All Forum Posts by: Account Closed

@Eric Malone

Zero shot. No guaranteed employment income. Open collection is a no go regardless of position.

@Sheldon Peart

Next time go variable. Historically it has won out over fixed. Occasionally, lenders can be convinced to cover the fee when you’re switching from on to another. Although it is MUCH easier to convince them when it’s 3 months interest (variable) penalty.

@Jordan Perry

Yes, both brokers I used were able to place mortgages at A lenders. Last round I was told I had too many, no longer any hope, and I would have better chance of an exception being made locally with a direct relationship at the branch.

@Jordan Perry

Yes sir I have. Although being well above 5 total I had to go direct to branch last spring to get an A lender. Was worth it though!

@Jordan Perry

This particular broker couldn’t organize an alphabet, so handling an investment mortgage was a bit of a stretch. When I sent all required docs he wasn’t confident he needed much of anything other than a T4 and ID.. so, his skills were lacking. And if I had to babysit the guy, I can’t even imagine what the lawyer dealt with.

@Supada L.

$100 is not cashflow. Any company that tells you otherwise is either clueless/ inexperienced or lying to you.

@Katie Greenman

The limiting belief here is that you cannot do both.

@Jordan Perry

Early on, the first one I think, my lawyer told me “if you use that mortgage broker again you’ll need to use another lawyer” .. Investment mortgages are a different bag. And not everyone is as detail oriented as they need to be to complete these tasks without basically causing unnecessary frustrations.

@Ernesto Miguel Credito

I do suited single family with detached garages. Permitted only. No non-conforming or illegal units (there’s an important difference between these too).

It is against local bylaws to rent a garage to anyone who does nor reside at the property. A lot of folks do it, but it is not allowed. I rent them to tenants separate from the residential lease. This allows it to operate outside the RTA. Meaning you can write terms to your liking.

If you lived in the basement, rent out your second bedroom, and rent the upstairs and garage, you should absolutely still be able to be cashflow positive at 5% down. Especially at correct interest rates. You won’t be massively positive but should be positive.

@Ernesto Miguel Credito

I own several in Saskatoon. And I own a couple where the basement covers all expenses. Yes, all. Even capex. That’s the high bar. Basement covers everything, main floor is cashflow, garage rented separately is gravy. So it is a absolutely doable. Much more common is main floor covers expenses, basement is cashflow, garage is gravy. And quite easily achievable is main floor and garage cover expenses and basement is gravy. Buy right, don’t over pay, and run numbers at 3.5% interest rate as a buffer. All of the above examples are 20% down.