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Old 03-11-2015, 12:53 PM   #8
Mortgage Made Easy
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Join Date: Sep 2014
Location: Calgary, AB
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Quote:
Originally Posted by GoinAllTheWay View Post
I'd love some info on this too. Like Caramon and Jimmy, I'd love to have some investment properties. I bought a book called "Real Estate Investing for Dummies, Canadian Addition" and it has some good info in it.

I'm also an owner of a condo that I bought for $120k in 2000 (currently valued at $340k) and the mortgage is now getting pretty small. We'd like to hold onto the condo but use the equity to buy a house at some point.

Now if I'm understanding things, if I were to pull equity out of my condo, my mortgage would go up, yes?
Correct, the mortgage would go up to a maximum of 80% the current value. Since you will hang on to it as a rental, we would keep the payments low for 2 reasons:

1- Cash flow positive - hopefully rent will cover expenses.
2- For qualifying for additional properties.

It is good to note that we get to use the rent on your condo to help offset liabilities (if needed that is). Do not hesitate to PM if you are interested in chatting further. ~ Tim
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Tim Lacroix | 403-648-1541
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