All Forum Posts by: Account Closed

@Kris H.

That should’ve read “you’ll pay 3 months interest”***

@Curtis H.

I understand the theory completely. There is no seasoning time in Canada that I have experienced. Even at 5 months I had zero issues. That’s the difference, if you’re on a variable term you’ll pay 3 monthly

The interest as your penalty, bank covers appraisal (unless you forget to tell them to), bank covers legal fees (if you stay with the same lender they always do this unless you forget to tell them to), so other than a couple hours of my time (tops, the only difference will likely be a couple new leases unless it’s around tax time and your NOA has shown up) I’m out at total of about $1500 on a $320k initial house purchase to finance it as opposed to drop all that cash.

Why allocate $320 for 6 months when you could simply allocate $65k and let the bank do the rest? You’re missing out on putting $250,000 to work in another area.

Are you currently buying with al cash Curtis?

@Susan Wilhite

If there’s a realtor in your area who is a prominent member of the community you wish to target that may be your best bet. Aside from that, the Facebook ads, as mentioned, allow you to target extremely specific groups.

To clarify, I buy at 80% financing and refinance to the same. I do not buy cash (and never will), it’s one of the ways I disagree with the general outline of brrr hyped here on BP. Here in Canada I do not believe there to be any advantage to it as our financing rules are noticeably different.

@Dylan Thomas

Good safe rule of thumb is 6 months actual carrying costs in an accessible reserve fund. Sounds to me like you’ve got that covered, now save your down payment.

Thoroughly research the reputation of the institution. (From the employer side too)

@Brandon P.

How could you pull significant money out of a new build at refinance in ~5 years or less without forcing appreciation somehow? Is there anything pointing you to conclude any noticeable appreciation is on the horizon? (Not saying you’re wrong just wondering if you’re looking at something I’m not etc)

@Curtis H.

If you’re thinking refinance immediately after renovation to get 100% of your money out you’ll want to do a larger renovation than what I do. I buy ugly. Think 1972. Then I removed the ugly. At the end of the 2 or 3 year mortgage term (I used to do 5 yr terms) I refinance. Between the cashflow and new mortgage I’ve got my money back, usually a bit more.

Be aware, banks refinancing are ALWAYS ~10% low on appraisals here last couple years. Softening market has them being more cautious. Example: I’ve got a property that is two parcels of land, each realistically valued at $145,000. Bank tells me it’s worth $255k currently even with the house on it. Guaranteed if I were to have a signed contract for $300k it would appraise at that. Appraisals are a joke.

@Curtis H.

Flat bottom market. Expect 1% appreciation next couple years. Pull ACCURATE sold comps. Brrr works just fine here. I’ve set everything up on 2-3 year terms & variable rates. Bumping value won forced appreciation is about the only appreciation you’re gonna get in the near future so it’s a good strategy. I buy 3 up 1.5 bath & 2 down 1 bath bilevel or 4 level splits with Double detached garages. 50’ or wider lots. Cashflow is excellent. Buy low 300’s put 20-25k in, never had a reappraisal below 370 yet. Do it right and you’ll be fine, do it poorly and you’ll be $10-20k backwards after reappraisal.

@Fralan Gatte

Immediately covert them to an online google form for submission of non-emergency maintenance requests. Reply within two business days. If it is a pointless request such as the furnace made a noise “this non-emergency request has been documented and will be added to the schedule for future inspection” is all that’s required.