All Forum Posts by: Tyler Stiller

@Bobby Chhabra

I got a contractor in London. I trust him so much I just give him my keys to keep now.

Even some lenders do upwards of 100% rental add to income (instead of 50%) and don’t include no heat no tax in the calculations. 

Sounds like your mortgage broker just doesn’t work these files often is all. I am in Ontario, and have access to lend in BC as well

He’s probably saying that with A lenders. 

Talk with a broker who is familiar with B lenders, they can use 100% rental offsets which makes your ratios amazing. The only problem with B lenders are there’s a 1% lender fee and up to 1% broker fee. But it allows you to grow. 

Rates aren’t terrible, and you can in some cases get up to 35 year amortization, which helps the debt servicing ratios 

If you want some help feel free to PM me. I can get you in with a B lender in no time. 

@Steve Marion

Hi Steve. I’m also in Ontario, based out of London and invest in London. I’m also a mortgage agent with dominion lending, and get involved in quite a few creative financing situations.

Interesting spot you are in, for rentals, standard financing everyone would want 20% down payment.

But there are some private guys who could get you down to 10% down payment, but most private lenders still want to see some equity in the deal, so they are protected. Your first property on a flip, you may want to consider taking on a partner. Where they bring the money in.

There are a lot of options to get in the financing. Feel free to PM me if you want to chat some more about it.

@Nicholas Smith

Hi nick. One way I’ve looked at doing this is going direct to Canada post. They’ve got a way to print and mail all in one step and it’s pretty cheap.

I live here in London, and last year I picked up two properties. One was on the MLS I feel like I got an amazing deal and was able to scoop it up with no other offers on the table

@Colson Boyle

Hi Colton, almost everyone pulls 80% equity out of their real estate, to then go buy the next house. I’ve only come across one guy who doesn’t do this.

There are some lenders that allow you to use equity from one house as a down payment instead of doing an equity take out. But it gets expensive quick.

One thing you should consider is getting a collateral charge mortgage, where there is an increase in your borrowing as you pay down your debt. It would then save you on some legal fees and make things a little simpler to grow.

Let me know if I can help you at all

@Reuben Price

Hi Reuben, those cities are definitely booming.

Where are you from?

I think now is a great time to buy. I don't see that there is a going to be a crash, it could slow down. But it sure seems like there is way more demand than there is supply, for the last few years.

I am working with some first time investors and first time home buyers now. They all say, I wish I bought a couple of years ago. The appreciation is huge. My last purchase was a buy and hold, yes it cash flows. But with the apprecation we are seeing, that is what I am holding on for. 

Triumph: reaching my goals of 2020 of acquiring 2 new properties. including a BRRRR and a duplex (converting to triplex)

Biggest Mistake: Buying a place that was on the MLS as a student rental! lenders don't like that, ended up having to put 35% down, which is now killing all my momentum going forward.

@Chris A., who sold you that!!! as a mortgage broker/agent we make a ton more if we sell a 10 year mortgage. Shows you how the banks want us to sell their mortgages and where they make money 

Hi Ursula. I have done this.  Let’s connect on the phone. DM me. 

As a summary. I had all Airbnb income go to my corporation (no LLC in Canada). I did this for a couple reasons including minimize tax risk. If the CRA determined if The property was a change of use