All Forum Posts by: Duncan Pratt

Hello BP members,

I am hoping to have someone who is an appraiser or knows the ins and outs of Purchase Plus Improvements Mortgages answer my question. 

I am currently doing a PPI through TD and it’s coming down to the wire of having my renovations completed before my appraisal walk through. I was told that every item on my quote needs to be completed which makes sense. I am wondering if they penalize you if you decide to do use a different material then what’s on the quote. For example, we have in our bathroom as tile but we want to install vinyl flooring. On the quote it says tile so does it HAVE to be tile?

Any insight would be greatly appreciated. 

Thanks in advance,

Duncan

Hi @Tyler Stiller,

The lender is TD?

Hello BP members!

I am wondering if anyone here is experienced with PPI mortgages and could potentially answer a question I have. 

My question is; when you get the original quotes for the PPI mortgage, does a contractor have to complete the work or are you allowed to complete the work your self and just make sure to provide receipts for the materials?

Thanks in advance,

Duncan

@Chuck Melanson

Hey Chuck!

I'm curious if you have heard of Control Your Properties property management software? It offers PAD feature that your after along with another handful of useful tools and resources.

I'd say it would be worth checking out!

**disclaimer** I have no affiliation with the company, this is from my own research and experience.

Hope this helps!

Keep crushin' your RE investing goals!

Duncan

Hello BP community!

I am reaching out to anyone who can recommend a good home inspector in the Barrie/Simcoe County (Ontario Canada) area. 

I may be putting a condition offer in on a house that is a power of sale and previously had mold in the attic. The bank has since done remediation and removed the mold. I have done a little research and found a few different Inspectors but curious if anyone has a recommendation for one that is familiar with RE investing and would do a thorough inspection.

Any recommendations are greatly appreciated!

Thank you and keep crushin' your RE goals!

Duncan

Hey Kim,

If you are interested in finding out more information in investing in condos, I highly recommend reaching out to Jordon Scrinko at PreCondo.ca. He is filled with information on condo development and investing in condos and would be able to assist you with any questions you may have in this REI space.

Cheers and best wishes,

Duncan

Hello BP members!

my girlfriend and I are in the early stages of buying our first home/investment property. We are planning to implement the BRRRR strategy by finding a propety that needs some minor TLC and where we can live in one unit and either Airbnb the other or rent.

I have heard of some investors using a purchase plus improvements mortgage in the past when using the BRRRR strategy on a property. Has anyone used this type of mortgage before? Or has any recommendations on a type of mortgage that would work well with our type of strategy?

I also know that Scotiabank offers this type of mortgage and I stumbled upon True North Mortgages that offer this mortgage with great rates. Has anyone heard of them or used them before?

Thanks in advance for your advice!

Cheers,

Duncan

@Sheldon Caruana

Hello Sheldon,

When you refer to the first time home buyers plan are you referring to the new mortgage incentive that will be in affect come September?

Hey Cody,

Great to see some investors from the Barrie area. I currently live in the KW region but lived in Barrie for the past 5 years. Love that city and have plans of purchasing property in that area come the new year. 

 Since you are up in the Barrie area, have you looked at investing in Orillia? 

Awesome stuff Terry! This break down fired me up aha