I`m absolutely brand new to the board and to real estate investing... however my partner and I have been doing a lot of reading and research over the last six months and are ready to start building a team and looking at properties.
We know about the importance of building a team experienced with investing and not just typical residential real estate. We also know about the 1.1 rule and want to make sure we qualify each and every property we acquire so they can be viewed as a separate portfolio when the appropriate time arrives. I know things are getting tighter and this may not be an option when we finally get there but no sense in closing the door before we even get started right?
To that end we need a recommendation for a good mortgage broker. Someone who:
- Can operate in southern Ontario
- is very experienced with real estate investing
- understands and has implemented the 1.1 rule for other clients (must be able to provide references)
- Currently works with lenders who will use this 1.1 DCR.
I know there are many many good brokers out there and I`m sure there are lots that would do a great job for us however we`re trying to narrow the field and would appreciate any advice or names experienced investors could provide.
As a sidebar, which lenders support this "110% rule" approach?
I and many Southern Ontario REIN members use Kevin Boughen of Dominion Lending Centres. He is a REIN member himself as well as an investor, and knows his stuff like nobody`s business. Plus he`s a very friendly guy and takes the time to explain things along the way. A great team member to have, especially if you`re a noob like me!
Give him a shout at 1-866-585-0999 or email him at [email protected]
I`m a big fan of not wasting people`s time. Cold calling brokers and asking if they understand and use this rule is a little like dangling beef in front of a hungry dog. I fear I`ll get an enthusiastic "yes" only to discover later that I`m working with someone who`s never done this before and whose suite of lenders does not use this approach.
So I`m grateful for the names but would ask if you`re recommending these people because you know they have experience with the 110% rule or because they`ve generally been good brokers to work with? If they`re experienced in this area and work with a supportive lender then please be sure to say so. That way I wont waste the brokers time or put them on the spot if/when we ask for a DCR 1.1 reference.
QUOTE (nourse @ Oct 28 2009, 03:35 PM) I`m a big fan of not wasting people`s time. Cold calling brokers and asking if they understand and use this rule is a little like dangling beef in front of a hungry dog. I fear I`ll get an enthusiastic "yes" only to discover later that I`m working with someone who`s never done this before and whose suite of lenders does not use this approach.
So I`m grateful for the names but would ask if you`re recommending these people because you know they have experience with the 110% rule or because they`ve generally been good brokers to work with? If they`re experienced in this area and work with a supportive lender then please be sure to say so. That way I wont waste the brokers time or put them on the spot if/when we ask for a DCR 1.1 reference.
Jas is most definatly familiar and a great broker to work with. Plus he has a tax background as a bonus. They use the 1.1
QUOTE (nourse @ Oct 28 2009, 03:35 PM) I`m a big fan of not wasting people`s time. Cold calling brokers and asking if they understand and use this rule is a little like dangling beef in front of a hungry dog. I fear I`ll get an enthusiastic "yes" only to discover later that I`m working with someone who`s never done this before and whose suite of lenders does not use this approach.
So I`m grateful for the names but would ask if you`re recommending these people because you know they have experience with the 110% rule or because they`ve generally been good brokers to work with? If they`re experienced in this area and work with a supportive lender then please be sure to say so. That way I wont waste the brokers time or put them on the spot if/when we ask for a DCR 1.1 reference.
Kevin Boughen is very well versed in the 1.1 Rule and will work with you to make sure you achieve this ratio (and if necessary 1.2 and higher) in order for you to safely meet your investing goals. And yes, many of the lenders he works with subscribe to this 1.1 Rule.
If you want a team member which you can call any time call Kevin Boughen 905-859-6060 or 1866-589-0999.He helped me in purchasing 24 townhouses.Simply he is the best.Thanks
QUOTE (nourse @ Oct 28 2009, 04:10 PM) Thanks guys... I really appreciate the guidance! We`ll make sure to talk to both Jas and Kevin.
QUOTE (manojsingh @ Oct 29 2009, 01:48 AM) If you want a team member which you can call any time call Kevin Boughen 905-859-6060 or 1866-589-0999.He helped me in purchasing 24 townhouses.Simply he is the best.Thanks
Ben and Manoj, thank you for the kind words. I have posted my updated contact information below.
QUOTE (nourse @ Oct 28 2009, 12:34 PM) As a sidebar, which lenders support this "110% rule" approach?
Hi Nourse,
There are still a few Lenders offering portfolio financing including FirstLine, Scoita, Laurentian and National Bank. They each have their own individual criteria that may or may not be suitable for your personal situation and objectives.
