If I only had the money...

[keith1]

Hi,

I`ve invested in a couple of residential properties in small town Manitoba and am making excellent returns in terms of cash flow. I`d love to invest in more but the bank has put the brakes on me due to debt servicing load etc. Is there any way to convince them to lend me more money or is there someone like a mortgage broker that can find investors willing to lend money? Thanks for the help.

 

[Thomas Beyer]

QUOTE (keith1 @ Oct 12 2009, 02:03 PM) Hi,

I`ve invested in a couple of residential properties in small town Manitoba and am making excellent returns in terms of cash flow. I`d love to invest in more but the bank has put the brakes on me due to debt servicing load etc. Is there any way to convince them to lend me more money or is there someone like a mortgage broker that can find investors willing to lend money? Thanks for the help.
yes you can .. by finding investors YOURSELF ..

no one will find it for you until you are much larger !

Keep in mind that cash-flow is just one of the 3 profit centers in real estate ! The other 2, mortgage paydown and equity upside have to be in line too .. and equity upside is far less likely in a small town than in a big city like Winnipeg !

 

[keith1]

QUOTE (thomasbeyer2000 @ Oct 12 2009, 05:19 PM) yes you can .. by finding investors YOURSELF ..

no one will find it for you until you are much larger !

Keep in mind that cash-flow is just one of the 3 profit centers in real estate ! The other 2, mortgage paydown and equity upside have to be in line too .. and equity upside is far less likely in a small town than in a big city like Winnipeg !




Thanks, I think mortgage paydown is not a problem given that on the first property the mortgage is only 23% of the rental income and the second is about 52% of the rental income. I will admit that the equity upside is not present but given that in smaller centres you could buy 2-3 houses for the same money down as a home in Winnipeg, the return is actually much stronger.

 

[Thomas Beyer]

QUOTE (keith1 @ Oct 12 2009, 02:27 PM) Thanks, I think mortgage paydown is not a problem given that on the first property the mortgage is only 23% of the rental income and the second is about 52% of the rental income. I will admit that the equity upside is not present but given that in smaller centres you could buy 2-3 houses for the same money down as a home in Winnipeg, the return is actually much stronger.
noted .. why not share some numbers here ..

price .. expenses .. loan-to-value mortgage @ what interest rate .. net operating income .. cash-flow .. exit options in 4-12 years ..

 

[MikeMcCrae]

Hi Kieth,

I too have property in Manitoba and enjoy strong cash flow. There are many opportunities there, and if you work with a mortgage broker instead of a bank you will be amazed at the options that open themselves up to you.

 

[tonypeters]

Keith,

You need to learn the "secrets" of purcashing properties using OPM (other people`s money) and, with...NO MONEY DOWN"!

Once I realized that the BANKS were NOT there for me, I started exploring and applying many "creative" strategies of my own. As a result, I have been able to purchase HUNDREDS of properties...WITHOUT qualifying at the BANKS!

It is NOT a myth, it is a REALITY!

You can do it too!

QUOTE (keith1 @ Oct 12 2009, 03:03 PM) Hi,

I`ve invested in a couple of residential properties in small town Manitoba and am making excellent returns in terms of cash flow. I`d love to invest in more but the bank has put the brakes on me due to debt servicing load etc. Is there any way to convince them to lend me more money or is there someone like a mortgage broker that can find investors willing to lend money? Thanks for the help.

 

[DLUX]

QUOTE (tonypeters @ Oct 13 2009, 09:19 PM) Keith,

You need to learn the "secrets" of purcashing properties using OPM (other people`s money) and, with...NO MONEY DOWN"!

Once I realized that the BANKS were NOT there for me, I started exploring and applying many "creative" strategies of my own. As a result, I have been able to purchase HUNDREDS of properties...WITHOUT qualifying at the BANKS!

It is NOT a myth, it is a REALITY!

You can do it too!

Tony

I am very interested in learning these secrets, what or how is the best way?

 

[tonypeters]

Are you attending the Ron LeGrand event?

QUOTE (DLUX @ Oct 14 2009, 10:28 PM) Tony

I am very interested in learning these secrets, what or how is the best way?

 

[GarthChapman]

QUOTE (MikeMcCrae @ Oct 13 2009, 02:52 PM) Hi Kieth,

I too have property in Manitoba and enjoy strong cash flow. There are many opportunities there, and if you work with a mortgage broker instead of a bank you will be amazed at the options that open themselves up to you.

I`ll second that! Your banker is likely not an expert in lending on rental properties, so the sandbox you are playing in is quite likely the wrong one...