All Forum Posts by: Scott Hickey

@Robin Brown I don’t see why people feel the need to have a 100 doors if you can get the same off 10 doors.. whatever brings more cash flow. Don’t leverage yourself into no cash flow just for the sake of saying you have another door.

Robert is old news his buffet in the stock game kind of irrelevant at this point. He makes these wild claims and try’s to stay relative to what’s going on but his way out of touch. I find that these older guys are are just “smoke and mirror words” the events of war, economic crash’s and covid are done now there will always be something due to big government needing another agenda but they’re not going to let it happen this soon again. 

@Tyler Stiller is right it works I know several people that have done this especially if both spouses are on a mortgage “you have trouble” one buys one in there name one year another in there name the next.. call it what you wish it’s a loophole that not exploited a lot for using 5% down.. you just have to remember with the debt to income ratio changes it get way harder to get more as your mortgage payments are wayyy higher and using 5% down typically you have to go thru traditional methods but the point is @Tyler Stiller isn’t wrong 

@Joe Splitrock

Hey, yea where I’m located once you’ve been in a lease for a year it automatically goes to month to month. So was just trying to find out if buying it would change the terms of an increase vs owning it and increase it after a lease

Hey guys,

Just wondering what the rules are when it comes to rent increase (I’m in Newfoundland, Canada) I’m looking at buying another rental it comes with tenants that have been there for 5+years there paying below current rent value. Is it common to just put the rates up to what you wish on buying the property. Or does notice have to be given say “6” months to an increase.

Thanks for your help

Hey guys so I I have a duplex for a rental, and I have my own house. I’m wondering if you can buy another duplex for 5% or 10% down “as your own house” without actually living in it. Can you leave it un-rented for a period of tile or anything else to avoid the 20%???

@Jon Reed don’t know if that’s such a good idea unless resealed very often. They tend to stain and absorbs things such as wine and grease extremely quick.

@Huso Akaratovic in this case looks more like your letting emotion take over. If the house is bought and no warranty on the property. That’s it, it is what it is. Tail light warranty! Like anything else you buy a car of someone and it breaks down are you responsible for it? At least not we’re I’m from. Good luck but don’t fold.

Hey we just got our first rental and doing the BRRR method we bought it for 242,000 paid down 20% so mortgage of 193,000. When it's fixed up it should be worth 285,000ish. So in canada is it possible or a good idea to get a HELOC on the rental vs refinancing it in this scenario. Going to be a few months yet till it's all said and done but just looking to find out. Thanks!

From Newfoundland here. Just bought our first one.