All Forum Posts by: Phillip Johnson

Roy N. Thanks for the advice. I'll be sure to think about it, but like you said it's just another thing to take on in the process! That's great that you've found an agent like that, out of interest have you worked with that particular agent(s) long? Also, I've noticed a lot of stagnant sales in the Moncton area especially recently with a few price drops! Is the market doing ok out there?

Roy N. Thanks for the link, it's very helpful! I can't seem to make out if that is applicable to investments (duplex or triplex), I'm surprised (and happy) at the fact there's no minimum residency period!

I would just ensure that you crunch every figure possible and call providers about monthly outgoings, don't take the sellers word on that. If the figures work out then maybe see if there's any way to bump up the value with 'sweat equity' that'll be you escape plan if things go south. After 20% of the loan is payed off, refinance and start again on the next!

Location - NB/NS Canada Hey guys, I'm wondering if there is anything like a FHA loan in Canada, especially for new comers? Or if there are any newcomers to Canada schemes for investing? It's difficult to find anything online about it. I'm open to joint venturing of course however for my first deal in Canada we want to house hack so I feel any way we can get it on our own, we should. I'm hopefully looking for around 5-10% down and 2-3% interest... Is this feasible? We are also looking to purchase a second multi family at the same time which I am fully prepared to put 20% down as long as the initial duplex is 5-10%. Many thanks, Phil.

Location - NB/NS Canada Hi guys, I'm wondering if it's really that beneficial to get your license when investing? Also is there a practical side to acquiring a license or is it all theory? I'm very new to the agent side although my wife is a real estate agent however we are currently living in the UK (the only country she is currently qualified in) with the scope to be in Canada within a year. Many thanks in advance! Phil.

Congrats man! The first one is all about experience, the profit is a bonus!

@Roy N.

I really appreciate that Roy, I'll send you a message now.

@Roy N.

Thanks for the reply.

The reason I feel like they'd be a great choice is because they except an equifax credit report from the last country of residence and are lenient on current credit score for newcomers... Or at least that's what they make out? The last thing I want to do is wait two years after I get to Canada to start investing.

I didn't realise that 90% was fairly standard for 3-4 unit property... That's pretty good news haha.

A quick one Roy, if the conventional lending goes down the drain for the first couple of years due to newcomers credit history, are there many private lenders around the NB/NS area? 

Thanks in advance.

Hi guys,

Soon I will be relocating to Canada, NB or NS with around $85,000. With that money I need to buy our family home as my wife isn't keen on 'house hacking' (looking at 10% down for this), which will leave me with $50,000 to invest, armed with a newcomer's credit score and an equifax credit history from the UK.

My goal, like most others, is to quit my job and get into this business full time.

Regardless of the amount of research I put in, there is no clear road map with accurate numbers to fit my situation (ie. Credit score/history)

If anyone has any suggestions to start off on the right track with a few year plan and know of any possible lenders in the NB & NS region (as I'm aware it'll be difficult to get a conventional loan after buying family home) it would be greatly appreciated. 

Many thanks in advance.

Hi guys,

I've recently stumbled across a newcomers to Canada scheme from a company called Genworth, has anyone had previous experience with this?

Apparently I can get a duplex (max) as long as I reside in one side for a certain period, for 2.4% at a 25yr 95%LTV... Too good to be true?