Sounds like you're planning to buy a single-family dwelling and rent it to 5 students. This puts you into a really grey area of illegal zoning and converting a single family dwelling to a rooming house. You see it done under the table all the time, but if anyone complains, you're out of luck, and no one is going to lend you money on the projected revenue stream from an illegal conversion.
Grad Student looking for investment property
Hi everyone,
So, I am a grad student living in a town with cheap home prices (35000-80000) and high rental prices (300/room). I want to buy a multi-unit home to rent out for approximately 1500/month. I have enough for a 15-20% downpayment on a 70 000 home, but since I have a government student debt, which I do not have to pay back as long as I'm a student, as well as a low income (9000 on a graduate assistant contract) I cannot qualify for a mortgage. The hang up I have is I recieve and will be recieving an additional 15 000 of income through scholarships and grants for the next two years, but the bank I am dealing with will not acknowledge it, or says CMHC will not acknowledge it.
Does anyone know what I can do about this? Will other banks want to compete with my bank?
So, I am a grad student living in a town with cheap home prices (35000-80000) and high rental prices (300/room). I want to buy a multi-unit home to rent out for approximately 1500/month. I have enough for a 15-20% downpayment on a 70 000 home, but since I have a government student debt, which I do not have to pay back as long as I'm a student, as well as a low income (9000 on a graduate assistant contract) I cannot qualify for a mortgage. The hang up I have is I recieve and will be recieving an additional 15 000 of income through scholarships and grants for the next two years, but the bank I am dealing with will not acknowledge it, or says CMHC will not acknowledge it.
Does anyone know what I can do about this? Will other banks want to compete with my bank?
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1 - 1 of 13 Posts
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