All Forum Posts by: Roman Stefaniw

@Roy N. Hey fantastic info. I find it odd that this isn't a more standardized practice. It's your money after all.. Do you know if there is a service, monthly or annual fee for opening one of these accounts? 

@Chad U. Correct, Olympia Trust is one of three places mentioned to set up a trust. Thanks for the advice. It might be a smart idea to contact some private lenders! 

@Brian Eastman Yes. This is a self directed RRSP or TFSA account that allows you to lend your money out to people with the backing of their mortgage for a high interest rate. 1st, 2nd, 3rd mortgages, down payments, refinances, flipping or renovation money. The borrower gets the benefit of having access to capital fast and the lender gets the benefit of charging a higher interest rate and not having to pay taxes on the profit. All interest rates and payment plans are custom made to work for both parties therefor creating a win win scenario.

As far as partnering with the banks goes. I fairly positive that wont work, i have read that contacting mortgage brokers is the best way to go if you can find one. Which i've started to message some with out any luck so far.  

Hello everyone. I'm interested in lending money out using a self directed RRSP or TFSA account (I'm Canadian). They are called Arms length mortgages in Canada. I was wondering if anyone has done this before and can offer any advice on how to get started. I've read that a good way to get started is to contact some Mortgage brokers who like to partner with people using this strategy. If anyone has any experience on either end of a transaction like this i would be interested in hearing from you. Thank you. :)

@Justin Windham Okay cool. I will do that thank you. 

Hello everyone. I'm interested in lending money out using a self directed RRSP or TFSA account (I'm Canadian). They are called Arms length mortgages in Canada. I was wondering if anyone has done this before and can offer any advice on how to get started. I've read that a good way to get started is to contact some Mortgage brokers who like to partner with people using this strategy. If anyone has any experience on either end of a transaction like this i would be interested in hearing from you. Thank you. :)  

Hey everyone! Ive been attending some real estate meet ups over the last few months and have met a couple that specialize in the Rent to Own strategy and they seem to be doing well with it. A lot of people have been asking them about how to do rent to own properly so they decided to create a 3 day course for people for 1500$ They will help us structure our first 3 properties and give us all the knowledge that they have accumulated over the years.

 Do you guys think its a good idea to pay for a real estate course? Or should I just search the internet and do it that way. 

Biggerpockets doesn't seem to like people paying for courses very much so I'm wondering if you guys think it would be a good idea. Thank you! 

@Peter M. Thanks for the advice :) Not a bad idea to save up a bunch of money and purchase then refinance. Never thought of it that way. Might be smart to do a 2 for 1 type of deal if paying in full with cash. Pay in full-Refi and purchase a 2nd property. Personally though i don't want 40 or more properties. I like the idea of having less properties that make you the same amount of money. I don't know, maybe I'm wrong. 

@Dennis M. I don't know where you live, but Canada is F**king expensive. 

@Alexander Felice 

Assume I want to create 4000$ per month in passive income. Assume each one of my properties brings in 100-200 cashflow. Lets be conservative and say more yield 200 per month so i need 30 properties to achieve this goal. Assume the average property i purchase is 100 000$ mark. I need 20% down for each of these properties plus $ for lawyer fees and hidden say an extra 5000 for that. So lets say i need 25000 minimum o purchase each one of my 30 properties. Some more/some less. 25 000x30=750 000 i need to acquire to purchase rental properties. I can obtain it through a mixture of rehabs/refinances/private lending/my day job etc. Then you will still need to hire someone to manage 30 rentals or do it yourself.                                                    

Right now if Didn't have a mortgage on my first property I bought for 100 000$ I would be making 1000$ a month passive income. No mortgage/no vacancy fee + my 100 cashflow. If I worked hard, saved and lived frugally for the years to come I could purchase 5 or 6 more rental properties 500 000 - 600 000 dollars needed. Save money, invest properly do some flips/refi's + snowball effect from previous rentals. It would probably take the same amount of time as flipping refiing etc 30 rentals to achieve my goal and wouldn't be as much of a headache. Not saying either way is wrong, just my thoughts.