All Forum Posts by: Roy Cleeves

Hi Dexter

I have used virtual and local assistants for my Real Estate Business.  There are advantages each way.

Regardless of which you choose, it is a good way to go!

Good luck and feel free to connect with a colleague request if you want to chat more.

Congratulations on getting set up for your next investment. 

Would you consider another province such as Nova Scotia?

There you could find something that will be in your price range. 

I recommend you get property management and NOT ever introduce yourself as the owner.  Once they know you then they think they can delay rent payment if needed because they know you, etc.  Property management is worth it.

And Stevo - please send me the link for Redit for the Community you are building.

Best wishes Guys!

Congratulations on your upcoming Brrr

I am finding the same thing in Nova Scotia

Best wishes

In Canada the commercial loan is callable at Any Time.  Yet - they don’t want to call the loan as long as you are showing them that you can pay it and that your portfolio is still a good risk for the bank. 

They do set up the loan with a renewal date the same as residential mortgages.  

@Jason Rego

Hi Jason:  I ran into this same situation except that I was still working yet my income would not support any more residential rental mortgages.  I had to step up to Multifamily and commercial financing.  Now the bank will approve my purchases based upon cash flow of 1.2 Debt coverage ratio on a property and my networth being at least 25% or more of the purchase price of the property.  

This is much easier for me to meet.  To qualify for the commercial financing you will need to have 5 or more units in the multifamily purchase or bring your portfolio of your current rentals into the commercial financing as a package.

I hope this helps.

You will find that commercial financing is about 1% more in the rate than residential and that you will also have an annual review of the portfolio by the bank at your expense.  Maybe $500 - $1000 per year.

Best wishes

 My pleasure!!

Kingston is a good market that is raising along with most of Ontario.

Rents are solid.

I don't know of any areas to avoid.

If this is a ranch style is there any chance you can turn it into two units?  Rent out the basement and the top both?