All Forum Posts by: Ben Stevenson

@Matt K. that's too bad... What's the takeaway, inspect everything, everytime?

Thanks Matt.

@Spencer Cornelia that is incredibly relevant to our situation because the property we tried to purchase was a condo. Thanks for the guidance!

I really appreciate your comment, Spencer. 

@DJ Cummins you opened my eyes a bit DJ. A plan of mine was to put a 20% downpayment on our first place to lower our monthly mortgage payment (and ideally break even with the downstairs rent). Reviewing what you said, that may not be the best idea. 

Our saved money would likely have a better ROI in a multi-unit home with a lower downpayment, and make more in the longterm. I don't know if 3.5% is a possibility here because we have tighter housing regulations, but it is something to explore.

Honestly, thank you very much.

@Caleb Heimsoth that's one of my main concerns. I have been looking on MLS since I was 18, however, I have a really hard time valuing a property.

Our goal is to "house hack", so I doubt we will cash flow on a duplex. But it will subsidize our mortgage which is important :) 

Appreciate your insight!

Hi @DJ Cummins thanks for your reply! We would love to purchase a 4-unit, however, shacks cost 300k here haha. 

Are you required to put 20% down on investment properties that you do not live in? Our FHA equivalent here is CMHC.

Thanks again!

Hi there,

My name is Ben Stevenson, I am a 22 y/o electrical engineering tech outside of the GTA. My significant other and I attempted to purchase our first home/investment property in April but couldn't conquer the stress test put in place January 1st. A major element of the failure was due to her being in school and working retail part time (non-management), so the banks and private lenders only looked at my income. Although we had 20%, I was not personally approved for the loan that we required - the house prices are ridiculous in the Barrie-Orillia area.

She's finishing up her last year and we are looking to purchase our first home/duplex. 

My question is... if you could have gone back in time, what would you have changed about your first deal? Do you have any regrets about a certain aspect of the deal, is there something you wish you had done differently? I am eager to learn.

Thanks for your time, have a wonderful day.

-Ben