Hello,
I live in BC, am not currently a real estate investor but am learning and plan on moving in that direction.
My goal is to leave my current profession and retool by taking 2 years in school (Spring 2008) and still have a mortgage or atleast take the cash and invest in in good quality real estate.
Two Questions:
#1 Is there a mortgage product that would allow me to keep one of the properties while attending school fulltime and borrowing against equity?
#2 Would a good quality mortgage broker be the best person to look at the specifics of this situation in advising me of the options?
Currently I live in a 1 bdrm apt in Burnaby that was completed 1 1/2 years ago. If I sold now, I would likely have around $130,000 in equity. The current mortgage is $930 + tax/strata/hydro ($250).
Second property is a 2bdrm, 2 level townhouse assignment also in Burnaby that was to complete in Jan 2008. They have had construction delays and have changed the completion date to May 2008. (Would like to bail out of my profession around that time). I put a 10% deposit on the property and financed it with extremely low interest rate credit cards. My bank is willing to port/blend the mortgage to the townhouse and the mortgage would be about $1300-1400. I figure to sell the townhouse between now and completion would net between $50,000 - $75,000 (not including capital gains of about $18,000 and dwn payment debt of $35,000).
Thanks for the opportunity to seek feedback here.
Bryan
I live in BC, am not currently a real estate investor but am learning and plan on moving in that direction.
My goal is to leave my current profession and retool by taking 2 years in school (Spring 2008) and still have a mortgage or atleast take the cash and invest in in good quality real estate.
Two Questions:
#1 Is there a mortgage product that would allow me to keep one of the properties while attending school fulltime and borrowing against equity?
#2 Would a good quality mortgage broker be the best person to look at the specifics of this situation in advising me of the options?
Currently I live in a 1 bdrm apt in Burnaby that was completed 1 1/2 years ago. If I sold now, I would likely have around $130,000 in equity. The current mortgage is $930 + tax/strata/hydro ($250).
Second property is a 2bdrm, 2 level townhouse assignment also in Burnaby that was to complete in Jan 2008. They have had construction delays and have changed the completion date to May 2008. (Would like to bail out of my profession around that time). I put a 10% deposit on the property and financed it with extremely low interest rate credit cards. My bank is willing to port/blend the mortgage to the townhouse and the mortgage would be about $1300-1400. I figure to sell the townhouse between now and completion would net between $50,000 - $75,000 (not including capital gains of about $18,000 and dwn payment debt of $35,000).
Thanks for the opportunity to seek feedback here.
Bryan