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22 January 2025 | 5 replies
[I think someone else provided an example of this case earlier]-Now provided you do qualify for purchasing a house (4 units or less), you will have no problem qualifying for a mortgage with a Schedule 1 bank as long as you provide the down payment (35% minimum of purchase price) and confirm proof of fund and the source of it- On the proof and source of funds, the banks would want to see an income enough to cover the mortgage payment and other expenses. and in some cases, they would want to make sure they know how you're going to cover your expenses (housing, heating, etc..) where you live.This is usually where it gets annoying for some folks but if you can satisfy this, you should be able to qualify for a mortgage just likely any Canadian tax resident, albeit you will pay a little more in terms of interest rate, etc.
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15 January 2025 | 9 replies
And people think Ai is going to replace accountants.one can argue that apartments.com is just a processing the payment and not actually holding the funds to transfer out.If apartments.com all of a sudden reverses the payment for insufficient funds?
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18 February 2025 | 35 replies
I funded one flipper over in the two towns just south of Madison.. but he died mid stream and I had to just liquidate the properties..
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19 February 2025 | 57 replies
No one has x-ray vision to see inside walls or underground, so you should have 10-20% in contingency funds just in case.
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19 February 2025 | 34 replies
Any mixing of personal and LLC funds can compromise this liability protection, potentially making you personally liable for any claims or lawsuits.
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22 January 2025 | 4 replies
I do have a silent investor, but when it comes to securing funding, it often feels like I’m navigating it alone.
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23 January 2025 | 5 replies
Most lenders are going to be limited to 70% of ARV ($560,000 total loan amount) but that means they could fund 85% or a bit higher of purchase price + rehab ($560,000/$645,000 = 86.8%), which is solid.
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23 January 2025 | 6 replies
If they are up for renewal and you elect to non renew them you must stop accepting funds from the occupants after the lease expires (accepting rent after the lease expires may make it appear you have a tenancy at will agreement).
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16 February 2025 | 29 replies
For me, it was live in flips, short term rentals, mid term rentals, good income with a solid savings rate, buying after tax index funds, paying off the primary house, driving old cars, moving a lower cost of living area (from Houston to small town Maine), and selling a business to push me over the top.
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21 January 2025 | 20 replies
Used your HELOC to fund the down payment on a second property if the right opportunity presents, otherwise those returns wouldn’t be juicy enough for me to take on more debt for the sake of scaling if you’re buying at retail.