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Specialise in apartments and student housing, not cold calls.
The amount of cash you’re going to need for a down payment and closing costs is going to vary on a number of factors, including: – Are you using CMHC financing with high or low leverage? – Are you using conventional financing that will require a minimum down payment of 25%? You also have to set aside money for closing costs and due diligence costs (things like environmental costs, surveys, appraisals, lawyer fees, financing fees, land transfer, insurance etc) and possible repairs that may be required immediately upon acquisition. Each individual has to make a business decision as to the level of financing they are comfortable with and working with a Broker who understands apartment building ownership and the financing of such acquisitions will help tremendously. It is not good enough for a Broker to tell you that he has a mortgage Broker to send you to. He has to understand the financing of these transactions, including the requirements of CMHC. The due diligence period is too late to find out you don’t qualify for a loan, this must be understood up front to save you time and effort. We can walk through these financing issues with you and address any of your questions and concerns.