All Forum Posts by: Marc Therriault

Hey Daniel I do things a little differently. I get a mortgage line of credit , it's essentially the same as refinancing. I get 80% or the houses aprased value. But the advantage is that if I don't use it right away I don't pay interest in the available funds. And this also allows you to do an interest only loan if you chose too, I think hands down that for a property investor a mortgage line of credit is the best thing going. With the mortgage line of credit you can also shuffle. Money from your rentals income and apply it to your homes mortgages loc , home interest is not tax deductible but apparment interest is. So you can have maxed out loc on your rentals and little to no mortgage on your personal home

Were can I find a wholesaling contract. I'd like to look at one. But let me tell you if I could find a house around here for even 70% of its current value I'd just buy it. But if I can secure a house (contract) for 2-3 months i would be interested in finding a buyer just like a realtor but without paying remax and the brokerage, that's 100% of the (commission)/buyer willing to pay x amount more than contract amount. . Our housing market is really hot, most houses sell quick

So it's like you find someone interested in selling @100000. He signs a contract with you that if you find a buyer within 60 days ok with selling you the house for 100k. You then go find a buyier at 105k. And then buy his house and the buyer buy the house from you?

Well David I've never seen or heard of a wholesaler locally , I do know alot of people who are real estate investors. I own 5 propertys myself ,Not really a stupid question to me. I think it might be a USA thing

Wtf is wholesaling?? I think you find someone looking to sell there house then sell it for commission??? That's a real estate agent in Canada. I don't even think you can legally do that in Canada. Not sure

That our situation here too I bought two houses for rentals but got them under value because of being creative. Now I've been looking for more but prices are rediculess. So right now all my property's generate about 48k a year passive income so my plan is to save up about 60k and buy houses at 200k with 60k down to make them a better safer investment. It's that or nothing out here and although house out here are profitable at 200k we in Canada have a floating rate 2.5% but it can go up or down, so if it goes up to 5 % 200 k dept is going to be ugly. And a higher interest rate might affect house prices so I don't want to be in a bad position so if it takes saving up 60k that's what I'll do. Bottom line maybe you should save up more money or make sure you can carry it during rough times.

Hey Bryan I totally agree with you on the appreciation scenario you must consider this although its not consistently 2% every year it may go up or down history shows it will always give you 2% ish / year So I look at it this way if I had bought a house 30 years ago I would have payed 50 k for it. Now 30 years later its worth 200k. Big deal if I ow even half of the original amount (25k) if would be much better off not putting a bunch of money to try to pay off me loan. I'd be better off using all that money to buy more houses and maybe have 4 houses with a dept of 25k each worth 200 k each, To me using all or most of a property's profit to pay off a loan is not financially wise Im better of using the extra cash flow to buy more money making property's

Well Tom I don't agree with you there. If I lock in for five years and pay the extra 1.5% odds are pretty good in going to lose money , if interest rates gradually incresed from 3% to 6% I would have payed out the same amount as locking in and paying the 1.5% premium, then after five years what do I do lock in again? Interest rates in Canada are not going to increase much for a long time I can almost Garranty you that, what will change is the lending laws. They will and are making harder for people to get mortgages and making it harder for people to pull equity from there existing homes.

I'm paying 2.5 on standard bank loan and 2.8% on my mortgage line of credits. Are rates are not locked in for the length of term. They are floating. I can't remember exactly but I pay I think 1% less than banks normal lending rate. If we want to lock in they charge us a premium but not sure if you can lock in a set rate for the entire 25 year term

Hey Rob. Again with a shorter term you get a lower interest rate?? What gives ?? how much % do you pay for 15 compared to 30. ?? Is that a floating rate ?? Or flat out locked in till end of term.?? I've never heard of that. My terms are all 25 years that's the maximum here in Canada . But or interest rate is very low compared to the USA the only thing that raises our rates are if you don't float with prime lending rate, if you lock in your rate for five years you pay extra. But it's a bad deal in my opinion. But that's a whole new topic