First time buyer question

[apholden]

Hi

I plan on buying a live in rental unit somewhere in the tricities or Guelph later in the year. I am just trying to get some information on the required downpayment and rules that apply to mortgages in my situation. Obviously I would like to have as many units as possible to make it easier to find positive cash flow but I was told that you need to live in over 50% of the property for it to be considered for a conventional mortgage, if this is true that would mean we would only be looking at Duplexes. Just wondering if anyone has any good links for information in this area.

Thanks

Anthony

 

[DonCampbell]

Hi,

A number of Members started out like you, owning a legal 4-plex, living in one unit for a couple of years, then renting it to a family Member after that. CMHC has a whole program for that. A quality mortgage broker who deals a lot in investment properties can set you up on that. (many of whom are on this site)

Make sure you follow the Goldmine Scorecard BEFORE you choose which city and which neighbourhood to buy in so you give yourself an great chance of doing well over the long term.

Great that you`re doing your homeowk in advance.

 

[invst4profit]

Your best option is to engage a real estate agent, experienced with investment buyers, and a mortgage broker in your area to provide the necessary answers. You will eventually need them on your team anyway so starting early is a good idea.