All Forum Posts by: Jeff Beler

Good luck, I am betting that almost everyone on this site wishes they started at your age!

Hey all, 

I live in St Cats.  I am finding the mortgage to rent ratio great, but finding money to buy a deal real tough.  

Everyone is pretty bang on here, but I would make sure that you have and air tight lease/rental agreement.

Also, know and your local and state/ provincial tenancy laws and by laws.  These are things you don't want to learn as you go, because you will get burned.

Good luck 

Hello BPers,

I am a buy a hold investor in the golden horse shoe of Ontario, Canada, and currently own 2 properties. 

I looked at an SFH acreage just outside of town, and loved the place, but it is over 50 years old, and has no basement whatsoever.

My question is 2 fold.  What are the risks of a property that has no basement, as i have never viewed one, and has anyone had sucess renting one out?

I like the look of the numbers but would like some feedback on the no basement situation.

Thanks, and happy investing!

Jeff

Are you looking at commercial or rental?  Mortgage rates are incredibly low right now so it is a great time to get into the market.  With only 5% down (plus closing cost and home inspection) you can buy your first property.  \it also needs to be your primary residence, so as many members would tell you, look at purchasing a duplex, or multi family, and live in one of the units to be able to take advantage of this.

Another problem you might run into is your credit rating, or lack thereof.  Sounds like you might need a co signer.  That gets a little trickier.  First option is always your parents.

Also, if you user a mortgage broker instead of a conventional lender (the major banks) they will only run your credit score once while shopping you around to mortgage lenders.    This is good as each time your score is ran, it dings your credit.  I bought my last one through one and he was fantastic.  

good luck

Hi everyone,

I am looking for a bit of advice on purchasing a property. I currently own 2 SFH and the bank will not even look at me for a 3rd mortgage. I have been looking at private sales (my only real option) and was wondering if any Canadians have had any success buying with a hard money lender and then refinancing in the first year with a bank. I have tentatively a money lender based on the cost of the property, but i want to refinance with a bank to bring down the interest rate as soon as i can.

Thanks for reading and good luck to all!!!

Congrats on your duplex.  Are you currently living in it?  When i purchased my second property in the niagara region, i had to have owned the previous for a year, and you definitely cannot get a 5% down payment on the second.  if you are moving into the second property, look into a mortgage broker.  the one i used got us in at 10% down, but we had sign papers with the lawyer stating that we were moving into the new property.  it seemed like if you were upgrading to a better residence to live in, it was possible, but if you are looking for it to be a rental you are looking at 20% down.  always check with your real estate lawyer as things might have changed since.  

good luck 

Good day all,

recently purchased a sfh and was wondering if the person on title needs to pay water, sewer in Ontario or if i can pass that cost to the tennant?

Cheers