All Forum Posts by: Account Closed

@Dillon Wilderman

I don’t use them. But if you hit up a few local real estate meetings/ conferences they’re abundant. Or you could google Canadian mortgage investment corporations I suppose. Often called “mic’s”. Calvert our of Calgary comes to mind from my decade + as a REIN member.

@Dillon Wilderman

LOTS of B lenders here in Canada. Expect to pay significant premium to and A lender. Not a point, but several.

@Whitney Bowling

It is all secured. Several lenders here offer “all in one” type products that set the overall leverage limit at 80% (sometimes less, client depending) where as you pay principle it simply transfers to the revolving (interest only payments requires ) portion. The nicest thing about it, although they technically can recall the revolving portion, you never have to ask to use it. If it’s set up from day 1, it simply becomes your reserve fund that continuously accrues as you pay down your mortgage.

@Hilary Stalder

Interior looks good! I’d be tempted to pimp the curb appeal more (if that exterior pic is a finished one). Even just some lawn repair and pressure washing that walkway might do it. Walkway looks quite narrow? Couple likely use some inexpensive pavers as a border on either side thus enhancing curb appeal and widening it. Pop of colour here or there with some perennials and bam, hgtv.

@Whitney Bowling

Not sure if it works the same down south there but here in Canada we generally can't leverage beyond 80% for an investment property. Following your path I would need to find a lender to do the HELOC to say... 90% on my principle and essentially leave it like that when I purchased a new principle res in a couple/ few years. At that time, if using the same lender they may or may not allow it to remain in place. They may just reduce it to 80% overall capacity. Additionally, here a HELOC can technically be recalled at anytime. Very little notice (think weeks, not months). So proceed with caution. ie: make sure you have a plan to pay down the HELOC (cashflow) not just leverage it. Don't put yourself in a position where you've got a few revolving portions all leveraged to the max and the market downturn makes lenders start recalling them a year later to reduce their exposure... that would be bad new blues my friend.

In short, CAUTIOUSLY leverage. My definition of that: Max 80%, but less than 55-60% if sfh is inefficient use of equity.

@Whitney Bowling

Slowing down the initial purchases would be easiest most likely. Have you considered / do you have the option for an automatically RE-advancing mortgage/HELOC combo? I have everything set up that way. Kinda nice knowing that every dollar of principle paid off is instantly available when lightning strikes.

@Paul Sandhu

I would:

1. Get the water away from the house. Far away. Like 20’ away. I like to stick a 4’x4’ post about 10’ away from the house and run the downspout to it before it even comes down the side of the house. I use non- perforated weeping tile in 20’ lengths as extensions. Doesn’t look great, and works beautifully.

2. Make sure it continues to move away from the house (drainage). My in depth research tells me you’re always gonna have trouble making water run uphill.

3. Check your gutter slope/ run. Repair if needed. See previous uphill comment.

4. 5” gutters are a must. No exceptions.

5. Yes, you need a battery backup sump.

6. Gutters get cleaned BEFORE they are plugged. Again, no exceptions.

Preventing a pain in your rear is always more desirable than solving a pain in your rear.

@Chris Guinn

I do animal Friendly exclusively, those who have proven they cannot afford current rent (or are too careless to pay it on time) do not qualify for the increased rent (and responsibilities) of animal ownership. End.

In my market pet friendly landlords make up about 5-7%, dog friendly (which I strongly target) make up about 1%. I am neither willing nor required to put up with irresponsible animal owners.

@Whitney Bowling

Not having the cash to carry them in a downturn is a risk that should not be taken lightly (if at all)!

I remember reading an interview with Mark Walberg in a fitness magazine about 15 years ago. The interviewer asked him if he used a personal trainer and why/ why not. His response was basically that he’s never met one who had achieved a better final result (body look and performance) than he had so why would he take someone else’s advice on that? And he’s right.

You don’t take advice on generating wealth from those who haven’t done it to your desired outcome. Let them hand out advice on something they know, like being completely average.