first investmnt property

[skiba]

I`m looking to buy my first investment property in Ontario...I currently own a home, does anyone have a suggestion on the best way to go about this with using minimal capital?

 

[Thomas Beyer]

QUOTE (skiba @ Sep 8 2009, 08:12 PM)
I'm looking to buy my first investment property in Ontario...I currently own a home, does anyone have a suggestion on the best way to go about this with using minimal capital?




Find a very small area you can research very well .. find a property type that makes sense to you ! 5% down is possible but don't overlever as it has to cash-flow and you have to have a reserve !



Or: sublet a room or 3 or a suite in your house, possibly in a bigger house !



Read these posts here !



5 ways to make money http://myreinspace.com/public_forums/General_Discussion/61-3347-5_ways_to_make_money.html

How to get started http://myreinspace.com/public_forums/General_Discussion/61-4391-How_to_get_started_.html

LOC vs. mortgage: http://myreinspace.com/public_forums/Real_Estate_Discussion/62-2302-What_is_better_a_mortgage_or_a_line-of-credit_.html

Are you too levered ?

http://myreinspace.com/public_forums/Real_Estate_Discussion/62-10823-When_are_you_too_levered_.html

 

[kboughen]

QUOTE (skiba @ Sep 8 2009, 10:12 PM) I currently own a home, does anyone have a suggestion on the best way to go about this with using minimal capital?
Here are a few ways to minimize your capital investment;

• Purchase with 5% down using the CMHC small rental program
• Use a secured line of credit on your principle residence for the down paymentUse other peoples money through a JV agreement or RSP second mortgage

Each of the above has their own pros and cons based on your personal situation. When determining the lowest down payment to use, you should also consider GDS/TDS ratios, cash flow and debt coverage ratios so that you position yourself for future success.

A Mortgage Broker experienced with real estate investors can assist you with this analysis.

 

[tonypeters]

I would highly recommend that you attend one or Ron LeGrand`s creative real estate seminars. He is the KING of purchasing properties with..."NO Money Down". I have a personal philosophy..."If you can`t make money without money, you can`t make money with money". It`s truly amazing what you can do if you do not have a choice! How do you think I know that? Good Luck!



QUOTE (skiba @ Sep 8 2009, 08:12 PM) I`m looking to buy my first investment property in Ontario...I currently own a home, does anyone have a suggestion on the best way to go about this with using minimal capital?

 

[BrianPersaud]

QUOTE (skiba @ Sep 8 2009, 10:12 PM) I`m looking to buy my first investment property in Ontario...I currently own a home, does anyone have a suggestion on the best way to go about this with using minimal capital?

Are you in the GTA?
Can you qualify for a mortgage at most of $300k?

I know someone that is pretty motivated to sell a property that can potentially cashflow no money down (legitimately). msg me at brian(at)realexpertsinc.com