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All Forum Posts by: Jarred L.

Jarred L. has started 3 posts and replied 6 times.

Post: Help needed on career...

Jarred L.Posted
  • Posts 6
  • Votes 1

Hi Guys, Need some help.

I own a condo and a triplex (both put down 20 percent in December 2021)

They are both on variable interest (which was a terrible move looking back now as both monthly payments have gone up by at least $1000.

I work in real estate as a project manager for renovations on apartment units.

How do i make real estate investing (on my own) or another career path in real estate an option as i want to work for myself.

I am from canada and would love to learn more on analyzing properties, tax strategies etc.

thanks

Post: Confused on what to do (variable interest rate)

Jarred L.Posted
  • Posts 6
  • Votes 1

still looking for help on what to do.

Post: Confused on what to do (variable interest rate)

Jarred L.Posted
  • Posts 6
  • Votes 1

@Kevin Sobilo its a 30 year variable mortgage (where the prices change every month). i purchased it for 690k canadian. it should be worth more now maybe get evaluated at 800k if i had to guess.

Post: Confused on what to do (variable interest rate)

Jarred L.Posted
  • Posts 6
  • Votes 1

hey guys! need some advice.

I have owned a triplex for about 2 years now. I got in when interest rates were great but i took variable and unfortunately the rates have gone up and my monthly payments have gone up almost 1400$ from 2 years ago. the plan was to refinance which is why i took variable but i never did as i was not sure what to do. right now the 3 units bring in a total of $3900 but the mortgage payments, insurance and taxes alone add up to about 4.1k.

one of the units is a 1 bedroom where the man who has been living there for 28 years is only paying 580$.

my main question is what do i do? do i refinance? do i lock in a rate soon? my goal is to try and somehow make real estate investing a full time job. any advice is appreicated.

thanks

Post: Confused Beginner real estate investor

Jarred L.Posted
  • Posts 6
  • Votes 1

hey guys, just saw all the replies. unfortunately i did not refinance or do anything and im on a variable rate so my monthly payments have gone up almost 1400$. what do i do now with rates so high? my monthly income barely breaks even with taxes mortgage etc..any advice is appreciated. thanks

Post: Confused Beginner real estate investor

Jarred L.Posted
  • Posts 6
  • Votes 1

Hey guys! First post here- from canada

Im just a bit confused on where to go now with my real estate investing journey. I own a triplex and a condo in pre development. I can refinance my triplex right now and take out 50k cash but i feel like thats not enough. The upstairs tenants are paying super low rents in a 1 bedroom and 1 tenant is leaving in 3 months. The other tenant is an older guy whos been there 28 years and said he would never leave. Im on a variable rate as i knew i would want to refinance eventually.

do i:

1) take the 50k refinance and go to a fixed rate

2)renovate the unit thats leaving and offer to pay the guy to leave and renovate both (maybe try and convert to a 2 bedroom)

3) do nothing and just keep renting it out

My goal is to make this full time and not just hold on to a few properties for when i get older.

thanks!