All Forum Posts by: Khurram Mirza

@Roisin Lennon

Hi, working on finding fixer-upper deals in Ottawa and currently building a framework to make money on those deals

My wife and I moved to Ottawa in 2015 from Herndon, Virginia and are planning to invest in rental properties. We would like to connect with partners, investors, lenders, brokers, contractors and real estate agents in Ottawa and across US/Canada. Specifically looking for mentors to help us achieve our goals. 

@Rob De robinscouser I am in Canada. I get what you are advising. I am only using my primary residence equity to finance my rental down payment.

@Joe Hermanson, wouldn't interest in mortgage payment be tax deductible if used for investing ? that would make it a non-factor wouldn't it ?

Thanks

@Joe Hermanson Current refinance rates are 2.82% vs HELOC rates are 4.45%. I have 99% equity in my primary residence.

Hi guys, wanted to know some thoughts on raising cash for a down payment for a rental by refinancing my primary residence. This is a strategy that is not discussed often compared to using HELOC. Is it because of tax treatment ? or leveraging issue ?

Hi guys, it seems like since the "Stress Test" was implemented checking for "borrowing strength" by mortgage advisers depends solely on income/salary regardless of cash in hand. Seeing this I do notice young people in Ontario with multiple rentals. Are there any creative ways to be able to get mortgage approval for additional property over time ?

Thanks,

Khurram 

hi guys, for the investors in Canada I noticed that the rental calculators do not consider 1) tax on rental income and 2) financing costs for HELOC (Home Equity Line of Credit) even if they are tax deductible ? Anyone have experience on how these should be considered during the analysis phase ?

Thanks,

Hi guys, 

If one wants to invest with family to access a larger pool of cash to buy a rental property are there any templates on how the income and equity should be divided based on the % cash invested ? 

Thanks,

Hi guys, it seems like since the "Stress Test" was implemented checking for "borrowing strength" by mortgage advisers depends solely on income/salary regardless of cash in hand.  Seeing this I do notice young people in Ontario with multiple rentals. Are there any creative ways to be able to get mortgage approval for additional property over time ?

Thanks,

Khurram