I like how they break down some ways that a B lender may finance you. I didn't know you could use a secured or unsecured line of credit to make part of a down payment. The 1.5% to 3% part makes a huge difference to your debt service ratio though. Great video!
question! im confused about the discussion @5:45 if I take money from my HELOC, we would then need to put into a RRSP account for 90 days or just a bank account? and would there be a difference between the % of how much you put on a downpayment from a regular line of credit (10% of 20% downpayment) and a home equity line of credit?
Appreciate the comment Mike and thanks so much for watching! We’re always available for any questions in the future, feel free to send us a dm to our Instagram!
If i can sell my current home and use the equity to purchase two homes (house hacking-upper and lower suites) in a different town would it be better to pay cash so that I’m maximizing my income? Or is it better to get a mortgage on each? I’m basically wanting to live in one basement suite so that the other three can pay my living expenses.
Love the video guys. Very informative.my question revolves around buying property in smaller towns. Is there a population minimum that A lenders require when buying say a triplex or fourplex?
my Agent told me not to get line of credit and pay off all of my debts.. reading the comments here that i can use line of credit.. now im wondering if my agent is the right agent for me.
I always wondered. If i bought a duplex for 5% down with my brother, he is living there but not me. Can I then buy my own duplex with my brother’s help with CMHC for 5%?(don’t have enough loan to buy it by myself and im planning to live there)
3:39 The way banks are going with AML is pretty brutal in terms of personal freedom and privacy. Money should be money, if you have the balance good to go. Banks should not be forced to be police detectives.
The problem with that is you allow illicit funds to take over the market and drive prices up even further. AML is a minor inconvenience for the majority of home buyers, a gift letter and 90 day bank statements aren't a huge price to pay. And on the private side, MICs that use AML are able to keep rates a bit lower as well.
@@ehrenlaycock293 You're underestimating the long term cost of creeping invasion of privacy and gov't control of the financial system. Police should do their jobs better and can get warrants to get transaction information if they need it to prosecute a criminal. Surveillance and permissioned money system is not a good solution.
"putting as little money as possible" is another way of saying being leveraged to the eyeballs. If people are no longer capable of paying rent and property values drop you'd end up with a negative equity and you wouldn't be able to pay your mortgages. You'd get wiped out. You, matt, would probably be fine if youtube pays you enough to cover your missed rent payments but that can't be said about everyone else. Insane leverage with 0 concept of risk management is financial suicide.
@Philadelphia Collins and Sons and if your tenants stop paying rent and your properties lose half their value ? What then ? I'm trying to warn you people of how things could go bad and that you should prepare for a possible downturn and deleverage, and you pollute the conversation with your tribal mindset.
Galathea Grimm what’s the probability of that happening? If you’re a smart investor you buy below market value, add value to the property and set rents to a affordable price. Stop thinking about things that are very unlikely to occur and focus on possibilities. Problems > Profits Every damn time 💯
We always go over our clients' financial situations with them and disclose all risks associated with purchasing real estate. When we qualify our buyers on the A and B side, we qualify at 4.94% or 2% above contract rate, so buyers are qualifying at a rate higher than what they're actually getting on their mortgage. There's always a risk associated with purchasing real estate, your tenants could lose their job, you could lose your job, your property value could drop, the economy could crash. Real estate is never a risk free purchase. The onus is then on the buyer to make sure they keep their financials up to par as best as possible, unfortunately education and society has failed to teach proper financial literacy.
I believe your beard is ready for it's own channel.
lol, thanks for watching! Appreciate the support
🔥 🔥
I like how they break down some ways that a B lender may finance you. I didn't know you could use a secured or unsecured line of credit to make part of a down payment. The 1.5% to 3% part makes a huge difference to your debt service ratio though. Great video!
Happy you found value from the video Jackson! Thanks for watching!
Lots of incredible knowledge.
Definitely gotta write some notes 📝
Appreciate the feedback !
Best video I’ve seen from you in a while, great job!
Appreciate the feedback !
question! im confused about the discussion @5:45 if I take money from my HELOC, we would then need to put into a RRSP account for 90 days or just a bank account? and would there be a difference between the % of how much you put on a downpayment from a regular line of credit (10% of 20% downpayment) and a home equity line of credit?
Appreciate the comment Mike and thanks so much for watching! We’re always available for any questions in the future, feel free to send us a dm to our Instagram!
If i can sell my current home and use the equity to purchase two homes (house hacking-upper and lower suites) in a different town would it be better to pay cash so that I’m maximizing my income? Or is it better to get a mortgage on each? I’m basically wanting to live in one basement suite so that the other three can pay my living expenses.
Love the video guys. Very informative.my question revolves around buying property in smaller towns. Is there a population minimum that A lenders require when buying say a triplex or fourplex?
Thanks for watching Angeline!
Feel free to send us over a dm to our Instagram.
We are always happy to connect for any real estate financing questions!
Vendor take back how are they structured term and rate does this affect the purchase agreement?
What is the incentive to the seller in today's market?
Awesome video again! Does the 90 day rule for down payment funds also apply for commercial financing?
Any lender that follows AML will do some due diligence on the downpayments. Even some private MICs have asked about where funds are coming from.
My initial plan for the down payments was to rob 7-11’s. I’m thinking I should maybe do the RRSP thing instead.
RRSP is the way to go!
naaah rrsp's are for sissy's, i bet you can hit 10 7-11's in a day, i believe in you, so does the justice system
my Agent told me not to get line of credit and pay off all of my debts.. reading the comments here that i can use line of credit.. now im wondering if my agent is the right agent for me.
The bois are back in town?
ya baby !
I always wondered. If i bought a duplex for 5% down with my brother, he is living there but not me. Can I then buy my own duplex with my brother’s help with CMHC for 5%?(don’t have enough loan to buy it by myself and im planning to live there)
The law dictates you can have 1 insured property per insurer..
Ehren Laycock does that mean I can try with other mortgage insurer like genworth and canada guaranty?
I want those UA-cam pillows
I forget where we got them, but you should be able to find them online. They’re comfy too.
First! Long time no talk
🏆
Hi Gary!
Matt McKeever I hope your well!!! It seems you are crushing it!!! That is so awesome to see
What did I witness mid way through this vlog with the couch?
Ahaha, hmm🤔
3:39 The way banks are going with AML is pretty brutal in terms of personal freedom and privacy. Money should be money, if you have the balance good to go. Banks should not be forced to be police detectives.
The problem with that is you allow illicit funds to take over the market and drive prices up even further. AML is a minor inconvenience for the majority of home buyers, a gift letter and 90 day bank statements aren't a huge price to pay. And on the private side, MICs that use AML are able to keep rates a bit lower as well.
@@ehrenlaycock293 You're underestimating the long term cost of creeping invasion of privacy and gov't control of the financial system. Police should do their jobs better and can get warrants to get transaction information if they need it to prosecute a criminal. Surveillance and permissioned money system is not a good solution.
"putting as little money as possible" is another way of saying being leveraged to the eyeballs.
If people are no longer capable of paying rent and property values drop you'd end up with a negative equity and you wouldn't be able to pay your mortgages. You'd get wiped out.
You, matt, would probably be fine if youtube pays you enough to cover your missed rent payments but that can't be said about everyone else.
Insane leverage with 0 concept of risk management is financial suicide.
@Philadelphia Collins and Sons and if your tenants stop paying rent and your properties lose half their value ? What then ? I'm trying to warn you people of how things could go bad and that you should prepare for a possible downturn and deleverage, and you pollute the conversation with your tribal mindset.
Galathea Grimm what’s the probability of that happening? If you’re a smart investor you buy below market value, add value to the property and set rents to a affordable price.
Stop thinking about things that are very unlikely to occur and focus on possibilities.
Problems > Profits
Every damn time 💯
We always go over our clients' financial situations with them and disclose all risks associated with purchasing real estate. When we qualify our buyers on the A and B side, we qualify at 4.94% or 2% above contract rate, so buyers are qualifying at a rate higher than what they're actually getting on their mortgage. There's always a risk associated with purchasing real estate, your tenants could lose their job, you could lose your job, your property value could drop, the economy could crash. Real estate is never a risk free purchase. The onus is then on the buyer to make sure they keep their financials up to par as best as possible, unfortunately education and society has failed to teach proper financial literacy.