All Forum Posts by: Huong Luu

@Pamela Rivas Thanks for sharing this. A group of us are looking at a boutique hotel acquistion. Would the info you provided still be the same? Are there any additional considerations? How easy is it for a Canadian to get their Mexican residency?  Thanks in advance for sharing. 

HI BP family. Looking for info, contacts for North Wales (or within 3 hour radius), Pennsylvania. Looking to acquire something, either MFU, storage, campground, etc, so looking for insight. 

Thanks in advance. 

 

@Jordyn Ohs Assuming your heloc is re-advanceable and the rate is higher than your mortgage, I would suggest you pay your HELOC down as quickly as possible with any cash flow from the properties. If you have extra cash at the end of the month, then do double up payments on the mortgages so the principle is reduced and this will increase your heloc room. Once you have sufficent room in your heloc, then use it to get your next investment. Good luck

@Jordyn Ohs Suggest you run a financial model and assume 100% vacancy. How much would you need to have in cash to cover expenses on your portfolio for 6 months. Yes, leverage but do it smart. Include in your model rates going up by 2%, and just make sure you enough cash to cover. 

Hi BP family. Looking for points of view on selling or keeping properties in Toronto, Ontario. Here is the scenerio:

3-unit investment property worth $2m. Have $500K mortgage. Currently cash flows. Is it better to sell, pay off mortgage and capital gains and take the cash to invest in another property or is it better to refi/ETO and take the cash to invest in another property?

What else would you do with the cash if not buying another investment property?

Thanks in advance for your response. 

@Jordyn Ohs

This is glass ceiling everyone hits but absolutely surmountable. I have over 101 doors now. As an investor your ratios won't look good to the traditional lenders. Some strategies to get around are:

1. leverage your current portfolio and buy in cash, increase value, and then refi

2. buy Multi-family so your ratios aren't the main factor to lenders

3. get in with a lender for high net worth individuals

4. JV, GP-LP so you leverage other peoples credits

There are a few other ideas. So happy to connect on zoom to share more. Good luck. 

 

@Jordyn Ohs My accountant will be able to help you as he is a RE investor and covers AB. What extensive knowledge are you looking for? Please private DM me and I will share my accountant info. 

@Raul Velazquez The 3 things I would recommend besides reading books/audio/sites are:

1. Meet with financial advisers/wealth managers and see what other options other than real estate there are and how to best allocate / diversify. ie have you maxed out your TFSA?

2. Decide how involved in real estate you want to be. Do you want to be passive (ie give your $ to someone and they pay you interest, or you put the money for the opp and get equity, etc)

3. Attend in person networking events in your area (there are many in and around Vancouver). 

Bonus 4: develop a list of questions you want to get answers to before you do any opportunity. Don't worry about FOMO - there will always be more opportunities. 

Also, depending on the amount you get from your divorce, you might have more options. 

Good luck

@Maureen Ngo Purchase Price is only 1 thing. You should consider: appreciation, can you get reliable property management there, crime area, etc to name a few. Along with what is your other exit. I have looked at SK so understand the market there. Is your end goal to have CF or equity? Reach out if you want more info. 

@Stevo Sun is correct. In B-lending and private, we also require proof that all CRA debt is paid off. As part of  the refi, they can allocate funds from the advance to cover CRA. Reach out to me if I can help more.