All Forum Posts by: Tomislav Glamuzina

Hey Everyone,

New investor and student. I was curious if some of you fine people here at BiggerPockets can enlighten me about the Smith Maneuver in Canada. I understand the idea but I think some real examples would help clarify things for me. So, if anyone out there can help shed some light on this, in as much detail as possible:) (pro/cons,etc) that would be great. Thank you! 

Also, I am at the point where I will be getting my first property soon. Is this something that a first-time investor can implement. 

Hi @Brian Hosier,

Congratulations on paying off your mortgage, must be exciting. THAT is brilliant. I love hearing stuff like that, makes me all warm and fuzzy about all the possible options LOL. So, essentially, you have a somewhat big pit of money you can always dip into at 3% to fund say renovations, purchases, down payments, etc? So, if you haven't paid off your mortgage how would this situation differ? Would you not be able to get as high of a HELOC/LOC?

Yeah, we can definitely set up a zoom call. I can write down a few questions that are of interest.

Hi @Zorya Belanger,

Thank you for the great advice. I did not know that when you get your mortgage you have the option of having it attached. That is also very interesting about the mortgage payments being added to the HELOC and having it accessible at any time… very cool. So, would it make sense to get a HELOC with every mortgage you get haha? Is it possible to get a HELOC right from the start of a new mortgage? I just briefly looking up the Smith Maneuver, a fascinating concept, any downfalls?

What is the different way of thinking regarding your second comment if it were a rental it would make more sense to refinance?

Hey everyone,

New to real estate and just trying to learn as much as possible. So, I will just jump right in. Can some help clarify and maybe go into detail about the process of getting approved for HELOC/LOC in Canada, specifically in my expensive market of Vancouver, British Columbia? The approval process, what it entails, and when it would make more sense to get a HELOC rather than a refinance?

Also :) If someone doesn't mind running some small examples of LTV% on a refi, say if my property was worth 1Million.

AND finally, what does a 'revolving HELOC/LOC tied to the mortgage" mean?

Thanks for your help

 Hey Shawn,

curious how things went with you getting your Refinancing?

Hello Everyone,

I currently reside in The Great Vancouver Area, Coquitlam to be specific. I was hoping to reach out to fellow members in this community to try and connect over the phone, zoom, coffee to try and learn more about real estate investing. Not looking for a mentor or anything crazy like that but more the stories and personal experience of what it took to get started and what is possible with some commitment and traction. I want to hear the success stories and the failures haha everything is relevant to me. 

A little bit about my intentions with real estate - I intend to try to purchase my first personal property this year. I am hoping to pick something up that would require some renovations. I am very curious and want to learn the process of what it takes to fix up a place. Afterward, I would be thinking of house hacking it to reduce expenses. I also have the intention of trying to acquire commercial property for my waste management business later in 2021 or 2022. If anyone has any experience purchasing a property through one's business I would be verrry interested to learn about that process. 

Thanks, everyone!

Hey @Account Closed, I like your advice on planning out your 5-10 year goals and working backward. I have been doing this with my current business and is amazing when tangible goals are hit. Writing them down definitely helps keep the focus alive. I am currently in the midst of looking to purchase my first property in The Greater Vancouver Area and hoping to learn a lot through other investors in the forums!

Excited to listen and learn from your podcast @Jason Hartman!

@Jordan Perry Haha Awesome advice, thank you. I will check that out. Yeah, I will definitely need to learn more about how the process of a REFI takes place. I'll give that podcast a go.

Thanks, @Steven Silman appreciate the advice. I am in the midst of reaching out to a few mortgage brokers right now so hopefully, they can understand what my intentions are with my current and future purchases.

Just another thought as well. Say for instance if I were to purchase a property and house hack for a year+ to save for my next downpayment. Could I, after that year+, refinance and pull out what equity I currently have in my property (and let's assume I also did renovations on the property as well) and use those two amounts for my next downpayment? Could this be a potential source of yielding more capital for my next purchase?