All Forum Posts by: Ming Lim

@Robin Valadares - Make sure you have your lender / broker at the table for these incorporation discussions. My lender and accountant both recommended recently, that due to lending rules tightening, that I don't incorporate as it would make getting lending options a lot more difficult. MY accountant said, while there are still benefits of incorporation, he's not in the business of blocking business deals. My broker mentioned that it would cut the number of lenders I have access to in half. So, based on their advise, the only incorporation that I'll be creating will be an operating corp for my flips / home sales. 

@Marco Calabria - There are lenders who are servicing up to 6 plex in Toronto on DCR based mortgages as residential (loans under $1.5MM). I know that both Manulife and Desjardins have these products, but you need to go through certain brokerages for these specialized products. One of my good friends just closed on a 6-plex with Desjardins, with this product. The LTV will be slightly lower, 75% I believe and the rate is slightly high than what you'd get on most residential products, but it's still worthwhile if your numbers work.

@Account Closed - Sounds good! I love chatting about Real Estate!

@Kenneth Noronha - I don't know of anything in Mississauga itself. Mr. Hamilton holds a great session in Oakville (you'd expect Hamilton, right?) once a month. @Gary McGowan runs a meetup north of the city in Newmarket. I help to run a meetup downtown. Those three would probably be your best bet to meet other local investors!

The biggest impact won't be from immigration, but from policy. It's not clear yet, what Trumps policies will mean for Canadian real estate, and that uncertainty can drive markets down. I think once we understand if he will act on some of the things he's mentioned (cancelling NAFTA, etc.) then we'll better know what the impact will be to the Canadian market.

That said, all real estate is local and while there will be impacts from US policy, I'd be focused on local economic factors more than what's happening south of the border.

@Mitchell P.  @Kenneth Noronha

FHA is a US entity - Canadian high ratio mortgages are insured by CMHC (and others). Buying a home in Canada is quite different from the US and while our friends from the US might have the best of intentions in helping out, down payment requirements, mortgage qualification rules, tenant laws, are all different here.

There is a podcast which is run by an agent who specializes in Canada. He goes by the moniker Mr. Hamilton - very original. lol. It's still a great listen to get yourself educated on Canadian investing and in particular, your area.

Cheers,

Ming 

@Account Closed - Awesome - I love reading about Canadian success stories! While it might be a small success for you, you're miles ahead of other people. My focus has been on BRRR in the Toronto area, let me know if you have any questions and I'd be more than happy to help!

Cheers,

Ming

@Kevin Ducharme - Welcome to BP! Great to see more and more Canadian on the site. Having your father as a contractor is an amazing leg up you'll have on other investors. I'd try and leverage that as much as possible!

I'm an investor in Toronto doing BRRR deals, though I started in Waterloo doing student rentals.

@Tyler Parish - Welcome to BP! There are a bunch of folks here who invest in Durham. It's a great place to do BRRR and there are many successful investors who have executed that strategy there. Drop by the Canadian forum and say hi!

Cheers,

Ming

@Spiro Klonizakis - Welcome! Great to see someone who is young and motivated - a Torontonian as well too!

I'm always down to meet up for a coffee and chat about real estate. I bought my first house 15 years ago right out of university and people thought I was crazy to invest in real estate instead of .com's. I'm sure I could have made money in the market, but invest in what you know!

Your goal is completely attainable, so don't let anyone discourage you. Just make sure you are diligent in your investing. The biggest mistake I made, was to lose focus though my 20s. I'd be retired already if I didn't spend so much time and money having fun. :)

Cheers,

Ming