You will need a licensed GC to be approved by the lender (with references, previous projects, etc) before closing, but if you can coordinate the extra effort it’s a great way to flip a house without using your own capital.

I was in the exact same boat about 1.5 years ago Justin.The properties that I buy are Very inexpensive, so this strategy wouldn’t be as effective on properties sat over 100k...Basically, my first 2 deals were home runs, meaning after the renovations we more than doubled our inItIal Imveatment.Purcjase prIce on house 1 was 24k, +6k In remIbatIons whIch I funded wIth cash. we refIed that one for 70k whIch resulted In mt InItIal onbeatment comong back plus an extra 30k or so.

@Dustin Ruff I convert SFR properties to MFR properties giving owners an option of bringing extra income to offset their costs. 

Property Transfer Tax - We have transfer taxes when you buy a property based on the fair market value of your home (based on the following scale):  1% on the first $200,000,2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,3% on the portion of the fair market value greater than $2,000,000, andIf the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).Additional Property Transfer Tax on Foreign NationalsAdditionally if you are a foreign national: another 15% tax of the fair market value of your homeSpeculation and Vacancy Tax - if you own a home that is not your primary residence and is not rented out for at least 6 months of the year you pay an extra tax 2 per cent for foreign nationals and satellite families who do not pay income tax in Canada;1% on the first $200,000,2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,3% on the portion of the fair market value greater than $2,000,000, andIf the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000 (effective February 21, 2018).1 per cent for Canadian citizens and permanent residents who are not resident in B.C. for income tax purposes (and not members of a satellite family); and 0.5 per cent for British Columbia residents who are Canadian citizens or permanent residents (and not members of a satellite family).

I restate all of the critical information that I know they will be asking about (even though I put all of that same information in my ad) as well as include my rental criteria. 

Don't go after a D-class property no matter what.

You will still have to come up with the full down payment, but the combination of the original DP added to the monthly payments should reduce the balance due at the time of the balloon payment to the point where 20% of that should be even less than the balance of a DP if you could get credit for the original payment the way you wanted.

Maybe it added a couple new jobs for inspectors and a paper pusher.

Does anyone install reconditioned appliances or just spend the extra money and put in new ones.

Hello, newbie here but am interested in contract assigning to make some extra cash.