Your big box banks have very limited programs for you to choose from and bad rates and surprise points.

Also, improves your position in pricing should rent prices turn bearish unexpectedly during your vacancy time so you can be flexible in pricing in negative economic environments.Con's are more on the side of the whole concept of using the long term locked-in period with the bank essentially utilize inflation to 'short the dollar', as well as the more rapid diminishment of the mortgage interest paid tax advantage.All in all it is safer in a lot of respects to get to that property free and clear, but the major downside is missing out on the additional value that is derived from the power and monetary benefits that come from having a healthy expose to mortgage and other forms of financial leverage.

Sometimes these things can surprise you!

What a surprise.

Anyway;  I'm very surprised that leads that listed, expired, re put on FSBO aren't that motivated. 

I am surprised it only took you a year and a half to buy something if you are underwriting all properties with a 50% contingency.

Ask for details on those projects including time-line and how unexpected issues/challenges were resolved. 

Housing prices in two of our larger cities (Vancouver and Toronto) are also crazy high (eg $1M to buy a starter home)...actually in Vancouver proper at the moment the cheapest home (single family, not strata) is $1.2M...surprisingly (to me) in Toronto the cheapest home on the market is $650K (ignoring some listed for $1 as clearly there is a catch).Our mortgages work differently than in the US, and what we get for rates are only locked in for 1-5 years (typically) and then we have to renew at whatever the current rates are. 

Stay persistent and keep moving forward.And here’s something I’ve learned the hard way: When you're looking at deals, be thorough and cautious with your numbers and always plan for unexpected costs—it'll keep you on the safe side.

You need to maintain a reserve to handle unexpected costs in the first year.How much should you maintain in the reserve?