All Forum Posts by: Ciara Lauren
Ciara Lauren has started 2 posts and replied 7 times.
Post: Creative Ways for Down Payment
- Waterloo, ON
- Posts 8
- Votes 1
Originally posted by @Huong Luu:
Are you thinking of doing a RTO with you as the investor or the renter? It wasn't clear in your post.
If you are the investor, RTO is an advanced strategy, so I would suggest you read up and get mentorship on this.
If you are the renter, then you are not getting into REI, but helping someone else with their investment. If you want more info, just message me.
Also, besides the RRSP 1st time buyer, there is actually RRSP mortgages (arms-length and non-arms length).
I'm looking to do it for a personal property and then once the RTO term is completed, potentially use it as a stepping stone into obtaining other properties.
Post: Creative Ways for Down Payment
- Waterloo, ON
- Posts 8
- Votes 1
Originally posted by @Jon Reed:
There are plenty of ways to get a down payment or find a deal that the seller is willing to finance in full (not sure if owner finance is a thing in Canada).
We have done HELOC and private money for down payments so far... but my favorite method was this last home. Decide to sell off our classic 1966 Volvo 1800 (which was only worth about $12K) and then use that money, along with a commercial construction loan, to end up home with a renovated market value of $110K.
Moral of the story is there is always a way to find money... and sometimes it isn't the most obvious or easiest. Review your assets and network and start brainstorming!
Hi Jon,
Thanks for the tips - in terms of assets, not much at the moment aside from having the same Government career for 5 years now with a great salary on paper (deductions are killer however). Loans are not much of an option either as I had great credit and then went through a separation where most items were joint and not accounted for on his end. My partner now is also self-employed.
I have taken the initiative to get rid of unnecessary monthly payments such as cell phone plans, car payments, etc.
Ciara
Post: Creative Ways for Down Payment
- Waterloo, ON
- Posts 8
- Votes 1
Originally posted by @Roy Cleeves:
I have done a lot of RTO deals in the Waterloo region. it is one option.
a cash back mortgage is another option that I would review for you.
I can explain both of these if you would like to send a direct message to me.
Hi Roy,
Sure, I will do that now!
Thank you.
Post: Creative Ways for Down Payment
- Waterloo, ON
- Posts 8
- Votes 1
Good afternoon BP users,
I am interested in getting into the REI industry and I'm curious to know if there is a way to get a down payment via alternative financing or private lending.
My family and I are interested in doing a RTO scenario and do not have the option to pull from RRSPs. I'm in Ontario, Canada, so a lot of the US regulations don't apply.
Thanks,
Ciara
Post: Looking for like-minded people in the Kitchener-Waterloo Area
- Waterloo, ON
- Posts 8
- Votes 1
Thank you @Anthoney Hanks! 🙏🏻👊🏻
Check out Ben Humble CEO on Instagram, he’s based out of Windsor and has made a very profitable career from real estate investing - I stumbled across his profile and that’s why I’m here now!
Post: Looking for like-minded people in the Kitchener-Waterloo Area
- Waterloo, ON
- Posts 8
- Votes 1
Hello everyone!
I just stumbled across this site and want to say “WOW!”, what a great resource and community (I thought the law enforcement one was good but this takes the 🥇).
After working 5 years in a government job that has really turned out to not be my passion despite my years of rigorous training, I am extremely curious about real estate investing. I always thought of it as a great source of income but had no idea it was realistically achievable without a large amount of money up front.
In short, I’m looking to meet local (open to non-local) like-minded people who are interested in conversing and learning with me. I’m also actively looking for seasoned professionals. Excited for this new venture!
Cheers, 🍻
Ciara