All Forum Posts by: Jack Young

I've read a few forums on apps for property management and still have yet to decide on that, but one app that would really make things easier, would be a purchase order app of some kind, something as simple as even a website I can log into and add in the specifics and it assigns the next number I would use for that purchase. It might then send me an email of the information I provided. Nothing complex but an easier way to track purchases on the fly.

How do I strike the balance I guess is what I'm looking for.

This would be only for the primary residence, the idea is to buy more of my time away from work, the money would still be accessible through a heloc, but at interest only payments when used. This would allow me to use up to 80% of my home value for the purchase of another great cash flowing rental and have more time and cash from my 9-5 that I would be able to complete any tasks needed, be on the hunt for deals or a little free time with the kids in the evening. I should mention the house I'm planning on selling, I bought for great instant equity and just barely makes positive cash flow.

I've always found it difficult deciding how to value my time. We can all talk about current interest rates and returns, but killing overtime would be a great thing in my mind!

I'm looking for opinions on finding a balance between keeping some money in the bank or paying off personal debt, low interest but freeing a lot of time and working as a safety net or a nest egg for the perfect deal to snap up or investing more aggressively trying to build a bigger portfolio but undoubtedly in my case sacrificing time. My goal is to sell a rental around this time next year and pay off my mortgage, allowing me to have time to devote to family and real estate in a much more serious way also having the ability to pull the trigger as soon as I see something I like. I've read a lot about both, but numbers aside, time to put proper focus on one or the other is more important in many cases. What advice do you have?

I have not heard of monoline banks, Ill have to look into it, thanks for the tip!

woild it be because an appraiser uses a 6m period to the day for comps?

I'm being told by my bank I need to have $100,000 in non registered assets before I can buy another property, he did mention secured lines of credit on my current properties may be used but I'm going to meet with him again soon to discuss this in greater detail. This may be a little easier if I had 4 or 5 but for the 3rd, not so much. Is using a broker a better idea?

I will have to admit I didn't explain myself very well. When I say top 20% I should rephrase and say any equity in my current properties. I am going to meet with him again to try and understand a little better but  I'm hoping I'll gain a little insight before hand.

I have been told by my banker I will need to have $100,000 in non registered assets before I can be financed for a third rental property, LoC may be accepted and I don't think the top 20% will be either. I'm curious to know if this is a norm or just what my bank wants. Any professionals in this field perhaps or related experience would be great.

 @Nick V. there is another forum under real estate in Canada asking if it's possible to get more properties with 5% down, lots of good info on the subject there.