All Forum Posts by: Jaydon H.

@Brandon P.

Thanks Brandon, I was advised by our realtor to look into credit unions also. I believe that will be our path to go when we hit our 5 mortgages.

Currently we have enough cash to have one project at a time on the go. I have found it hard to find things to do to stay busy towards our goals as I am not sure what to do during the "waiting period". 

Our possession date is April 30th, we have a general contractor (also our PM) who is taking care of contractors etc and scheduling since we are out of province. Since at this time we don't have cash to purchase another property until we put a mortgage on the property and free up our cash, there is really no point in looking at properties coming to the market as we would need minimum 2 months until all reno's etc are finished and market is fairly hot right now and houses are going quick.  

What can you recommend to do during this "waiting period" until our cash is free to secure another property besides reading/podcast?

Thanks in advance!

Jay.

Hi everyone, 

Thank you for responding to my thread. I know it is difficult to give a straight answer as there are so many variables to it and there isn't a "right answer". I appreciate everyones input on my question. After speaking with my local broker, a local bank and then a rep from CIBC located in Regina, my business partner and I have decided to go through CIBC as we feel it best suits our goals. They can work with us in having dept coverage ratio of 1.1 for our rental properties which will allow us to secure 5 mortgages (max allowed with CIBC) with them without needing a crazy amount of income which is needed with other banks were using the total dept service ratio. 

Hello, my business partner and myself are looking for some advice from experienced investors. To give a brief background about us, we each currently own 3 and 1 rental property in our own names. We each now have a holding company and also have a joint corporation that is owned by each of our holding company’s (50% each). We have purchased an out of province rental property and looking to see what is the best option for us to put a mortgage on the property. We are purchasing the property with cash and will be doing a brrrr 1-2 months and then putting a mortgage on the property. We have heard options of putting the mortgage under one name and using a big 5 bank (this will allow us to get 5 properties each under our own names, if 5 is the max allowed) or would you recommend using a commercial loan and purchasing it through the joint Corp? We are in BC and the property is in Saskatchewan.

Thank you in advance and if you need more info to answer the question I can provide that for you.

Jay.

Following 

thanks @Account Closed

Thanks! The bigger pocket is one that I use but it’s not “Canadian” which is what I’m looking for. I actually just sent in my email on Andrew’s website to get the excel sent to me! Looking forward to seeing how it looks. 

Hey there, I'm looking for a free online calculator that you use to help analyze deals. One that includes, rent/down payment/ROI/mortgage all that.

Thanks!

Hi Van, what type of investing are you looking to do here in Canada?

Hi Chris, yes I have. Currently rrsp/tfsa are maxed out with investments but now with a career change I am looking at somehow funding a mortgage with the rrsp. 

Side note: I see you are in Poco and have been with BP for sometime now, I’m in Pitt Meadows. Do you attend any local meet ups(or zooms I guess now)?