All Forum Posts by: Jacob Perez

Hey @Brady Moxham - One thing to note with rooming houses is that you'll have limited financing options. This isn't the type of property that is a straight forward mortgage with a bank (may need to be done through small business lending commercial type loan).

In terms of management of tenants, you'll likely have several long-term tenants paying under market rent, but that's something one could view as an opportunity vs a problem. Just depends what you're looking for.

@Faith Sia - These are good things to consider. Here's what I'd say, just because you buy a home doesn't mean you have to live in it. 

If you're keeping your expenses around 1K per month & you're happy where you are, might make sense just to buy the best rental possible if nothing fits both your lifestyle & ROI requirements.

I've bought 10 houses & never lived in any I've owned lol.

@Robert Becher

It really depends on your situation - Are you buying for personal, investment or open to either? Return on investment will be significantly higher with a lower down payment but you may have trouble finding homes that cashflow with a lower amortization, etc.

Would be happy to chat further & do a deeper assessment.

@Khurram Mirza it's really simple - a good broker can assess what you'd qualify with using a HELOC vs a traditional refinance.

This will allow you to weigh the options. HELOCS often qualify you for a lower purchase due to how they're underwrited vs a cash down payment & because you can extend amortization on your refinance. Your goals with your primary residence matter (how soon you want to pay off, is it your forever home, etc.).

Hey @Ade Babasola I regularly do files all over Ontario. Lending criteria is the same everywhere within the province with a few small caveats.

I specialize in helping investors structure their portfolio to continue buying more property. I hope no one is specializing in "single family homes" that's like saying I specialize in straight forward & easy transactions (I don't mind those either lol).

Would love to chat & learn about your portfolio - Feel free to send a DM & we can set up a call.

Hey @Ian L. - really easy scenario here but it's going to be dependant on which lenders you're working with as they all have different underwriting criteria around HELOCs. 

I'm a mortgage agent working almost exclusively with investors in the GTA - So can definitely help. But to answer your Q direct. I would max out a HELOC against the condo now to have available & convert the down payment portions to mortgage components when you know exactly how much your purchase prices will be.

@David Capstick I find all of these regulations super weird. Normally if I don't rent to a tenant there are multiple reasons why lol. Income, being late to the showing, credit, they gave me the creeps in general lol.

I don't see how anything like that could be proven or enforced.

@Irfan Rashid transit hubs will always be a strong driver of real estate. Even if your tenants aren't taking the GO Train to Toronto, just the fact a station is being built usually triggers a lot of investment & demand within the area. Speculators love things like GO Transit, Hospitals, etc. as triggers for growth.

I bought a few properties near the new Hamilton GO station prior to it's completion & saw big returns and investment around the properties. With that said, none of my tenants ever actually commuted to Toronto lol.

@Steven Coppola You can buy 6-units in the residential channel with 20% down. But you can't take advantage of a 10% down payment which is possible up to 4-units & a 5% up to 2-units.

@Dan Strandberg I'm not 100% sure how it works in SK, but in Ontario when a property is located on Septic, it's often required by the lender to get a water sample for testing. Your Realtor or Mortgage Agent should have experience with this and be able to provide context.