All Forum Posts by: Julie Toh

@Roger Peng Your current mortgage lender can provide you this info. Some lenders only allow 30-120 days for you to finishing porting. 

@Chris Barrett Welcome to BP! I live, work, play in Vancouver. I see opportunities every where I turn, whether it's in my own backyard or further afield; it depends on your long term investment objectives.

Vancouver Island seems to have more small multi-unit properties such as a four-plex than Vancouver, have you also looked for these in the Interior?

@Noah Audette Welcome to B.C and also to Biggerpockets.com 

When I was building a team of realtor(s) that can help me expand my real estate portfolio and later as a mortgage broker, realtors to assist my clients, I realized very quickly after reaching out to many realtors who is a good fit. Some realtors are transactional, others are education focused, patient...the realtors on my team are more than service providers, they are partners and have become friends. 

All the best on building a 5 star team that will take you to the next level. Cheers.

@Ally Z. Your profile states that you have 3 rentals (5 units). Do you have a duplex or triplex in the mix? One of the banks consider a duplex and triplex as one unit - this lender is an option for you. Their rental calculation is not the best in the industry though, that being said, if your income to debt service ratios are in line with their guidelines, you should qualify for more mortgages. 

My advice for my clients doing a Brrrr is to use private lenders when they have to close quickly. After the rehab is completed, refinance on the 'A' side.

Commercial lending is an option for small multi-family properties of 5 units and more. You could also get blanket financing for your 5 rentals on the commercial side and pay off some of the rentals, with some cash leftover for another investment. This is what I've done for my clients who want to expand their portfolio. 

@Account Closed Welcome to BP. What kind of real estate deals have you completed? 

@Johnny Pineyro As a non-resident buying in Canada, you would have to qualify for the non-resident mortgage. @James G.The minimum down payment depends on your citizenship and the lender. 

Has anyone qualified for the No Stress Test Mortgage in Canada? 

I know what the guidelines are and have recently qualified clients for this product. The lender (mainstream) offers this product in Ontario only. Curious to know if anyone in Ontario has heard of this.

@Juan Soto If I read your posts correctly, you currently own three 4 plexes. Suppose you purchase a fourth 4 plex, you can still get this financed on the residential side by a mainstream lender provided the income to debt ratios are in line. I work with one that considers a 4 plex as one unit, not 4 doors. I successfully structured a mortgage for my client with this lender for their fourth 4-plex.  

Should you purchase a 5+ MF, then commercial lending is the way to go. If you want to take out equity on the current 3, then a blanket refinancing would work well. 

@Anthony Sartor Welcome to BP! Like you, I tried to get a mortgage when I was still a U student but was turned down. The bank finally gave me a mortgage after I got a full-time job offer. It's a smart move to buy a duplex, triplex or fourplex and make one unit your principal residence - this way you only need a minimum down payment.  

@Gabriel Isedeh Excellent insights from all the above BPers. @Kim Holley I like Dave Ramsey's advice. The first property i purchased was right in my own backyard - it's now a rental and the other properties are about an hour away. Whether the property is an hour or five hours away, having a reliable team (property management, etc.) is key to long-distance investing.