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All Forum Posts by: Khurram Mirza

Khurram Mirza has started 13 posts and replied 28 times.

Post: Virtual Meet-up for Ottawa, ON Investors

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

@Roisin Lennon

Hi, working on finding fixer-upper deals in Ottawa and currently building a framework to make money on those deals

Post: Looking for a mentor US/Canada

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

My wife and I moved to Ottawa in 2015 from Herndon, Virginia and are planning to invest in rental properties. We would like to connect with partners, investors, lenders, brokers, contractors and real estate agents in Ottawa and across US/Canada. Specifically looking for mentors to help us achieve our goals. 

Post: Refinance primary home to invest

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

@Rob De robinscouser I am in Canada. I get what you are advising. I am only using my primary residence equity to finance my rental down payment.

Post: Refinance primary home to invest

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

@Joe Hermanson, wouldn't interest in mortgage payment be tax deductible if used for investing ? that would make it a non-factor wouldn't it ?

Thanks

Post: Refinance primary home to invest

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

@Joe Hermanson Current refinance rates are 2.82% vs HELOC rates are 4.45%. I have 99% equity in my primary residence.

Post: Refinance primary home to invest

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

Hi guys, wanted to know some thoughts on raising cash for a down payment for a rental by refinancing my primary residence. This is a strategy that is not discussed often compared to using HELOC. Is it because of tax treatment ? or leveraging issue ?

Post: Ontario Canada Stress Test and borrowing strength

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

Hi guys, it seems like since the "Stress Test" was implemented checking for "borrowing strength" by mortgage advisers depends solely on income/salary regardless of cash in hand. Seeing this I do notice young people in Ontario with multiple rentals. Are there any creative ways to be able to get mortgage approval for additional property over time ?

Thanks,

Khurram 

Post: Analysis considering tax on rental income and HELOC financing

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

hi guys, for the investors in Canada I noticed that the rental calculators do not consider 1) tax on rental income and 2) financing costs for HELOC (Home Equity Line of Credit) even if they are tax deductible ? Anyone have experience on how these should be considered during the analysis phase ?

Thanks,

Post: Investing with family

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

Hi guys, 

If one wants to invest with family to access a larger pool of cash to buy a rental property are there any templates on how the income and equity should be divided based on the % cash invested ? 

Thanks,

Post: Ontario Canada Stress Test and borrowing strength

Khurram MirzaPosted
  • Investor
  • Ottawa Ontario, Canada
  • Posts 28
  • Votes 3

Hi guys, it seems like since the "Stress Test" was implemented checking for "borrowing strength" by mortgage advisers depends solely on income/salary regardless of cash in hand.  Seeing this I do notice young people in Ontario with multiple rentals. Are there any creative ways to be able to get mortgage approval for additional property over time ?

Thanks,

Khurram