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Forum ยป mortgage broker just approved my 2nd house. raining reps in here
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Thread: mortgage broker just approved my 2nd house. raining reps in here

post 1461330663 09-08-2016, 01:19 PM
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  1. All-Star11
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mortgage broker just approved my 2nd house. raining reps in here

Tour just beginning boyos.
Just got the call that a lender has approved for me to buy a second house (a duplex).
Currently own a single family home. This second property will pay for itself and generate roughly $1,000 a month in revenue.
My first investment/income property.

Currently income property owners. I want to hear your experiences

reps all day.
ask me anything.

no pics cuz the deal wont close until I remove all of my offer conditions.
post 1461330993 09-08-2016, 01:21 PM
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congrats bro!

how old are you? are you going to personally manage the property, or hire someone else to do it?
post 1461331053 09-08-2016, 01:21 PM
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Originally Posted By All-Star11⏩
Tour just beginning boyos.
Just got the call that a lender has approved for me to buy a second house (a duplex).
Currently own a single family home. This second property will pay for itself and generate roughly $1,000 a month in revenue.
My first investment/income property.

reps all day.
ask me anything.

no pics cuz the deal wont close until I remove all of my offer conditions.
GJDM, way to make that money work for you.
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post 1461331063 09-08-2016, 01:21 PM
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It's raining men!
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แ—ชIแ”•แ‘•แ–‡Iแ—ฐIแ‘Žแ—ฉTIOแ‘Ž Eแ™ญแ‘•แ’ชแ‘Œแ”•IOแ‘Ž Iแ‘Žแ—ชOแ‘•Tแ–‡Iแ‘Žแ—ฉTIOแ‘Ž
post 1461331103 09-08-2016, 01:22 PM
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congrats brah! lemme know if you need an escrow company

also, depending on your spending limit, I may have some buying options for you down here in SoCal if you're interested
"So t
post 1461331143 09-08-2016, 01:22 PM
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rain on my face
post 1461331223 09-08-2016, 01:22 PM
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congrats brah

srs question, how difficult is it to have your place officially "set up" as a rental? Like the paperwork/filing with the city and everything, how do you go about getting all that squared away and is it relatively easy or is it something that you have to do every year?
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post 1461331433 09-08-2016, 01:23 PM
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congrats brah. i'm planning on getting into the rental game eventually too.
post 1461331503 09-08-2016, 01:24 PM
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Congrats man, thinking about jumping into the rental game myself...just need more capital before i feel comfortable getting the difference in a loan.
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post 1461331613 09-08-2016, 01:24 PM
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Congrats. Close on mine next week brochacho.
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post 1461331743 09-08-2016, 01:25 PM
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Mirin so hard, that's my goal.
How hard was it getting approved? Guessing you had a big down payment. Same mortgage lender as the first?
post 1461332723 09-08-2016, 01:31 PM
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Originally Posted By sgregor249⏩
congrats bro! how old are you? are you going to personally manage the property, or hire someone else to do it?
29. I'll be doing it personally. Going to renovate the units as they become available as well. Snow removal will likely be hired out
Originally Posted By QuadraQuint⏩
Mirin so hard, that's my goal. How hard was it getting approved? Guessing you had a big down payment. Same mortgage lender as the first?
It was actually surprising easily.
Both wife and I have amazing credit. (her's is 800, mine is like 760 or something)
I may or may not have cheated on the down payment (I've got 10% in the bank but only 5% is required). It is not the same lender. I recently just refinanced my mortgage with a broker. very good deal and I told him we wanted to get into this buiz as well. Hey made it happen. All I had to do was go view some property and put an offer in.
post 1461333023 09-08-2016, 01:34 PM
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judging from your location i imagine that property cost a pretty penny
post 1461333203 09-08-2016, 01:36 PM
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Congrats man, that's certainly gotta feel good.
post 1461334033 09-08-2016, 01:41 PM
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Congrats brah! House hunting and wedding planning at the moment...someone abduct me and take me to Misc island!
post 1461334233 09-08-2016, 01:42 PM
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in for the rain grats!
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post 1461334373 09-08-2016, 01:43 PM
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Originally Posted By aaron501⏩
judging from your location i imagine that property cost a pretty penny
Not that much. Got it for $208,000.
Didn't want the first one to be too crazy. Just in case it turns out to not be for us.
post 1461334773 09-08-2016, 01:45 PM
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Originally Posted By aaron501⏩
judging from your location i imagine that property cost a pretty penny
I can confirm, I live in the same province as op. We get lots of foreign buyers and immigrants.

Edit ^: Nvm, that's a great price! :O
post 1461334923 09-08-2016, 01:46 PM
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Originally Posted By All-Star11⏩
Tour just beginning boyos.
Just got the call that a lender has approved for me to buy a second house (a duplex).
Currently own a single family home. This second property will pay for itself and generate roughly $1,000 a month in revenue.
My first investment/income property.

Currently income property owners. I want to hear your experiences

reps all day.
ask me anything.

no pics cuz the deal wont close until I remove all of my offer conditions.
It gets fun when tenants decide to not pay rent and sit in the house for months. Why? Cuz they can and the law protects them to do it. Maybe Canadian laws don't do that?

But srs, good luck. Wish you well.

Are you going to do the maintenance yourself? It can really eat into your profits.
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post 1461335313 09-08-2016, 01:49 PM
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Originally Posted By _zman⏩
It gets fun when tenants decide to not pay rent and sit in the house for months. Why? Cuz they can and the law protects them to do it.

But srs, good luck. Wish you well.
yah i'm aware. That's why I chose a property that makes enough money to pay for another unit if someone decides not to pay.
also, existing tenants have a great record.
post 1461335423 09-08-2016, 01:50 PM
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Mirin OP. How many units is it? I would love to have a duplex or small condo to rent out in the future.
Originally Posted By _zman⏩
It gets fun when tenants decide to not pay rent and sit in the house for months. Why? Cuz they can and the law protects them to do it. Maybe Canadian laws don't do that?

But srs, good luck. Wish you well.

Are you going to do the maintenance yourself? It can really eat into your profits.
That's why you have to be ultra-choosy who you let live there.
post 1461335713 09-08-2016, 01:52 PM
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Originally Posted By All-Star11⏩
Not that much.Got it for $208,000.
Didn't want the first one to be too crazy. Just in case it turns out to not be for us.
Tha fuq....?

Where do you live exactly? Surely this is nowhere near the GTA.
post 1461335933 09-08-2016, 01:53 PM
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Originally Posted By _zman⏩
Are you going to do the maintenance yourself? It can really eat into your profits.
Ninja edit.
Yes maintenance will be done by me unless licenses are required (natural gas for example)
I've got lots of experience with house building/renos
Originally Posted By TooAnabolic⏩
Mirin OP. How many units is it? I would love to have a duplex or small condo to rent out in the future.
It's a duplex but with 3 units
2 Bedroom unit in the front
3 Bedroom in the rear
1 Bedroom in the basement

I may or may not convert the basement unit into a 2 bedroom next time it is vacant. We'll see
post 1461336063 09-08-2016, 01:55 PM
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Originally Posted By nvrstopworking⏩
Tha fuq....?

Where do you live exactly? Surely this is nowhere near the GTA.
Sudbury brah

very north of T.dot. but Rental availability in this city has the prices of rent very high. hence my decision to get into the game.
post 1461336243 09-08-2016, 01:56 PM
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Originally Posted By All-Star11⏩
Sudbury brah

very north of T.dot. but Rental availability in this city has the prices of rent very high. hence my decision to get into the game.
Gotcha. Makes sense then. Good on ya.
post 1461336503 09-08-2016, 01:57 PM
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Originally Posted By TooAnabolic⏩
Mirin OP. How many units is it? I would love to have a duplex or small condo to rent out in the future.



That's why you have to be ultra-choosy who you let live there.
It's not that simple. You'd be surprised what people do when they lose a job. Right now I'm down 6k on a property and that's if they don't trash it when the sheriff forces them out.
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post 1461337863 09-08-2016, 02:07 PM
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We own lots of real estate and used to always just rent out. It only really works if you have a high roi and little to no problems. could have people not paying and having to go to court every week or spending 200k on fixing the roof. The past few years we've been buying apartment complexes, splitting them up, renew them and sell them for a lot more individually, which has been a lot more profitable than just renting out.
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post 1461339983 09-08-2016, 02:20 PM
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Originally Posted By GraffiZy⏩
We own lots of real estate and used to always just rent out. It only really works if you have a high roi and little to no problems. could have people not paying and having to go to court every week or spending 200k on fixing the roof. The past few years we've been buying apartment complexes, splitting them up, renew them and sell them for a lot more individually, which has been a lot more profitable than just renting out.
mirin'
gotta start somewhere tho, right?
post 1461340003 09-08-2016, 02:20 PM
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GJ OP man, heading that way myself, just saving a nice deposit for second house.
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post 1461341183 09-08-2016, 02:28 PM
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Lol at idiots.
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