“I don’t have the standard documents to prove my income or the down payment”
Françoise met John and Paul approximately 5 years ago. They were referred to her by a Toronto Real Estate agent. John and Paul both in the mid 20’s were very excited at the prospect of purchasing an investment property. They wanted to purchase a fixer upper, renovate it and make enough money for each of them to be able to purchase home on their own. John was renting and had to move out of his Etobicoke condo ASAP and Paul was living in Toronto with his family. As first time real estate investors, Françoise suggested Brampton as the place to purchase an investment property and they agreed.
Getting a mortgage approval however would have been next to impossible if John and Paul went to a bank.
Here is why…
- They did they not have the minimum 5% down payment required to purchase a home.
- John had SLIGHTLY DAMAGED CREDIT and COULDN’T PROVIDE THE STANDARD DOCUMENTS to be able to qualify him for a mortgage.
- Paul on the other had great credit but had A LOT OF DEBT.
Knowing how challenging obtaining a mortgage would be, Françoise arranged for them to meet with her mortgage agent, Kristen Gignac who is now a mortgage broker. She was able to get them the down payment and get the process going that would allow them to purchase a property.
In less than two weeks Françoise was able to find them an older semi detached home in Brampton that needed updating. They renovated the investment property and finished the basement. Françoise then sold it approximately 18 months later. John and Paul did so well from the sell of their Brampton real estate property that they were each able to purchase homes.
John bought a free hold townhouse in Brampton that needed some work. He renovated the upper floors and finished the basement. To help with his mortgage payments John rented two of his three bedrooms and the basement.
Two years later Françoise sold the second Brampton investment property and John purchased another house in Brampton, this time a spacious 4 bedroom detached. He achieved all of this within 5 years. His plan for his new home is to finish the basement, update the upper floors and sell it sometime in the next year or two.
Paul purchased an older townhouse in Mississauga that needed a lot of work but had great potential. He and his family are slowly renovating the property and are currently still living in the home. Paul too is also planning to purchase another home in the near future.