Mortgage Broker/Realtor Recommendations?

[addbo]

Hello all!

I just registered on this forum a moment ago. Looks like a great place to find information from sophisticated and knowledgeable investors. I know this question has been asked before and I`ve already done a quick search on "Mortgage Brokers" using the search and did find a number of names such as the following:

Peter Kinch with Dominion
Rob MacDonald in BC
Kevin Boughen in ON
Jason Scott in AB with Urban Mortgage

I also know that in the ACRE system you`re supposed to develop a relationship with your banker... and unfortunately I live in Yellowknife, NT. Here in the North with only a population of 20,000... not much selection except for the big 4 banks (TD, CIBC, Royal, Scotia). So a little more difficult to find a knowledgeable and experienced investment real estate banker.

I`ve currently got two properties ... one mortgage with CIBC and another with Scotia...

The CIBC mortgage was because my parents also have their mortgage with the CIBC and so they have a good relationship with this banker and it was my first property so I decided to play it safe.

The Scotia mortgage was because I read about the Scotia Total Equity Plan mortgage which basically gives you an automatically adjustable HELOC. (It sounded useful from reading in the Canadian Real Estate Magazine(CREM)). I liked the banker at Scotia, but she`s since moved and so I`m sort of bankerless again.

I just read another article in the most recent edition of the CREM about cap rates... how the first five mortgages are the easiest to get and after 4 or 5 most lenders will cap you... and that chartered banks are the way to go for anything after 5 properties... but as you can see I`ve already gotten two mortgages AT the chartered banks.

Anyways I guess I actually have a few questions then:

1) Obviously recommendations on broker(s) you use.

2) Anyone know of a good broker in Yellowknife?

3) Is it REALLY bad if I can only do telephone interviews with a broker?

4) My second property is actually in Regina, SK so a good broker there might be okay. Then again I`ll be in Edmonton next month (unfortunately I`ll be missing the multi-family seminar... it really looked interesting.)... and was thinking that I could take some time to interview a couple of brokers then. (So I`ll definitely be looking up Jason Scott)

I`m also looking at real estate agents in Regina,SK that are savvy to the ACRE system and that are interested in working with investors and know what their needs are. Any suggestions?

Thanks for your help and suggestions in building my investment team!

 

[kboughen]

In my experience, telephone interviews with a Broker are fine. We have done many deals with clients across Canada that we have not personally met. Although you currently have 2 mortgages with Chartered Banks, it would definitely be a good idea to consider non deposit Lenders for the next couple of purchases while it is still an option.

Feel free to contact me if you would like a telephone consultation and Pre-Positioning Report

 

[addbo]

QUOTE (kboughen @ Aug 22 2010, 09:40 AM) In my experience, telephone interviews with a Broker are fine. We have done many deals with clients across Canada that we have not personally met. Although you currently have 2 mortgages with Chartered Banks, it would definitely be a good idea to consider non deposit Lenders for the next couple of purchases while it is still an option.

Feel free to contact me if you would like a telephone consultation and Pre-Positioning Report

That`s great! Thanks Kevin I`ll try to give you a shout in the next week or so.

anyone else with suggestions on realtors and/or brokers?