All Forum Posts by: Tyler Stiller

There are ways to do this in Canada. The tools aren't as good as they have in the states. If you know people in the industry we have tools that can pull owners' names.

The old-school way is to pull GIS maps off the city of London, get the roll #'s, then go into the city office and ask them for the owner's name of that Roll #.

Feel free to give me a call, i can show you what i have done. 

Such a great thing to do. Since on this forum and meeting other people I've been starting to buy out of province and learning more and more about how everyone does it. 

If you want to chat about what we are doing feel free to reach out anytime. It is a fun world with tons of opportunity 

Quote from @Jim Root:

Hi All: I am new to this site but not to real estate investing. I currently have one 4 unit and 2 single family rental units in the Windsor Ontario Canada area, ( which borders Detroit Michigan) for those unaware of my location. I am simply interested in purchasing additional properties and specifically multi unit properties and/or branching out into a storage unit facility investment. For starters, is the PRO version here suitable and beneficial for Canadian clients as we know there are different rules in our countries regarding  RE investing. Looking forward to learning more from this group. Thx in advance!

 If you're looking to get into storage units, you really should speak with a commercial mortgage broker. Multi family, mixed use, storage facilities all have different financing. For example, a lot of storage facilities the lenders will only let you do 15 year amortization which can really impact your purchase power 

I had the same problem with my portfolio I was at 3 rentals and wanted to keep going and I was tapped out. I have explored different markets, and now I'm at 8 rental properties, all bought within the last 12 months. It's been really great looking at the other markets. 

In the other markets as well, we can look at commercial lending, where all they care is the debt servicing on the property, and not your own personal income and debts.

If you need guidance on mortgaging feel free to PM me.

Hey it all depends on the lender. Some lenders have actually changed their policies to be more favourable of this. You may be able to get back to net zero for your next purchase. 

Most of my clients own a rental property and do this exactly, I’ll PM you to connect I can help you plan your next mortgage moves. 

Tyler. 

Quote from @Bobby Chhabra:

Hi all, I am looking for a drywalling contractor for my basement renovations in London Ontario. Any recommendations? Thanks in advance.

Hey Bobby, I got a few people. I’ll send you a pm 

Depending on who is doing the mortgage, you can get a tenant acknowledgment form, or a new signed lease OR get a market rent appraisal where an appraisal company will say what the rent should be 

Hey Bobby, got to be careful in London, we have some weird by-laws here about parking in the front and on the lawns.

Quote from @Anthony Therrien-Bernard:

Quote from @Natalie Schanne:

@Lorie Alexandria - are you sure the appraiser will consider parking if you just identify the income coming in from all the units and show the signed leases? In my town the township “requires” off street parking for every tenant on the lease however if you present a lease for $3500 to the appraiser / mortgage company and there are only 3 off street parking spots, at least with me they didn’t say hey, this doesn’t match. They just appraised my house based on comps and I refi’ed it.

 In Canada most lenders (if not all) require that the suite be legal in order for the rent to be considered

 If it is a separate unit entirely and non-conforming aka not legal. We can usually use the rent. 

Quote from @Lorie Alexandria:

If I BRRRR a property with an illegal basement suite will I get screwed on the refinance? I don't think I can make it legal because there is a requirement for multiple parking spaces which would be impossible to do. So I wouldn't be able to count the gross rent from the basement … :/

Hi Lorie, it depends on the lender there are some lenders that can look at different properties. Is there a separate entrance? I’m a mortgage broker and We can usually get away with using rent in non legal units, as long as there is a separate entrance