All Forum Posts by: Gilbert Foelscher

Hey BiggerPocket community,

I'm in Canada and I found AIMLOAN. They offered me that:

Please see below for term calculation on the amount $200k

Loan Amount: $200,000.00

Loan Terms: 6 Month

Interest Rate: 8.00%

Repayment Plan: Balloon Payment with Interest

Total Interest Paid: $8,000.02

Cumulative Payment: $208,000.02

Insurance Payment: $3,000.00 (1.5%)

Grace Period: 3 Months

No Prepayment Penalties & Early Payoff

The estimated closing and transaction costs include loan origination fee $2,000 (1.%), loan preparation fees $3,860 and $2,189 costs of lien searches, attorney fee, appraisal fee, etc making total of $8,049.00 which will all be paid at closing or be taken out from the loan amount, while the insurance down payment will be due immediately your loan is approved.

The upfront fee is the insurance payment of $3,000.

While the closing cost $8,049 is paid at closing or rolled into the loan.

My question are has anyone experience with AIMLOAN and does the number makes sense?

It's my first time buying and I want to use the BRRRR strategy.

Thanks already for reading and thanks

 That sounds great thanks again and I actually like that with the personal line of credit. If I can make that work, that would be amazing not to use any of my money to buy the first deal! I really appreciate your comments and @Marshall Magnus what is your next goal and how do you approach it?

@Chace Fraser I certainly will do that! I love the Internet because Networking is very easy here but I'm a people guy so I prefer meeting up with people face to face so I'm gonna go to every meetup I can find! Cheers Chace

@Wale Lawal

Thanks for that and I will.

@Marshall Magnus

Congratulation Marshall and thanks for sharing! But I have a few questions maybe you could answer them for me.

1. How did you pay for the renovation when you used all your savings for the downpayment? 

2. The bank refinanced it after 3 months so you didn't have to wait for 6 or 12 why is that?

3. And last but not least, a mortgage broker told me you only can refinance 4-5 times your annual wage like a mortgage is that right?

Hey EVERYONE,
happy to be here and hope to find some amazing people!

Short story about me. I'm from Germany live in Vancouver, BC since about 2 years and I'm gonna move soon to Calgary, AB. I wanted to buy my first rental property there the old fashion way but then I came a cross BRRRR. Is anyone out there who has experience with that in Canada and wants to share some stories with a young ambitious, hungry man with big goals and a plan?

My hobby is looking for deals and I spend at least 2 hours everyday reading about it but it's time for me to get into the game!

I would love to network and meet with people who have the same interested in real estate investments like me. 

As well I would like to hear as much as possible about BRRRR so if you feel like it please go ahead!