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Lic # 10428
Specialties: Residential Mortgages, First-Time Home Buyer, Rental Property / InvestmentApply Now
Your one stop shop for mortgages and financing. I am a retired teacher and since retirement I have been working as a Real Estate Broker. I am now also a registered mortgage agent with Mortgage Intelligence. I would be happy to sit and discuss or communicate through electrontic means to find you the mortgage financing or refinancing needs. Regardless of what you are looking for I can help you get there.
7 reasons to use a Mortgage Broker over your BankCheck it out
Are you considering buying a multiplex property in the near future to enter the rental market? While this type of investment is a great way to diversify your income and put money aside, it is important to be well prepared. Buying income-producing real estate is more than an investment, it also means starting a business. But where should you begin? Before you get started, it is important to quantify and analyze the financial implications to ensure that your project is viable and profitable. The return on investment is calculated by subtracting the operating expenses from your income. This amount is then divided by the down payment on the building. The percentage obtained represents the annual return, which should ideally be higher than the mortgage rate.
Another aspect to consider is your ability to manage risk. Rental real estate does not guarantee constant profits, so it is important to assess your tolerance for risk and financial uncertainty.
The financial aspect is not the only aspect to consider. When entering the rental real estate market, you have to manage tenants and take care of the building maintenance. It is therefore important to be familiar with tenants’ rights in Québec and to have an interest for manual work. This will greatly help!
The down payment required for your project will depend on the number of units in your plex and whether you want to live in the building. Usually, you need a down payment equal to 20% of the property value. However, if you intend to live in one of the two apartments of a duplex, the required down payment is 5% and that will increase to 10% in the case of properties with 3 or 4 units.
Mortgage Intelligence brokers are there to help you make the right decisions. They can give you advise and guide you through the investment process. Contact us today to start making your project a reality.
Today's Exclusive Mortgage Intelligence Rates
As of March 21, 2023
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* Insured mortgage rates, subject to change. Conventional and refinance rates may be higher. OAC. E&OE