Harvey McCallum's Archives
Question: Friday, April 09, 2010
With the new CMHC changes are we allowed to get pre-approved at 5% before April 19th but not purchase until after this date? Are any banks or credit unions flexible on these dates?
Question: Tuesday, February 16, 2010
I am looking to buy an investment property for $113,000. I have enough equity to purchase this outright. The question is this the way to go or should I leverage the investment to purchase another one? Or should I put a % down and carry it out for a few years? Or would the interest only option be the best way to go? I plan to hold this for future income for retirement.
Question: Saturday, August 15, 2009
I have a Vancouver condominium appraised currently at $400,000.00 mortgage free. At age 65 with no dependents what is the best way to leverage the equity while still retaining ownership?
Question: Wednesday, February 04, 2009
We are looking at purchasing a home for $400,000. We have $30,000 in RRSPs but are not first time home buyers. What amount will we be taxed on the amount when withdrawing and what is the best way for getting the most for our RRSPs? We are trying to put more down to lower CMHC fees.
Question: Thursday, August 14, 2008
I have a house and we own $200,000 on it but we have $70,000 left for line of credit to use it if we want. What we want is to buy a few investment properties with cash flow, but the bank would not give us a mortgage for the investment properties - they declined us and one of the others wanted us to pay $79,000 down payment. Could you please help?
Question: Tuesday, August 12, 2008
I have $380000 total equity in four houses, three revenue, one residence. $271000 equity on our revenue properties, 2 helocs with $50000 still available to invest (some of it has been used to purchase the one revenue property and various repairs/improvements). Our bank will only allow us to access the helocs I currently have, how do I access the remaining funds to purchase more properties? Selling in our market is not an option. Our credit is in good standing. My goal is to eventually invest and manage our properties full-time as opposed to my current line of work, but I need to see if it is feasible. I am very passionate about real estate and revenue properties and have studied it for over six years. In our market I can achieve a 10% rent ratio to the purchase price.
Question: Friday, February 01, 2008
What's your opinion about the 'Smith Maneuver?' I have a $400,000 mortgage with 20 years left. My home is currently worth $1M. Am I a candidate for this?
Question: Monday, December 10, 2007
I just purchased by first investment property after taking Ozzie's course. I used the equity I have in my own home to purchase a condo ($180,000). My own home has $124,000 mortgage on it. Originally my broker suggested amortizing the investment property over 40 years but decided against it and will amortize over 25 years. My question is, I'm torn between going with a variable or fixed with my own home that has the $124,000 mortgage on it. What do you think? The investment property will be locked in.
Question: Wednesday, October 10, 2007
My current mortgage will be expiring in June of 08. I have a rate of 4.75%. Do you think I should renew now or hold off? I currently have a $140,000 mortgage.
Question: Thursday, August 23, 2007
Does ALR land have good resale value compared to non ALR land?