Hi bb2, thanks for your feedback.
When you say "for flips you cannot get a mortgage" Did you mean I shouldn't get a mortgage? Or you mean banks won't give me a mortgage for the flip?
Thanks
Thanks Thomas for your reply.
The person forking out 20 - 35% down would be partner number 1 (getting the mortgage)
Technically Partner 1 & 2 (Renovation money) could be considered the same partner (its a couple), but I figured if I broke it down more specifically it would make more sense who...
Hi,
I have recently been approached to partner up on flipping a house.
Here is the situation:
- One partner will be getting the mortgage and title under their name
- One partner will be financing all renovation costs
- One partner will be doing and over seeing all renovations
- One partner...
Thanks for the reply Thomas.
When I say "Best" I meant less hassle.
Had a really stressful experience with the last mortgage (with 1 of the 5 major banks in Canada)
Even though I was up front with my intentions that I was going to fully renovate and sell, they put me on a personal mortgage 25%...
Hi,
I did a couple house flips in the GTA area, each time using my personal name to get a conventional open/variable mortage. Just wanted to ask the community if anyone know of a better mortgage product out there more beneficial for house flipping?
Considering purchasing under my corporation...