Hi everyone,
My name is Tyler and I live in Calgary. I just start out on my personal belize and want to become a real estate investor. My current goal is get my self specialized in single-family home and hopefully i can find my first investment property that fits my score sheet.
However, before I starting out to find my correct network I am tumble on how much i can qualify to buy a house. I understand that I can seek this from bank but i am not sure carrying another mortgage is a wise choice or if i should seek a JV. So here I am and ask this question and hope someone can share some lights or directions. My current financial situation looks like this
1) Have a HELOC of 300K on a 550K primary resident and it is at 2.5%, and I have unused 130K LOC (available from HELOC) at prime rate
2) No debt except on credit card for monthly expense which gets paid off every month
3) Car Asset: 20K
3) Cash on hand: 38 K
4) RRSP: 50K
5) Monthly net income from full time job: 5000
6) Monthly net income from side business (incorporate): 4000
So without having to get second mortgage and not touch RRSP, I only have 168K which is not enough for single house family investment because they are around 300K range.
Should I seek JV from friends/families or should I try to get second mortgage for my first property investment.
Is there any financial advisors / accountants that understands REIN and you can recommend me to talk to?
Thank you for your help and look forward to your responses!
Regards
Tyler
My name is Tyler and I live in Calgary. I just start out on my personal belize and want to become a real estate investor. My current goal is get my self specialized in single-family home and hopefully i can find my first investment property that fits my score sheet.
However, before I starting out to find my correct network I am tumble on how much i can qualify to buy a house. I understand that I can seek this from bank but i am not sure carrying another mortgage is a wise choice or if i should seek a JV. So here I am and ask this question and hope someone can share some lights or directions. My current financial situation looks like this
1) Have a HELOC of 300K on a 550K primary resident and it is at 2.5%, and I have unused 130K LOC (available from HELOC) at prime rate
2) No debt except on credit card for monthly expense which gets paid off every month
3) Car Asset: 20K
3) Cash on hand: 38 K
4) RRSP: 50K
5) Monthly net income from full time job: 5000
6) Monthly net income from side business (incorporate): 4000
So without having to get second mortgage and not touch RRSP, I only have 168K which is not enough for single house family investment because they are around 300K range.
Should I seek JV from friends/families or should I try to get second mortgage for my first property investment.
Is there any financial advisors / accountants that understands REIN and you can recommend me to talk to?
Thank you for your help and look forward to your responses!
Regards
Tyler