All Forum Posts by: Chris Drouin

Quote from @Eric Best:

Quote from @Chris Drouin:

Hey there fellow Ottawa investor!

just a quick stop in to say hi. I am also a long time listener/watcher who finally got into the game just over a year ago. 
I bought a under performing duplex that needed work. Purchased for $60k under ask, lived in it while I renovated and increased monthly rents from $1650 to $3300. I wish I could refinance but I don’t want to give up my 1.9% rate lol. 

Looks like you are looking to get in at the right time. Rates might be high but I think starting this winter, deals will be much easier to get. Have you been analyzing any deals in the area yet?

Hey Chris, have you evaluated access to that equity on your property through a HELOC without breaking your current spectacular 1.9% mortgage rate?

I'm in that HELOC process right now, it's slow but if that works would be fantastic. I'm in the Ottawa area too, not an investor yet but working on it for next year. Let me know if you want to chat about these topics @Chris Drouin

Welcome @Genevieve Vienneau hope you have success in your journey.

Hey Eric,

yes I have thought about it but haven’t started the process yet. I am waiting for the new tenant to be in for a few months so that I can show the rents coming in as expected to and lender. Second though, is I need to find someone who will lend based on appraised price and not purchase price. So far I have only talked to the major banks I used so I am still searching. 

who are you going through?

luckily my market has remained flat while some of the surrounding areas have plateaued or even seen a decline in median prices. 

Of course. Send away. I ended buying In Casselman. It’s a small but growing community and it’s located half way between Ottawa and Montreal along the 417. I buy for the long term, so it will continue to appreciate as long as others are priced out of Ottawa and the surrounding cities

I totally get it. I found it hard to get certain ppl to tackle jobs. I just tried to do as much as possible myself (flooring, painting, fence, deck) and called in others when absolutely necessary. 
we can’t chat more in messages to maybe help you find something, giving some tips to save on the rehab or me helping out!

Hey there fellow Ottawa investor!

just a quick stop in to say hi. I am also a long time listener/watcher who finally got into the game just over a year ago. 
I bought a under performing duplex that needed work. Purchased for $60k under ask, lived in it while I renovated and increased monthly rents from $1650 to $3300. I wish I could refinance but I don’t want to give up my 1.9% rate lol. 

Looks like you are looking to get in at the right time. Rates might be high but I think starting this winter, deals will be much easier to get. Have you been analyzing any deals in the area yet?

Hi @Paul H.

It’s good to see another military guy in here. I am in the same bit as you but just have my first house hack (duplex) under contract. 

I noticed you also do property management. Hopefully our paths can cross and do some business together. Waiting for the next VAC payout to jump into some more units. 

-Chris

Good Evening Canadians!

I guess i should start off saying that looking into some options for growing money, i found out that you can carry your own mortgage in your RRSP/TFSA and it doesnt have to be an arms length mortgage like previously stated. Now the catch is, it has to be a self-directed RRSP. i have two, 1 with Questrade and 1 with Wealthsimple Trade. Both of them have been great to me, allowed me to sign up online using digital signatures. My preference has been Wealthsimple Trade though as it is no commission trades, and no PDT rules, although there is less features than Questrade. 
So for my fellow Canadians out there, it may be worth considering moving your RRSP/TFSA accounts to them or a similar option to take advantage of the Self directed loop holes.

So now that i have got that out of the way, i am hoping that someone with previous experience or maybe an accountant/lawyer can clarify a couple things:

1. Can i use one of them as a second mortgage and have it cover my down payment and use a conventional lender for the first mortgage? 
(RRSP i think only allow a maximum of $25,000?), and;

2. Can i have more than one mortgage in my RRSP/TFSA accounts?
(I was hoping to use one TFSA for the downpayment on a owner-occupied multi unit and my RRSP for my 20% down on an investment property)

thanks for the help and hope that it brought a new idea to the table for some other investors like it did with me.

Happy lockdown everyone!

-Chris