All Forum Posts by: Leo Merchant

Thanks for your response Roy. My parents wouldn't mind cosigning and I see that you are a broker yourself, is there anyway i can get in touch with you?

I’m a bit slumped as my dream of purchasing a property before graduating university has been shot down. I want to take advantage of the first time home buyers program where a first time home buyer can purchase a property for 5% down. I’ve talked to a real estate agent and he said it’s impossible to purchase a property while you are in school as you still have the student status and cannot take advantage of that. I have saved up some money for down payment and would like some advice/ and opinions on that and how if you did ours gave a property while studying. My goal is to buy a rental in the Windsor or London region. Thanks

@Roy N.

Another Roy what are the chances!

Thanks for your reply. I am assuming the 10% down for triplex or quadriplex is for the 500k not up to a million right?

Thanks for your reply Roy. I definetly meet the credit requirement, but in terms of my monthly 32% debt to income ratio I need to reevaluate my number.

I am a 20 year old with big dreams, and have a few questions. In Canada and we have a first time homebuyers program from the government, where if you are a first time home buyer you can put down 5% on a property up to 500k, 10% from 500-1 million and 20%

Million onwards. Ie: I can buy a 750k property for

50k essentially. Math breakdown: first 500k is 5% down so 25k and next 250k between (500k and 1million) is 25k.

My question is what sort of property qualifies as a first time home buyers property? Would a triplex, duplex, or a multiplex be considered?. I will be planning to house hack, live in one of the units.

Another question I have is how much down payment would I need to purchase a commercial Multifamily?

In Canada I’ve here’s its anywhere from 15-30%. The down payment with a experienced property manager and a building producing good cash flow.

Thanks,

Merchant.

@Erin Wicomb Congratulations Erin on this awesome purchase. I also love how you explained why the deals was such a great deal in detail. Now onto bigger targets I suppose? Maybe a 16 unit or even bigger?. Again well done and have a productive rest of your week.

~ Leo

@Mehdi Motevalibashi Awesome would love to get together some time and meet with you.

@Joseph Firmin Thank you Joseph for your kind words. I will start to be active on bigger pockets forum and keep on educating myself.

Hi members of the biggerpockets family,

I am writing this introduction post to tell you a little about myself and hopefully learn a bit about you also. My name is Leo Merchant, I’m a hungry 19 year old from a small part of Ontario Canada called Brampton. I currently study engineering at a University in Toronto and had had a wake up call recently. I did not want to settle for the typical lifestyle that was layed out for me, instead I wanted to achieve financial freedom and to be my own boss, hence why I am choosing the real estate investing route. I am hungry to learn as much as I can and have already started taking action on this journey to achieve financial freedom and to get out of the rat race. I would love to meet and connect with like minded individuals who are on the similar journey or have achieved it and would like to banter about sports, dogs and our beloved Toronto Raptors. If anyone is near the Greater Toronto Area, feel free to comment your email below and we can arrange a meet up at a convenient time. I would like to offer my time to a wholesaler or a business that does a lot of negotiation for the next couple of months on a project/projects that are based in the Greater Toronto Area. I will come and work couple days a week and would like to learn the process and art of wholesaling a property/properties. I would like to improve my negotiation skills and cold calling abilities, in exchange for my time. I may not be the smartest person in the room, and may not have the skills some of the other real estate investors have, but I will outwork them all to achieve 10 times the target set.