Rental Property Investor · Montreal, Quebec · Member since 2014 · 100 posts · 42 votes
Hey Fellow BP members,
I'm so excited! I just purchased my 3rd SFH in Montreal, Canada 3 weeks ago. I purchased the property for 165K, however it's worth more like 200K in it's current condition. It came with tenants & the cashflow is decent. The best part about this deal is that I actually didn't have to come out of pocket at all. The bank took a lien on my 2nd property for 20% which means that I didn't have to take out mortgage insurance through CMHC & I didn't have to come out of pocket. I also worked out a deal with my real estate broker & the bank broker whereas they would split the costs for my notary.
I'm so happy with how this deal turned out. I have a beautiful house that is already cash flowing & It didn't hurt my back account at all. :) I'm looking forward to my next buy & hold. Hopefully I'll be just as lucky the next time. It's awesome trying to figure out creative ways to save money. On to the next one... Hopefully Jan/Feb 2016!~
Investor · Boca Raton, FL · Member since 2012 · 1k+ posts · 1k+ votes
11y
That's awesome, I assume you are still cashflowing even after paying the interest on your LOC? If one can still get decent cashflow at 100% financing, then is generally a good deal.
Rental Property Investor · Montreal, Quebec · Member since 2014 · 100 posts · 42 votes
11y
@Griffin F. yes it does, hehe :)) Real estate can become quite addicting, I'm already thinking of the next deal.. LOL Still a ways away but I love learning as much as possible in between deals to better help me make the right choices.
Rental Property Investor · Montreal, Quebec · Member since 2014 · 100 posts · 42 votes
11y
@Sandy Salazar Thanks so much Sandy. I have such a passion for real estate. You're right about there not being so many woman in real estate investing. It's so nice to see others like yourself doing great! congrats to your and your hubby. I was just reading to your profile & I have the same mindset at you about needing to figure out a way to bring in income while raising a family & wanting to have your money work for you. My fiancé & I don't have kids yet but when we do, it would be nice to transition fully into real estate that way I could be a stay at home mom & build wealth through investing. Keep it up! Looking forward to seeing your next moves :))
If you don't mind me asking, how does it work when the lender puts a lien on a previously purchased property? I'm assuming your 2nd property is owned out right? or does your 2nd property have enough equity to cover the 20% of itself AND 20% of the 3rd property? I am very interested in learning options for not having to put a lot out of pocket. Thanks!
Rental Property Investor · Montreal, Quebec · Member since 2014 · 100 posts · 42 votes
11y
@Danny Luu Hey Danny... So I purchased my 2nd property 10 months ago. It was a foreclosure. I bought it for 161K but the municipal evaluation on the property is at 228K & I also put 20% down on the property, so there was enough equity to be able to put a 20% lien on this property. I honestly didn't know this was an option for me but the bank I deal with is awesome & they offered me that option. :))
Real Estate Agent · New York City, NY · Member since 2015 · 5 posts · 1 vote
11y
@Lisa Lavie Congrats! I was just visiting Montreal and obviously i couldn't help but look at some of the prices and what the market rate for different properties were. I saw on your profile that you were looking at investing in Miami. I was curious on how owning and renting properties in different countries work with taxes, financing, currency exchanges, etc. Could you shed some light on what you have found thus far?