All Forum Posts by: Patti Townsend

Hello everyone,

I am needing some advice as I am new to this!

So I'm trying to get into real estate investing. I own my own property that I currently live in. I went to the bank to see if a can get preapproved to buy and rental property. Going to use HELOC to put a downpayment and Reno's and closing cost. Than the word Collateral mortgage came out. Questioned the bank about it and they said yes we have to use your home as a collateral mortgage in order to use the line of credit. I can go conventional but I am not able to use the line of credit if I do so. So my question is. Is it a good idea to try to brrrr using a collateral mortgage!? Has anyone does this before doing a brrrr? I'm also due for a renewal.

Thanks!

Hello everyone,

I am needing some advice as I am new to this!

So I'm trying to get into real estate investing. I own my own property that I currently live in. I went to the bank to see if a can get preapproved to buy and rental property. Going to use HELOC to put a downpayment and Reno's and closing cost. Than the word Collateral mortgage came out. Questioned the bank about it and they said yes we have to use your home as a collateral mortgage in order to use the line of credit. I can go conventional but I am not able to use the line of credit if I do so. So my question is. Is it a good idea to try to brrrr using a collateral mortgage!? Has anyone does this before doing a brrrr? I'm also due for a renewal.

Thanks!

Hello everyone,

Oh dear so many questions running through my mind!

Just got approved to buy my first rental property! I currently own my own home, and I am taking out the equity from my house and im using it for a rental property. I am curious to know if renting out my own property ( the one i currently live in) is the best thing to do ( i live in a SFH that could be rented out to a family) or if i should buy a rental property? I have heard that moving out would be best so that i dont have 2 mortgages plus interest, but than i also heard that in this market buying a home for more money than your own is not the best idea. Your thoughts?

Also has anyone done a few BRRRR using RBC?

Heard they put collateral charge on standard mortgages?

Thanks

Hello everyone,

I am looking to buy my first investment property into the new year! I want to invest in windsor ont. If anyone has any information on the market, which area/community is best to buy in, any links to contractors, house inspectors, real estate agents, all these would be helpful. I am definitely doing my own research, but your help would be much appreciated as well.

Thanks

Patti