All Forum Posts by: Scott Isbister

@Huong Luu  and @Roy Cleeves

Thank you for your responses

For investors in Canada that do BRRRR, does your bank require seasoning of rent (min. 6-12 months) prior to refinance?

Please give name of financial institution, details and the % will refinance up to based on appraisal for both SFR and Multi-residential properties.

I would also add the lender could also have you establish and sign in to "MY ACCOUNT" with the CRA to print off requested tax information present or past

If you carefully read the consent form before you sign it, it gives the lender the right to collect and get financial info from 3rd parties.  Some lenders will have borrower sign consent to get info from CRA, however the CRA will not share.  It is not unreasonable for a lender to request from you T1 generals, T4's, rental schedules from T1 and NOA's including evidence tax position is current.  They also could request a letter from your employer to verify employment and income and prospects of continued employment.  If they are not satisfied with could call employer.    How they choose to use the income verification in qualifying will vary from lender to lender depending on their company's policies.  The exception is for CMHC mortgages which have their own specific policies which lenders need to comply to for default insurance on the mortgage.

@jonathan leicht Yes they have Jonathan for SFR, however Attached dwellings (duplexs/rowhouses) have been delayed.

@Jacob Sampson  Thank you for the information!

Recommend adding value by helping someone that is already a professional in the business.  This way they will want to help you out and teach you.  Eg. offer to insist them: in marketing, answering phones, rehab, or anything that you are skilled at that might benefit them.   This way they have a vested interest in helping you learn the business.  

@Jacob Sampson

what market(s) can you drive that type of cash flow on a 15 year note in C+ neighborhoods on a SFR?

Be careful on the extent of renovations on a condo. You will not get appreciation like a SFR. Perhaps as discussed air bnb but watch your condo bylaws probably prohibit short term rentals and you might get busted.

Househack an option, rent out one room.

i believe unless you bought your condo on a distressed sale it might have just held its value or slightly decreased in value due to market conditions.

There are a number of real estate Meet ups monthly in Calgary market advertised on Eventbrite. Was at one last week that included City of Calgary who did a presentation on legalizing illegal suites and accessory suites in general