All Forum Posts by: Ryan Shoemaker

@Jasmine May

Although a slower process, what about buying the first property all cash, get tenants on leases showing good rentals, and re-finance out for the next one? This by default should give the bank a good reason to lend more money when the first house has no Lien on it.

Interest rates at an all time low and banks are eager to lend. It’s a slower process but this should build you some credit history.

Also, what about partnering with an investor who can do the qualifying for you? I’m always open to a joint venture with the right people. I’m sure others would too.

@Theresa Harris I think I’m going to speak with the lawyer who closed our deal this week and see if this would be applicable under title insurance. Thanks for your insight!

@Theresa Harris

My realtor was able to get me the previous MLS listing and this was just turned over a year ago. Might have been a bad deal. I don't think he wants to get too involved in this. I've mentioned it to the realtor and he kind of brushed it off

Hi BP family. This is my first post but have been following for a long time.

I have an issue that has come on my hands.

I just purchased a duplex in Kitchener Ontario Canada. The listing was a duplex and had tenants, but we bought with vacant possession in one unit with the intention of renovating.

The city has stopped by regarding an addition that was done without permits 10 years ago. The construction looks good and I will do what I need to get it to pass.

However they have now said the house isn’t a duplex even though it was sold as one and there is paperwork that the zoning is right etc.... and they want me to pull a permit for that. The house is a century home and to make it compliant could be a huge undertaking. No problem with the life safety issues, but for the construction this isn’t feasible in my budget.

Is something like this eligible to make a claim on my title insurance to have it brought up to standard?

Everything I have that's documented right to the survey suggests this has been a duplex since the 80's including all previous MLS listings.

Please help? I BRRR'd my first property for the Reno and dowmpayment on this and I won't be able to carry a huge setback like this.

Thanks all!