Updated over 4 years ago on . Most recent reply
Advise with pur condos
Good morning guys! We need advise inregards with condo units here in BC.
we have condos that are currently getting rented right now but not cashflowing due to high strata fees.
we're planning to sell our condos and pivot in buying single homes. Is that a good strategy?
Can we even sell our units even if someone is living in it? Still under contract.
Most Popular Reply
@Elizabeth Gregorio If you are looking to expend into Alberta, You can do so without selling your condos. You can look into VTB and AFS. This will require a low d/p and you don't need to qualify with 'A' lenders.
If your condos are cashflowing, then I would suggest you revisit your motive for selling. Yes you can sell even if there is a tenant in the unit. Perhaps arranging for a HELOC on the condos may be a better option.
If you are getting several under your belt, you may want to look into putting them under a corp or using Section 85. Good luck.