All Forum Posts by: Sarah Jane

I’ll definitely do a full inspection on the property and ask for proof of leases. Being self employed and dealing with the banks is the complete opposite of a slam dunk ( air ball) but I’m hoping once the bank sees that the property is cash flowing positive that they’ll be easier to deal with getting a second mortgage on an rental but not sure? Maybe someone will have more info on this 

Hello Everyone it’s a happy day!, just when I was thinking that my offer might have been a low ball one it got accepted 35k under value!. Wanted to get some input from everyone on what I should do with the tenants they’ve been paying one rate for multiple  years with the previous landlord when I take ownership can I automatically raise the rents?. Also after I get things running and get a positive cash flow how long would you guys suggest I wait before going to the banks for another mortgage? Being self employed it’s difficult with the banks but hopefully they look at it different since it’s an investment property 

Anymore input on this from anyone?

Makes sense to me but not sure how the banks look at it 

Hello everyone, 
been looking from afar and wanted to make my first post as I’m ready to make my first step into the investing world!. Wanted to ask for some advice for something I put together and not sure if it could work the way I see it. I sold my property and have about 190k to invest but being self employed it’s tough working with the banks I don’t think I would even approve for something in my area. i can invest in an different city where it’s much easier to find a property that meets the 1% rule. so wanted to ask if I found a property that was under value put some Reno into it, that has cash flow after expenses plus my 20% down payment  would it now give me more buying power (easier)  for a second mortgage as the bank would now see the first mortgage is taken care of from the tenants?