All Forum Posts by: Nicolas Mitchell

@Whitney Hutten although wouldn’t the bank frown upon using a line of credit for the down payment? I was under the impression of keeping the fact of using a loc for a down payment on the down low. But that is good information in that the loc can potentially be paid off from the refi!

Hey guys. I am a new investor, and i received some advice to go on the "credit tour" which is essentially applying for a line of credit at multiple banks and seeing what you can get. I went to three banks and am currently approved for over 100k! While i am pumped, im not about to jump in and start spending. I am wondering if anyone has had any experience doing this sort of thing to help jumpstart their investing career. My main focus is brrrr properties, so i am curious as to how using a LOC to use as either a down payment, or for renos (or both) would affect my ability to get approved for the refinanced mortgage after i complete my renos. Any help on this would be greatly appreciated!

Hi there, looking for brrrr friendly banks in the manitoba canada area! Anyone have any suggestions? Thanks in advance!

Does the 70% rule come from the fact that banks will only refinance 70% of the ARV on a property? Just confirming thats where the number comes from! Thanks in advance.

I’m from stonewall, 20 mins north of Winnipeg and am just in the education phase for real estate investing! Glad to see some fellow Canadians on here!

Hi there BP community! This marks my first post on this site! I am excited to learn from everyone here. My question is when doing an analysis on a property, for example the four square method, do i use the initial price of the property? Or ARV? Do i use the down payment number to figure out my ROI on the initial price or ARV? It gets confusing because after refinancing you are pulling out that equity.