Squamish Real Estate Investing Cashflow Advice
Hi all!
Long story short; I'm taking advantage of the boom in Kamloops and selling my assets there to invest in Squamish where I just built a house with a ton of equity.
Kamloops sale will net 800-1M cash.
Squamish property owes 500k and is appraised at 2.5M = approx 2M equity.
I want to purchase two properties in Squamish (A&B, A being the priority)
A) Needs 50% down; 200-500k
cost - 400k-1M - bare land. Site and features make it a 10M parcel with gradual development in 10 years (could flip for 3-5M immediately with the right marketing)
B) Standard downpayment (240k)
1.2 mil - house - rental income would be about 3500 initially, with ridiculous business potential (currently unrealized/undeveloped)
This isn't a planned sale, and being self-employed I've maxed write-offs and minimized income so my income probably won't cover the mortgages needed in the bank's eyes. (Income being anywhere from 75-130k)
I'm looking for any insight into how I can structure this to maximize my hitting power.
Do I pay off the Squamish house to use as leverage?
Buy one property (A) in cash then use it as leverage, then lose cash in hand for downpayment on (B), having to pull cash out of existing Squamish equity?
Try to find private lending?
Investment partners to act as guarantor for the properties?
Any insights would be greatly appreciated!!
Thanks in advance!