dsr loan is.

@Paul Sverdlin sorry for the very late reply. Just had a baby and totally forgot to get back to everyone's reply. I mainly want to brrrr but after pulling out equity from my home I won't be approved to use it as a downpayment. So I can't get anotjer mortgage. That's why Im considering buying in cash with a friend. If I do buy in cash and would like to refi so I can start brrrr-Ing how do I get approved for the refi? With my current dti I won't be approved so will I be able to use solely the rental income to be approved? I'm not sure how to continue the brrrr process after I take out my equity.

@Mason Hickman sorry for the very late reply. I would love to brrrr but how would I be approved for a refi part of the brrrr after already pulling out equity from my home?

Hey,

I'm looking for your suggestions on the best ways to utilize $150k that I'm using from my equity.

Some extra details.

I'm a contractor/realtor. I live near Toronto, Ontario (Canada). I have a friend willing to also invest around $250k with me. I'm considering purchasing a student rental in cash because I won't qualify for another mortgage ontop of my own. Also, I won't be affected by the interest rates right now. I'm looking to buy the property for roughly $400k and create 6 bedrooms each earning $650/mth.

Is there a better use for this money? Also, what is the best strategy to use my equity? Heloc or another method?

Thanks

Hi, I live in Toronto, Ontario (Canada) and have $150k in equity in able to access. I would like to start purchasing student rentals which would have a purchase price of around $400k. I'm not able to be approved for a mortgage as my dti will be too high after pulling out equity. I'm considering partnering up with a friend and buying in cash. Would this be the best use of this money? Also, what would be the best form of taking out the equity?

Thanks

Hi, I've recently became aware of a family member wanting to sell a property no longer being needed. I'm able to pull out equity from my home which would be around 20% of the value of the property being sold. I'm interested in buying it as an investment property but would not be able to be approved for another mortgage after I take out the down payment from my equity. So I would need to set up a payment program for seller financing if my relatives were even interested in doing this. Could you please let me know what would be the most fair way of doing this? Also, what is the best option/strategy for pulling out equity for this?

Thanks

@Tom S. Awesome. Thanks alot for the info!

@Tom S. Thanks Tom. Yes fortunately he owns it outright. That's good info about him placing a lein on the house. I was wondering how he keeps himself covered. I would like to give a downpayment but what is a reasonable percentage? I prefer not to use my own money as I need it for Reno's so do you have any tips on if I can finance the downpayment from another source?

Thanks