All Forum Posts by: Tim Porter

@Victor Menasce

I wouldn't mind asking about the process Victor.  How that kind of lending is structured.  I don't want to assume it's the same as the U.S. markets.

@Roy N.

Thanks Roy. Lots of growing pains for sure.

Family is frightened by the amount of debt that we would incur owning multiple properties. Using someone else's money to generate revenue is still too alien for them.

Just one of the hurdles i have to jump over.

Thanks Yuan He.  Still digging and scratching at success.  It'll arrive before we know it.

I'm past the biggest hurdle to getting started:  Belief.

The second hurdle, I understand is taking action, which I'm past.  Speaking to Mortgage specialist, Real Estate agent on board, and lining up accounting even before I have it figured out.  Contacting other investors.  All based on belief of course.

Reading books.  Listening to podcast.  Webinars.  Analyzing properties.  I'm amassing it with both feet.  Learning what I can.

Learning is part of the problem.  The more I learn, the harder it gets.  Shows of course, how ignorant I am.

In Canada, no more than 5 mortgages with 1 banking institution.  Not too bad.

In Canada, after the third property, you have to show 100k in assets.  Not including the properties, we're talking cash almost.  That'll be tough.  These are new rules I guess.

In Canada, you cannot borrow the down payment for a mortgage.  It can be a gift from a family member, as long as they can show a statement from their bank that they can afford it.  My name ain't....well...pick one.

I can't say that buying the house I'm in now 2 years ago was a mistake, as it was the right decision at the time, with the information I had on hand.  But knowing what I know now, I regret it not being a multi unit rental property.

Anyone have some advice or encouragement laying around?  I know some Mexican co workers that laugh about how naive Canadians generally are.  Comes down to belief again.

Still driving forward though.  Any insights to this process would be appreciated.

@Corbin Marcotte

Principle Brokerage

Small world.  Grew up in New Glasgow, lived in Halifax and happy to see some friendly faces.  Thanks for the welcome from Kansas City as well.

Hello from the eastern edge of Canada; Bridgewater, Nova Scotia.

Have to thank everyone for a lot of the great information I'm finding on bigger pockets.  Learning a lot.  Your advice goes a long way.

Starting from scratch here, but I have a bounty of enthusiasm and carry plenty of hard work around with me.

Bigger Pockets is helping me plan for my first success.  I look forward to it.  Hopefully, I can share it with you and the crew here on Bigger Pockets.