- Joined
- Jul 10, 2008
- Messages
- 6
Hello,
My sister and I are looking into buying a fourplex at the moment. We both own a house (she has a single dwelling, I own a duplex). I contacted my mortgage broker who told me that perhaps my sister and I should registered within a company, since we have intention to buy more than one investment property. He was saying that this way it is easier to qualify for financing.
1) Is there more restrictions? I mean is it harder to do what you want with the property than it is if it is just under your name? Or is it easier to get financing within a registered company?
2) Also is it harder to re-mortgage if it is within a registered company? Both my sister and I have outstanding debts from too many years in university and we were thinking that when the equity in the investment property increase to re-mortgage and to pay off our debts.
3) Would you have one registered company for each investment property that you buy? I mean is it easier to deal with it this way and cheaper for instance for avoiding paying GST on property that has revenues less than 30000 per year. Or is it easier to have one company with many investment properties?
Both my sister and I wants to own around 25 to 30 doors. We are looking at long term investment to have those as our retirement plan.
thank you for your help,
My sister and I are looking into buying a fourplex at the moment. We both own a house (she has a single dwelling, I own a duplex). I contacted my mortgage broker who told me that perhaps my sister and I should registered within a company, since we have intention to buy more than one investment property. He was saying that this way it is easier to qualify for financing.
1) Is there more restrictions? I mean is it harder to do what you want with the property than it is if it is just under your name? Or is it easier to get financing within a registered company?
2) Also is it harder to re-mortgage if it is within a registered company? Both my sister and I have outstanding debts from too many years in university and we were thinking that when the equity in the investment property increase to re-mortgage and to pay off our debts.
3) Would you have one registered company for each investment property that you buy? I mean is it easier to deal with it this way and cheaper for instance for avoiding paying GST on property that has revenues less than 30000 per year. Or is it easier to have one company with many investment properties?
Both my sister and I wants to own around 25 to 30 doors. We are looking at long term investment to have those as our retirement plan.
thank you for your help,
