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Steelbird41

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Apr 29, 2009
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Hi All
I went to a Rich Dad event after reading his books. Let me say I was not prepared for all the hard sell techniques. I asked if I could take a few days to think it over (due dil). No. As soon as they said that I thought it was a scam. So I made my way here and am looking for some advice.
I am a married father of 2 and have a 3rd child on the way. My wife and I both work full time and have a little debt. Anyway with a 3rd child comes another mat leave and less money coming into the household.
I have been told by a banker that they will not accept a line of credit down payment for a rental property. That news hurts as we do not have a down payment saved. Advice from anyone investing in the Guelph Ontario area would be greatly appreciated. Heck advice from anyone who has a clue would be appreciated.
Happy Investing
Ken Thompson
 
 
QUOTE (Steelbird41 @ May 5 2009, 08:30 AM) Hi All
I went to a Rich Dad event after reading his books. Let me say I was not prepared for all the hard sell techniques. I asked if I could take a few days to think it over (due dil). No. As soon as they said that I thought it was a scam. So I made my way here and am looking for some advice.
I am a married father of 2 and have a 3rd child on the way. My wife and I both work full time and have a little debt. Anyway with a 3rd child comes another mat leave and less money coming into the household.
I have been told by a banker that they will not accept a line of credit down payment for a rental property. That news hurts as we do not have a down payment saved. Advice from anyone investing in the Guelph Ontario area would be greatly appreciated. Heck advice from anyone who has a clue would be appreciated.
Happy Investing
Ken Thompson

You need to get a secure LOC on your own home to start.
Develope a relationship with a mortgage broker who works with investors.
Pull your own credit bureau to get an idea of your beacon score.
Many steps to take, all simple just not easy.
Try starting by reading Real Estate Investing in Canada by Don R. Campbell.
Visit this site often, lots to learn here, and lots of advice, just learn to filter some of that advice.
Good luck.
 
Thanks Thomas for the links. I will read them ASAP. I am also going to join as it seems much more legit than the rich dad scheme.
Thanks Edward. I am currently reading Real Estate Investing in Canada and loving it. That is how I found this site. I have started building my power team and have checked about a HELOC and the company that carries my mortgage does not do this anymore. I refinanced two years ago so doing so again would incur some substantial costs that I would rather put twords real estate.

Thanks Again
Ken Thompson
 
Ken,

In Canada I have listened to the Rich Dad crowd (too costly!), fasttracktocashflow (good), and Rein (very good0.

I own some student rentals in Guelph myself. I started with one 3 years ago. Start with one and see where it goes. Yes, I use a HELOC as a source of my downpayment(s). The mortgage company just wants to know you have the cash to close (they will ask you to prove it with paper work).

Because I absolutely love real estaste I will soon (in 2-3 weeks) be offering the services of a realtor (I`m interviewing brokerages now). I am an investor in Guelph. I`m a retired P.Eng. (I know structures) and I`m a full-time fire fighter (I know the fire code).

I`m sure I could help you acquire a right property and support you to grow your real estate business for your profits and your personal Belize.

Contact me: Thanks Thomas for the links. I will read them ASAP. I am also going to join as it seems much more legit than the rich dad scheme.
Thanks Edward. I am currently reading Real Estate Investing in Canada and loving it. That is how I found this site. I have started building my power team and have checked about a HELOC and the company that carries my mortgage does not do this anymore. I refinanced two years ago so doing so again would incur some substantial costs that I would rather put twords real estate.

Thanks Again
Ken Thompson
 
QUOTE (Steelbird41 @ May 5 2009, 08:30 AM) Hi All
I went to a Rich Dad event after reading his books. Let me say I was not prepared for all the hard sell techniques. I asked if I could take a few days to think it over (due dil). No. As soon as they said that I thought it was a scam. So I made my way here and am looking for some advice.
I am a married father of 2 and have a 3rd child on the way. My wife and I both work full time and have a little debt. Anyway with a 3rd child comes another mat leave and less money coming into the household.
I have been told by a banker that they will not accept a line of credit down payment for a rental property. That news hurts as we do not have a down payment saved. Advice from anyone investing in the Guelph Ontario area would be greatly appreciated. Heck advice from anyone who has a clue would be appreciated.
Happy Investing
Ken Thompson

Hi Ken,

Talk to another bank or broker - downpayment from a secured LOC is where most downpayments come from, and is perfectly acceptable.
 
Hi Ken, you need an advice from a mortgage broker who knows investment properties and investors. There are few REIN members here that will be able to give you direction and tell you what`s possible. Same goes for your RE agent. Your first investments are very important, because they form the foundation on which you will build your portfolio.
Everything is possible with knowledge, time and the right team.
 
I can only echo many of the comments above. You need to start with a plan, and focus on what you want as your end result. Financing will be one of your largest hurdles, and starting with a plan, and working with a mortgage professional that has experience working with protfolio clients is the key.

And don`t forget to join REIN!
 
QUOTE (Steelbird41 @ May 5 2009, 11:30 AM) Hi All
I went to a Rich Dad event after reading his books. Let me say I was not prepared for all the hard sell techniques. I asked if I could take a few days to think it over (due dil). No. As soon as they said that I thought it was a scam. So I made my way here and am looking for some advice.
I am a married father of 2 and have a 3rd child on the way. My wife and I both work full time and have a little debt. Anyway with a 3rd child comes another mat leave and less money coming into the household.
I have been told by a banker that they will not accept a line of credit down payment for a rental property. That news hurts as we do not have a down payment saved. Advice from anyone investing in the Guelph Ontario area would be greatly appreciated. Heck advice from anyone who has a clue would be appreciated.
Happy Investing
Ken Thompson

Hi Ken,

Much of what I would like to say, has already been said.
If you are serious about real estate investing and are motivated to make change in your life, there is no better group to be associated with then REIN.
 
Hi All
Thanks for all the advice. Here`s some more info.
I have an agent although I am not sure it will work out yet. I have a mortgage broker (Bother in Law) who has NO experience with investing. Yes this is a big problem but I am working with an Investor/Accountant (father in Law) who has lots of experience with building power teams to solve this problem. Also my brother has been in the construction industry for 20 years and is a wealth of knowledge and support.
I am currently reading Real Estate Investing In Canada and love it. What a great step by step source for beginners.
I am working on getting my team in place before I move on anything.

Thanks Again
KEN
 
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