- Joined
- Jan 22, 2008
- Messages
- 9
Hi everyone
I Just joined Rein this month and am trying to fasttrack my ways through Quickstart. Its so great to finally have a network of people and advice about real estate. Dreams do come true(well they will with solid panning). I have a little experience with buying but my main interest is in multifamily residence. In anycase I have some questions for you
What is the maximum number of suites a building can have and still be considered Primary Residence for the owner?
Could you get a morgage with 10% down if it was your primary residence on a 4 plex?
I`ve read that with a CMHC approved morgage you can get a lower morgage rate. Is this true and if it is, is it worth the extra money to pay for CMHC if you take a 5 year term.
What is a good Revenue to cost ratio (I live in edmonton so the rated are usually lower but the one im looking at is 9.5% being very conserative on price and rents. Is This too low for multifamily residences?
Well I think Thats all, But i`m sure ill think up more. I cant wait untill my first Rein Meeting on Feb 6
Thanks Again
Tim Unsworth
I Just joined Rein this month and am trying to fasttrack my ways through Quickstart. Its so great to finally have a network of people and advice about real estate. Dreams do come true(well they will with solid panning). I have a little experience with buying but my main interest is in multifamily residence. In anycase I have some questions for you
What is the maximum number of suites a building can have and still be considered Primary Residence for the owner?
Could you get a morgage with 10% down if it was your primary residence on a 4 plex?
I`ve read that with a CMHC approved morgage you can get a lower morgage rate. Is this true and if it is, is it worth the extra money to pay for CMHC if you take a 5 year term.
What is a good Revenue to cost ratio (I live in edmonton so the rated are usually lower but the one im looking at is 9.5% being very conserative on price and rents. Is This too low for multifamily residences?
Well I think Thats all, But i`m sure ill think up more. I cant wait untill my first Rein Meeting on Feb 6
Thanks Again
Tim Unsworth