All Forum Posts by: Steve Davis

@James Hamling

great story thanks for sharing... go big or go home... lets goo!!!!

@Mark Albini thanks

Hello BP,

I recently spoke to my mortgage broker as I am in the process of acquiring a residential property. I am working with an A lender at a conventional institution and he has no problem financing houses for me as my investor continues to show strong annual income. The problem is that my investor is retiring soon and won't have nearly as much annual income/dividends in the years to come so my lender will no longer be able to finance houses for us. I was told residential loans are based on income and not equity or net worth (I live and invest in Canada).

If I were to acquire a commercial property with an A lender would they lend based on equity and net worth or would they still require a significant amount of annual income? My lender is strictly residential and was not able to answer this question.

Thank you,

Steve

@Negar P. Sometimes there is not a whole lot you can do. Generally neighbours hate infill developments, construction, and any sort of change taking place to their neighbourhood so try not to take it personally. 

If there is an alternative to have the sliding door elsewhere on the property or another alternative to make this triplex work maybe run it by him and it will show him that you care and are willing to cooperate with him...

@Cameron Riley Technically if it is on the property line it is a jointly owned tree by you and your neighbour. In this case both property owners need to consent to have the tree removed and becomes a civil matter. Depends on the City but usually if the tree is 50cm or great in diameter at breast height it requires a tree permit before removing it... 

@FNU Dheeshakti

You absolutely do not need an agent... you will learn more buying fellow investors coffee and picking their brain... sometimes more advantageous to find your own deals and deal with the listing agent directly... good luck !

@Heather Schmidtknecht

Yes. I have done this many times. It best to just have a condition in the AP&S that states something to the affect that the Seller will cooperate with the buyer to obtain a building permit and work with the buyer pertaining any documents involving the committee and City

Not a bad idea to also have a clause in the contract allowing your surveyor access onto the property as you will likely need a topo survey to start building plans

Looking to eventually refinance a 7 unit apartment... will banks refinance at the appraised amount on an LTV that doesn't cash flow? Say -400 to - 600 a month or so...

I don’t mind absorbing this overhead if it means I get the majority of my initial investment out of the deal

Hello. I have learn't a ton from BP and still continue to do so. But for a change of pace does anyone know of other websites or have good youtube channels that you watch and learn from? 

Also, when on BP if I am in a sub forum (example: multi family investing) how do I filter between new post and trending discussions?

@Lucas Laufenberg Automated clearing house (ACH Payments)... you can set this up with your financial institution... like how tenants pay their utilities through their online banking... when they add a payee instead of utilities or a cell phone bill they will search for your corporation and deposit money directly into your account monthly...