All Forum Posts by: Benjamin De Villena

Hi Anthony,

How long is your tenant's lease term? 

A quick way to reconcile would be to sell the property and the buyer would inherit the tenant assuming the tenant has a long-term lease. This would be an alternative solution to keeping your property.

Unfortunately, Toronto has really strong tenant rights, and trying to increase rents or evicting them will be next to impossible.

Negative cash flow is always a tough thing to stomach but in the long-run the appreciation on your property will be well worth it.

Cheers,

Ben

Hello, 

I am from Toronto, Ontario, Canada and I am looking to do a cashout refinance on my property. 

I was wondering if there is someone who had experience with taking equity out of Canadian homes and investing in the US.

Also, if it would make more sense if I continue investing in Southern Ontario mainly Windsor or go to other provinces.

I have experience with the Windsor market but I find it very hard to find A-B tenants.

Looking forward to the responses.

Cheers,

Ben

Hi Scott,

I am looking to re-invest the equity and invest in multi-family units in Windsor. Do you know if there are properties in Windsor that would make sense to do DSR loans on?

Cheers,

Ben

Thanks for the reply!

Yes, all the money is going back into real estate.

I was wondering if I should do a multi-family or stick to singles?

I'm currently eyeing kitchener-waterloo.

Cheers!

Hello!

Long-time listener, first-time poster.

I am looking for help with trying to figure out what course of action I should take with my properties.

I currently have 3 properties and my goal would be to try to keep all or if it would make sense to sell some to build up long-term wealth.

1st Property Toronto, Ontario

currently being renovated being converted to a triplex

Market price: 1.3-8mil Mortgage left over to pay: $300k

2nd property Windsor, Ontario

Single-family home - 2bd 2 br

Purchase Price $270k Market price $320,000 currently rented out for $1600/month

3rd property Toronto, Ontario

Condo Townhouse 3bd 3 br (currently under-occupancy waiting for final closing April/May)

Purchase price: $890k Market price: $1.2-3mil

At this point, I am at my limit with my current debt-to-equity ratio and I could either re-finance the 1st property and close the 3rd or I can put 20% down pay using private equity and just close the 3rd property but miss out on the ability to refinance the 1st property. My original plan was to refinance the 1st property use the equity to place as a down payment for the 3rd before closing.

I am also considering selling the 2nd property as the property is 2 hours away but it is currently rented out. The tenant has missed rent I think I may need to evict them. I feel like the property is more of a headache than passive.

Looking forward to your responses.

Cheers,

B

Hello!

Long-time listener, first-time poster.

I am looking for help with trying to figure out what course of action I should take with my properties. 

I currently have 3 properties and my goal would be to try to keep all or if it would make sense to sell some to build up long-term wealth.

1st Property Toronto, Ontario

currently being renovated being converted to a triplex

Market price: 1.3-8mil  Mortgage left over to pay: $300k

2nd property Windsor, Ontario

Single-family home - 2bd 2 br

Purchase Price $270k Market price $320,000 currently rented out for $1600/month

3rd property Toronto, Ontario

Condo Townhouse 3bd 3 br (currently under-occupancy waiting for final closing April/May)

Purchase price: $890k Market price: $1.2-3mil

At this point, I am at my limit with my current debt-to-equity ratio and I could either re-finance the 1st property and close the 3rd or I can put  20% down pay using private equity and just close the 3rd property but miss out on the ability to refinance the 1st property. My original plan was to refinance the 1st property use the equity to place as a down payment for the 3rd before closing.

I am also considering selling the 2nd property as the property is 2 hours away but it is currently rented out. The tenant has missed rent I think I may need to evict them. I feel like the property is more of a headache than passive. 

Looking forward to your responses.

Cheers,

B