All Forum Posts by: Nicholas Smith

@Shanice Stewart Hello fellow Londoner and welcome to BP! 🥰

@Tyler Stiller oh wow! Thank you so much for the tip. Also great to see you’re so close to home! We should definitely connect.

Hello fellow Canadian REI'ers!! I'm a complete noob that is very excited to get my feet wet eventually once I have enough saved up for a down payment on my first house hack. The concern I bring to this post today is that people on BP talk about direct mail marketing nonstop and how powerful of an acquisition strategy it is. There's absolutely no deals in my local market on the MLS as I'm sure is the case for many many markets in this current climate, so I'm left with having to obviously search for off market deals. In Canada, what is the best strategy for doing this? I was told by a local investor colleague of mine that we aren't legally able to get lists like our American neighbours are, in this case how do we pursue direct mail? I know I could obviously door knock but any other strategies? Any tips on this or anything involved with finding your first deal that's not $300K CAD would be very very much appreciated!

Yours Truly,

Nick Smith of London Ontario

@Kelly Claiborne

For me it is my 640 credit score and the fact that I just recently finally paid off all of my credit card debt therefor I have never been able to save anything towards a down payment or reserves. I am now on a savings journey to reach my $25K goal before going for my first house hack! London Canada is a very expensive market so $25K might not even be enough but we’ll see what I can find! :)

Hello fellow BP members!

This will be a 2 part question so feel free to leave a comment and provide any opinion you feel is relevant to my scenario!

I am looking to purchase a house hack for my first deal and am very excited to do so! I’m currently in the stage of saving my first $25K of liquidity to go about making said purchase, but have a few concerns that I’m hoping to have answered. I just started a new job this February as a truck driver and have been working insane hours on the night shift since and have been paying off all of my high interest debt before starting to save my $25K goal so that I can get my credit score to where it needs to be. But, during this time I have been going through a course to obtain my Mortgage Broker certification as I am excited to pursue a career as a mortgage broker. With that being said I feel once I get going and start obtaining clients, I have the potential to make a great deal more in income to really kickstart my savings toward my $25K goal in order to get into my first deal. So my main question is, is the 2 years at the same employer rule a set in stone requirement to obtain your first mortgage? I’m torn between thinking I have to stay at this high stress/low paying job for 2 years just to meet that requirement or pursuing my career in brokering mortgages to kickstart and really ramp up my capital savings to obtain my house hack that much faster. Do some lenders budge on this requirement at all?

My 2nd question is, will working a 100% commission job such as this affect me getting future mortgages for more deals moving forward? I’m assuming if you’re making a decent enough income there shouldn’t really be an issue but my main thought is the fact that you’re less guaranteed a consistent paycheque due to it not being wage paying work may affect your level of risk to the lender? I’m not sure but let me know your thoughts in the comments if you have any tips!

Please tag any mortgage brokers you know that may be able to help me out!

Cheers!

@Andy Nathan

I haven’t been able to purchase my first investment property yet but I’m currently paying off some debt first. So I’d say my small win was just paying off my visa entirely yesterday which will get me that much closer to my goals!

@Varun Talluri

The struggle is real for us Canadians! It’s almost as hard to invest here as it is in LA 😩 Persistence will lead us to victory though good sir! Let me know if anyone comments any valuable info.

Cheers

Nick Smith

@Varun Talluri

I’ve been wondering this as well and the answer would benefit me greatly, hoping someone replies with some solid info for Canadian aspiring investors such as myself!

@Melanie Dupuis

I don’t work for BP unfortunately but you can easily delete it yourself! You have to be careful trying to find/offer deals in the forums because they really don’t like that and may delete your account on you so be careful.

Cheers

@Melanie Dupuis

You typically don’t want to ask for/try and find deals in the forums Melanie! I would suggest using the BP marketplace for that as that is what the marketplace was created for! Best of luck to you,

Cheers!