Rental add back

[jesse-g]

Does anyone have any advice for a new investor trying to understand the 50% rental ad back policy ? Are there any ways around this? With the way I understand it, it is going to quickly put and end to my portfolio growth

Sent from my Pixel using myREINspace mobile app

 

[kfort]

Not all banks evaluate the same. Example: I’ve just switched 6 files to TD who evaluates by taking rent, subtracting 3% vacancy (Canada wide its this number currently), taxes, mortgage P&I. If that comes out a positive number they set it aside and act as if it doesn’t exist.

Their global limit is 10, 6 with TD itself.

All these evaluating factors are subject to change at any time. You’d be fairly well advised to consult a legitimately solid mortgage broker. And you may be surprised at how near or far you may find one!


Sent from my iPhone using myREINspace

 

[jesse-g]

Great thank you. That helps a lot I appreciate it

Sent from my Pixel using myREINspace mobile app

 

[angelapeng]

Not all banks evaluate the same. Example: I’ve just switched 6 files to TD who evaluates by taking rent, subtracting 3% vacancy (Canada wide its this number currently), taxes, mortgage P&I. If that comes out a positive number they set it aside and act as if it doesn’t exist.

Their global limit is 10, 6 with TD itself.

All these evaluating factors are subject to change at any time. You’d be fairly well advised to consult a legitimately solid mortgage broker. And you may be surprised at how near or far you may find one!


Sent from my iPhone using myREINspace

Are your files rental properties? A few years ago, TD only allows 4 rental properties with them, don't know that they can finance up to 6.

 

[kfort]

5 rentals one primary


Sent from my iPhone using myREINspace