Hypothetical down payment

[MattReno]

so if a house is appraised at say 200,000 and you can purchase it for say 100,000 what will the bank want for a down payment?

 

[Thomas Beyer]

20% or $20,000 if rental or 5% if personal residence.

Do that, than in a year or 2 after some modest renos, refinance based on new appraisal with an 80% new mortgage.


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[MattReno]

20% or $20,000 if rental or 5% if personal residence.

Do that, than in a year or 2 after some modest renos, refinance based on new appraisal with an 80% new mortgage.


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Thank you Thomas you are wealth of information!

 

[Cory Sperle]

It sounds like a great position to be in, either a 400% return if you go conventional or almost 2000% ROI if you use CMHC. Are you looking for a JV partner? Who sells a house at 50% off?

 

[MattReno]

It sounds like a great position to be in, either a 400% return if you go conventional or almost 2000% ROI if you use CMHC. Are you looking for a JV partner? Who sells a house at 50% off?

I’m arbitraging them. If you are actually interested send me a message I’ll fill you in