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Updated over 5 years ago on . Most recent reply

Wasil Munir's profile image
Wasil Munir's profile image
Wasil Munir
  • Flipper/Rehabber
  • from Markham, ON
  • Member since Jun 27, 2019
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Wasil Munir's profile image
Wasil Munir's profile image
Wasil Munir
  • Flipper/Rehabber
  • from Markham, ON
  • Member since Jun 27, 2019
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Wasil Munir
  • Flipper/Rehabber
  • Markham, ON
1
Votes |
6
Posts
Canadian Real Estate

Need renovation loan for a flip in Scarborough, ON.

Wasil Munir
  • Flipper/Rehabber
  • Markham, ON
Posted

Its my primary residence that is mortgage free and in a prime location in Scarborough, ON. I need to raise renovation costs so i can maximize returns as i am flipping it. Can you guys list and details ways on how to do raise capital for it please. 

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Gagan P.'s profile image
Gagan P.'s profile image
Gagan P.
  • Real Estate Investor
  • from Austin, Texas
  • Member since Dec 21, 2016
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Gagan P.'s profile image
Gagan P.'s profile image
Gagan P.
  • Real Estate Investor
  • from Austin, Texas
  • Member since Dec 21, 2016
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Gagan P.
  • Real Estate Investor
  • Austin, TX
49
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114
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Gagan P.
  • Real Estate Investor
  • Austin, TX
Replied

If it's your primary and it's free and clear, why not just get an open mortgage on it? That way you don't have to worry about any large prepayment penalties.

Other option is a home equity line of credit but the rate on that will be higher than a mortgage.

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