All Forum Posts by: Tyler Stiller

@Mike Nathan

I’ll send you a pm. It really is situation by situation. 

@Account Closed

Unless you know more info, it’s not necessarily a terrible idea. Depending on the situation, the goal, the timeline etc 

@Ryan Kenneth

Please do

Depending on the city, and the property the answer is yes. But the rates are not your traditional bank HELOC rates. I'll connect with you and go through it with you

Hi Luc, I'm in ontario and started to invest in atlantic canada. There are some things to be aware of, the main one is location. I'd reccomend being in a "big city", also I'd note that electricity is much cheaper out there compared to gas, so alot of landlords look for baseboard heating versus furncace/gas

From my perspective, having your properties in a corporation can limit who will actually provide a mortgage. If you are in commercial lending, it is no problem, but residential financing it can really limit the lenders.  Some times on residential mortgages we have to go to alternative lenders to make the debt servicing numbers to work and if you want them in a corporation it usually comes with a premium in rate. 

Hi Chris, 

Lenders do not pay mortgage brokers on commercial files. If you can find one to do it for 0.50% of total borrowing that is a good deal. In my office we typically charge 1%. Of course I'm biased to mortgage broker taking care of the file because I am one. 

If you find a good commercial mortgage broker, they can save you time, rates, and typically help structure the mortgage so it is cheaper in the long run. 

Hi guys,

I am a mortgage broker in Ontario, I constantly have questiosn and so do clients about how to do the bookeeping, who to use for their accounting, is it tax advantageous to hold the property in a corp or personally.

Is there any accountant out there in the community that would be willing to hold a webinar or pass along their information? I'd be happy to promote such a person to my circle

@Cara Salustro

I have a guy, Jordan Perry who is in Ontario and specializes helping people get mortgages in New Brunswick exclusively. He is the expert in the game. I’ll connect privately and share his info with you

@Keith Shutupaboutit

Yes it is that simple you can use the HELOC for a down payment and rehab costs.

I’ll connect with you privately and help guide you

@Jefferson Mondragon

Hi Jefferson, I am a mortgage broker in Ontario. You are right where lenders do prefer having 2 years experience on your credit report. But it isn’t a deal breaker.

Working retail is ok, but if you are not guaranteed work, then we would typically have to use a 2 year average.

I can help guide you on this, and let you know what is doable.