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Forum » 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 1461440283 09-09-2016, 06:13 AM
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#31
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Originally Posted By SkinnyPhatBrah⏩
GJ OP man, heading that way myself, just saving a nice deposit for second house.
atta boyo. GL
Originally Posted By bbsitum⏩
Lol at idiots.
what's up your arse, old man?
post 1461440503 09-09-2016, 06:15 AM
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Congrats on getting into real estate.
post 1461440653 09-09-2016, 06:17 AM
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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.
I literally just did the same thing last week. I close on a duplex at the end of the month and one of the renters is just staying put, so the monthly payment is already covered from day 1.

Congrats!
trainingwithryan.substack.com
post 1461440693 09-09-2016, 06:18 AM
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Originally Posted By bbsitum⏩
Lol at idiots.
Oh the irony.
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post 1461440833 09-09-2016, 06:20 AM
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you see, manlets can learn. gjdm
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post 1461440903 09-09-2016, 06:21 AM
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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. 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.
A month to month lease and the sheriff solve that problem.
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post 1461441823 09-09-2016, 06:34 AM
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Originally Posted By 2020Wellness⏩
I literally just did the same thing last week. I close on a duplex at the end of the month and one of the renters is just staying put, so the monthly payment is already covered from day 1.

Congrats!
We gonna make it brah?
Originally Posted By Jarlie⏩
you see, manlets can learn. gjdm
we're not hopeless brah
post 1461441853 09-09-2016, 06:35 AM
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i hate being a landlord. if you get tenants that cant even change a light bulb ur fuked. im gettin out of this gig asap.

currently putting all my money in to apartment reits like IRT, BRG, APTS, NXRT. Reits are waaaaaaaaay more passive and returns are just as good.
Ron Paul 2016
post 1461442003 09-09-2016, 06:37 AM
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#39
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Awesome news OG!
ʙ ᴜ ᴄ ᴋ ᴇ ʏ ᴇ ✭ ɴ ᴀ ᴛ ɪ ᴏ ɴ
post 1461442653 09-09-2016, 06:44 AM
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Originally Posted By lunchbox12⏩
i hate being a landlord. if you get tenants that cant even change a light bulb ur fuked. im gettin out of this gig asap.

currently putting all my money in to apartment reits like IRT, BRG, APTS, NXRT. Reits are waaaaaaaaay more passive and returns are just as good.
unaware AF?
Originally Posted By buckeyenutz⏩
Awesome news OG!
Thanks OG brah
post 1461446743 09-09-2016, 07:22 AM
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#41
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Originally Posted By 2020Wellness⏩
A month to month lease and the sheriff solve that problem.
I'd like to agree with you but that simply isn't the case. Just because the sheriff shows up doesn't mean they have to answer the door. They can drag this out for weeks. Until you physically end up having to remove them. A month to month lease will not solve that problem. Then it gives a tenant an out to leave and you have to find another tenant. Do they have to give you a notice in advance on month to month? No. So, if you're expected $1300 a month in rent and it sits empty 2 months, you're out $2600 dollars. That could be half your profit for the year after expenses.

The law protects tenants in most states from landlords.
Originally Posted By lunchbox12⏩
i hate being a landlord. if you get tenants that cant even change a light bulb ur fuked. im gettin out of this gig asap.

currently putting all my money in to apartment reits like IRT, BRG, APTS, NXRT. Reits are waaaaaaaaay more passive and returns are just as good.
Agreed. I'm sick of this small time chit, it's time to move on to bigger and better things. You can show a tenant how to change a furnace filter 3x yet they refuse to do it and then you have a $3k bill for a new furnace cuz of a cracked heat exchanger.

Good luck suing them in court for that after they have no money to pay rent as well.
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post 1461447753 09-09-2016, 07:29 AM
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Originally Posted By _zman⏩
Agreed. I'm sick of this small time chit, it's time to move on to bigger and better things. You can show a tenant how to change a furnace filter 3x yet they refuse to do it and then you have a $3k bill for a new furnace cuz of a cracked heat exchanger.
Good luck suing them in court for that after they have no money to pay rent as well.
Am I the only one that would prefer to do the maintenance on things like this?
brb don't touch my fukking utility equipment.
post 1461448213 09-09-2016, 07:34 AM
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Originally Posted By All-Star11⏩
Am I the only one that would prefer to do the maintenance on things like this?
brb don't touch my fukking utility equipment.
The furnace filter replacement once per month is a great way to do a check-up on the place every month. And ya, lol at people who own the rental unit but blame the renter for not doing routine maintenance. Sack up and take care of your own property.
trainingwithryan.substack.com
post 1461448323 09-09-2016, 07:34 AM
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Gjdm.
post 1461448513 09-09-2016, 07:36 AM
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Originally Posted By 2020Wellness⏩
The furnace filter replacement once per month is a great way to do a check-up on the place every month. And ya, lol at people who own the rental unit but blame the renter for not doing routine maintenance. Sack up and take care of your own property.
Yah that's what I'm thinking.
I want to be in-tune with what's going on in/on my property.
Half of this gig is the monthly revenue it generates but the other half is the equity in the property with someone else paying down the mortgage for me. The big bucks come when you sell it at the peak of the market. To get the most cash...gotta keep the property up and the equipment.
post 1461448763 09-09-2016, 07:38 AM
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#46
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Originally Posted By All-Star11⏩
Am I the only one that would prefer to do the maintenance on things like this?
brb don't touch my fukking utility equipment.
Originally Posted By 2020Wellness⏩
The furnace filter replacement once per month is a great way to do a check-up on the place every month. And ya, lol at people who own the rental unit but blame the renter for not doing routine maintenance. Sack up and take care of your own property.
Well you've both admitted you only own one property. Check back when you own a dozen. If you want to spend your weekends changing lightbulbs and doing property inspections every weekend, feel free. I've simply decided there's better investments and easier ones at that. For example. My index funds earned 13% this year. Sounds better than changing lightbulbs to me.

I'm just telling you scenarios that can and will happen. And that was just one scenario.
Originally Posted By All-Star11⏩
Yah that's what I'm thinking.
I want to be in-tune with what's going on in/on my property.
Half of this gig is the monthly revenue it generates but the other half is the equity in the property with someone else paying down the mortgage for me. The big bucks come when you sell it at the peak of the market. To get the most cash...gotta keep the property up and the equipment.
The only way you made money is if you left the real-estate market after selling. Cuz if you are using that money to buy another property after you sell, you'll be paying the appreciation of the 2nd property, cuz it will appreciate with the rest of the market. And you have to hold the first property for years to recoup the closing costs for when you bought it and when you sell it. Unless you pay cash when you bought it, but you didn't.

Like I said. I hope it does work out for you.
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post 1461453603 09-09-2016, 08:17 AM
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#47
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Originally Posted By lunchbox12⏩
i hate being a landlord. if you get tenants that cant even change a light bulb ur fuked. im gettin out of this gig asap.

currently putting all my money in to apartment reits like IRT, BRG, APTS, NXRT. Reits are waaaaaaaaay more passive and returns are just as good.
Have a company manage all aspects of mine. I get the $$ electronically in my bank account, and small items (like the light bulbs you mention) are included in the lease as the responsibility of the tenant. The fee of having someone like that manage it is infinitely better than having to deal with tenants. They do all the background checks, marketing, and handling of the tenants.

Returns on a REIT are better than cash flow from a rental property? lel
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post 1461462393 09-09-2016, 09:35 AM
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#48
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OP,

Do you have a mortgage on your existing home? Reason I ask is, I was thinking about mortgaging and rental but they want 20% down to avoid CMHC fees. Just wondering how you got around that?
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post 1461462613 09-09-2016, 09:37 AM
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inb4 testifier just put a downpayment on a 600K condo
post 1461464313 09-09-2016, 09:51 AM
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Originally Posted By Paulo⏩
OP,

Do you have a mortgage on your existing home? Reason I ask is, I was thinking about mortgaging and rental but they want 20% down to avoid CMHC fees. Just wondering how you got around that?
Current house is mortgage.
If you buy a single family OR Duplex and you tell the lender you are buying it to move a direct family member in (like my retiring mother) then you are only required to put down 5%.
The best advice I can give anyone after recently refinancing my main house and getting this other mortgage is to deal with a mortgage broker. not the 'big' banks (td, rbc, scotia, etc) Those ppl are morons.
A mortgage broker only gets paid when he gets u a mortgage and it's not u who pays them. They also know how to seal the deal
post 1461466343 09-09-2016, 10:05 AM
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Originally Posted By SkiGains⏩
congrats on the second home man

but how did you get financing on 5% down?? every mortgage broker I talk to doesn't even reply to my unless I have atleast 20% down and most try to tell me to put 35% down so they don't need look at my income as much
Thanks brah

I had 20% down for my first, current home. I'm not aware of any loopholes around first time home buyers.
after you get over that first mortgage BS, you can then play around with 5-10% down like I mentioned.
Typically I would have had to put 10% down on this duplex if I wasnt 'moving family in'
post 1461466713 09-09-2016, 10:09 AM
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Originally Posted By 2020Wellness⏩
A month to month lease and the sheriff solve that problem.
so on a long term lease, even if you stop paying rent, you can't be forced out immediately/within 3 days?

how does that work?
"So t
post 1461466853 09-09-2016, 10:10 AM
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congrats. wish I would apply effort for chit like this...
post 1461467233 09-09-2016, 10:13 AM
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Originally Posted By Zackad⏩
so on a long term lease, even if you stop paying rent, you can't be forced out immediately/within 3 days?

how does that work?
Laws protect the hobos renting. Not the people with the bills to pay
I'm told is almost impossible to kick someone out if they arent paying during the winter months
Originally Posted By SkiGains⏩
I have one home already where I paid 22% down. My term just finished and Im trying to get a better rate, I'm paying 4.14% currently with a B lender. I tried to get a second mortgage but they won't budge.
jesus...
I just refinanced my current house 2.4% for 5 years
The second house mortgage is virtually the same.
I just walked into the mortgage brokers office with a bunch of my financials and he called me back the next day with a lender secured/approved
post 1461467933 09-09-2016, 10:19 AM
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mind blown at getting 1k a month after property tax/mortgage/maintenance on a 200k property...
watchout your comments boyo ↓
post 1461468053 09-09-2016, 10:19 AM
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Originally Posted By All-Star11⏩
Laws protect the hobos renting. Not the people with the bills to pay
I'm told is almost impossible to kick someone out if they arent paying during the winter months
I just don't understand how though lol. I'm sure I will if/when I get into renting, but are lease agreements not written up in a way that gives the landlord options if the tenant stops paying? and is living on a property not contingent on paying rent in a timely manner? or are there laws that basically make the contracts moot?
"So t
post 1461468813 09-09-2016, 10:24 AM
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Originally Posted By Benihanas⏩
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?
Sorry, missed your question brah.
The property I'm buying is already setup so I'm not 100% on the process. There will be a renters/landlord association you join. Complaints and issues with your tenants and vice-versa are handled thru the association.
The city only cares (here anyway) that the house conforms to the zoning that it is placed on. For example, not having a triplex or quadplex on a single family/duplex zoned lot and building codes.
Lenders and insurance will generally care that safety and fire codes are met to protect tenants
post 1461469113 09-09-2016, 10:26 AM
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Originally Posted By All-Star11⏩
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



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.
Bro, you're in Ontario?

Make sure with your bank that you're not making a mistake on the down payment. When you buy a 3-4 unit rental property and you DON'T live in one of the units then you're obliged to give a 20% down payment. When you do live in one of the units then it's 10%. That goes for rental properties 3-4 units.
post 1461469383 09-09-2016, 10:28 AM
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Originally Posted By iwant2beswole⏩
mind blown at getting 1k a month after property tax/mortgage/maintenance on a 200k property...
yah brah.
When we started looking to get into this, 1K per month was my goal.
As I kept looking, it seemed impossible and lowered my goal to 500. Then this gem became available
The key for profit here was to get a duplex property where the house/land is zoned as a Duplex (R2) and have a rent able basement. This is all actually 'legal' because of a grandfathered municipal law for the property.
post 1461470033 09-09-2016, 10:32 AM
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Originally Posted By SkiGains⏩
yeah 2.4% is the going rate these days so I know im getting ripped off pretty badly

you probably have a pretty steady stable job. Mine's on commission so that's probably why they don't want to deal with me
7 years same company. very good salary and excellent credit score.
My wife's income wasn't even used/considered when I refinanced my current house
Originally Posted By Zackad⏩
I just don't understand how though lol. I'm sure I will if/when I get into renting, but are lease agreements not written up in a way that gives the landlord options if the tenant stops paying? and is living on a property not contingent on paying rent in a timely manner? or are there laws that basically make the contracts moot?
It should be like that. unfortunately it's not with residential renting. Commercial on the other hand (and the ultimate goal), you can change the locks the next day and take any of their **** as payment for lost revenue. (probably simplifying things)
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