No man (or woman) is an Island.....S.O.S

[IanfSinclair]

Hello my fellow REIN members hope everyone had a wonderful long weekend. I am a fairly new member looking for some wisdom, guidance or advice and maybe even all of the above if possible with my current situation.
I just moved to fort Mc murry from Ontario less than a year ago and I am having some trouble moving forward to my personal Belize.

I purchased a couple of properties before I joined Rein that were high ratio non conventional mortgages in Ontario and now in Alberta I picked up my first property with peter Kinches office.
The situation I`m having right now is that I am finding some great deals in fort Mc murray however when I try to qualify for the mortgages I keep getting denied due to the properties I have in Ontario which have little or no equity in them.

I`ve had appraisals done to all of them and they have come back unfavorably and I`ve also tried joint venturing for the down payment for the properties I`m trying to purchase with no success.

Some one suggested I incorporate but I`m not sure if that`s the right direction I should be going in.
Even though my credit is excellent and I have a good job in fort mac making decent money I`m just not getting the results I want.
I am at fork in the road and uncertain what my options are other than the ones I have already tried. If you have any suggestions to help me or steer me in a different direction that would be absolutely great. I look forward to any advice possible.
Ian.
Ps. If any senior Rein members are interested in coaching a new member that would be awesome as well. Thanks.

 

[Thomas Beyer]

QUOTE (IanfSinclair @ Aug 4 2008, 05:39 PM) Hello my fellow REIN members hope everyone had a wonderful long weekend. I am a fairly new member looking for some wisdom, guidance or advice and maybe even all of the above if possible with my current situation.
I just moved to fort Mc murry from Ontario less than a year ago and I am having some trouble moving forward to my personal Belize.

I purchased a couple of properties before I joined Rein that were high ratio non conventional mortgages in Ontario and now in Alberta I picked up my first property with peter Kinches office.
The situation I`m having right now is that I am finding some great deals in fort Mc murray however when I try to qualify for the mortgages I keep getting denied due to the properties I have in Ontario which have little or no equity in them.

I`ve had appraisals done to all of them and they have come back unfavorably and I`ve also tried joint venturing for the down payment for the properties I`m trying to purchase with no success.

Some one suggested I incorporate but I`m not sure if that`s the right direction I should be going in.
Even though my credit is excellent and I have a good job in fort mac making decent money I`m just not getting the results I want.
I am at fork in the road and uncertain what my options are other than the ones I have already tried. If you have any suggestions to help me or steer me in a different direction that would be absolutely great. I look forward to any advice possible.
Ian.
Ps. If any senior Rein members are interested in coaching a new member that would be awesome as well. Thanks.

You`re likely too levered for the income (rental + regular) .. so some options, all not so pleasant perhaps for you to hear: sell some homes .. or wait until equity improves in assets you own .. or make more money in the "regular job" or raise rents if possible (hard to do in ON with rent control, I know ..) ..

or JV with someone else qualifying for a mortgage .. which is hard to do .. but doable with enough skills or decent JV opps ..

 

[GarthChapman]

Ian, some questions for you:

Have you asked Peter Kinch or Rob MacDonald of his office what you should do? Have you made a 5-year plan and shared it`s objectives with Peter`s staff?

Regarding the lack of JV success - What is not working? Why no success?

 

[Nir]

Ian,

How about deciding on a specific personal goal, for example $3,000 a month in positive cash flow from rental income within 2 years?

This will help you prepare an action plan i.e. sell one of the properties that does not generate any income and buy one or two or three others instead that will generate at least $1,000 a month positive cash flow (just an example)?

It will also help you see and feel real progress towards achieving your goal, an idea where exactly you stand relative to your goal and most important CONFIDENCE and better preparation for the meetings with the banker/mortgage broker.

In other words, success will only bring more success..

Good luck,
Neil