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@volitionproperties
www.volitionprop.com
Volition Investment Mastermind:
“Financing Blueprint” - Strategies to Start &
Continue Buying Properties!
February 2022
@volitionproperties
www.volitionprop.com
Monthly Meetup Agenda
6:30 - 7:00 pm Online networking (your network is your net worth!)
7:00 - 7:30 pm Volition presentations including market updates and case studies
7:30 - 9:00 pm The Main Event
And yes, the Meetup will be recorded and posted on our website!
www.volitionprop.com/mastermind-meetup/
@volitionproperties
www.volitionprop.com
Who is Volition?
@volitionproperties
www.volitionprop.com
Who is Volition?
● Mission Statement: To help people navigate the complex world of real
estate and to be the team who has your back.
● Complete Solution Provider: Everything you need to be successful.
● We Figure It Out For You: Cutting-edge research, analysis, and (more
importantly) synthesis in putting together solutions for the competitive
Toronto market.
@volitionproperties
www.volitionprop.com
Who is Volition?
● Credentials:
○ $32M+ personal holdings in Toronto Real Estate (55+ doors)
○ Featured on HGTV, REIN, RISE, Property Profits Real Estate Podcast, etc, etc.
○ Certified Real Estate Investment Advisors
○ Michael Millenear Real Estate Investing Leadership Award nomination
○ Realtor Awards: Chairman Award, President Award, Top Producer Award 5 years running
@volitionproperties
www.volitionprop.com
Volition Services
Mentorship,
Education &
Consultation
Leasing &
Property
Management
Toronto’s Leading Real Estate Investment Advisory & Realty Firm
Realty Management
Advisory Renovations
Acquisition of
Properties
Design &
Renovations
@volitionproperties
www.volitionprop.com
The Volition Team
Toronto’s Leading Real Estate Investment Advisory & Realty Firm
Matthew Lee
Founder &
Managing Partner
Ming Lim
Head of Construction and
Realty Services
Alcina Sung
Interior Design & Stager
Construction Project Mgmt
Florence Lee
Strategic Initiatives Manager
Construction Project Mgmt
Sam Ho
Special Advisor
Shelby Hagymasy
Operations Coordinator
Brian Li
Construction Project Mgmt
Alykhan Jinnah
Realty Coordinator
Chris Law
Realty & Leasing Services
Daniel Weng
Realty & Leasing Services
@volitionproperties
www.volitionprop.com
The Volition Team
Toronto’s Leading Real Estate Investment Advisory & Realty Firm
Matthew Lee
Founder &
Managing Partner
Ming Lim
Head of Construction and
Realty Services
Alcina Sung
Interior Design & Stager
Construction Project Mgmt
Florence Lee
Strategic Initiatives Manager
Construction Project Mgmt
Sam Ho
Special Advisor
Shelby Hagymasy
Operations Coordinator
Brian Li
Construction Project Mgmt
Alykhan Jinnah
Realty Coordinator
Chris Law
Realty & Leasing Services
Daniel Weng
Realty & Leasing Services
THIS COULD BE YOU!
Realty Services
THIS COULD BE YOU!
Realty Services
@volitionproperties
www.volitionprop.com
Investor agents make the best “normal” agents!
● We can help you find your dream home and have it make financial sense
○ Does this property hold to long term appreciation fundamentals?
○ Does it require construction? How much are those things going to cost?
○ Can I have a secondary suite to help with cash flow? How much are rents?
What tenant profiles will I get?
○ How can my primary residence help me qualify for investment properties in
the future? HELOC? Secondary suites?
○ Advanced financing - B Lenders, Second Mortgages, Private Lenders
○ Top 1% of all agents
● We sell investor properties and single family homes
○ Active buyers / investor list, email marketing, social media marketing
○ Virtual 3D Dollhouse, Drone, Lifestyle video
○ Multiple languages, foreign investors
Your home is the most important tool in your investment journey!
@volitionproperties
www.volitionprop.com
The Volition Advantage
The Home Buying Process
The Volition Team!
@volitionproperties
www.volitionprop.com
Private Volition Mastermind Chat Group
● Exclusive to Investor clients & Advisory clients
ONLY.
● Talk about news, tenant issues, share contacts,
basically help navigate the difficulty of this
investor world!
● Let us know if we missed you!!
@volitionproperties
www.volitionprop.com
Ming’s Market Minute
@volitionproperties
www.volitionprop.com
Sales Volume
@volitionproperties
www.volitionprop.com
Average Resale Home Price
@volitionproperties
www.volitionprop.com
New Listings
@volitionproperties
www.volitionprop.com
Volition Market Data
@volitionproperties
www.volitionprop.com
Volition Metrics - Downtown municipalities
@volitionproperties
www.volitionprop.com
Volition Metrics - Downtown SF Detached
@volitionproperties
www.volitionprop.com
Volition Metrics - Condos
@volitionproperties
www.volitionprop.com
Volition Metrics - Toronto - Everywhere else
@volitionproperties
www.volitionprop.com
Volition Metrics - Uptown SF Detached
@volitionproperties
www.volitionprop.com
Case Study: Triplex
*The details in the following models are intended for information purposes only. All Prices, Rates, Costs, Expenses,
Incomes and Assumptions are only estimates and no warranty is made to the accuracy of the information.
@volitionproperties
www.volitionprop.com
Case Study: Past Performance does not
indicate… blah blah blah… etc etc etc.
● This particular client case study is an exceptional case
used to demonstrate the Volition process.
● Important things to keep in mind:
○ Particular aspects of the reno (self-managed, already legal, etc.)
○ Pay attention closely to the difference between forced appreciation
vs. time value appreciation
○ DO NOT RUN YOUR PRO FORMAS USING THESE TYPES OF LIFTS
○ What they did to prep for appraisal
@volitionproperties
www.volitionprop.com
Case Study: The Backstory
● Started looking in Jan 2021
● Bid on 10+ properties, but consistently lost out due
to price
● Saw this property the morning it was listed
● Put in an offer and it was accepted the same day
● Vacant possession
● Not in the best shape
@volitionproperties
www.volitionprop.com
Case Study: Before
@volitionproperties
www.volitionprop.com
Case Study: Before
@volitionproperties
www.volitionprop.com
Case Study: Renovations
● Creative financing for the renovations
● Deciding on key targeted upgrades to add value
● 4-month self-managed renovation
@volitionproperties
www.volitionprop.com
Case Study: Renovations
@volitionproperties
www.volitionprop.com
Case Study: Financials
Purchase Price (March, 2021) $1,488,888
Initial Investment
(20% down payment + closing costs)
$354,744
Rents Prior to Acquisition $6,000/month (operating as a rooming house)
Rents Upon Acquisition $0 (vacant!)
Length of Reno 4 months
Cost of Reno $240,000
Rents after Reno $8,500/month (3-bed: $2,500, 3-bed: $2,900, 2-bed: $2,400,
Garage:$250)
After Reno Cashflow $3,066
@volitionproperties
www.volitionprop.com
Case Study: Appraised Value
@volitionproperties
www.volitionprop.com
Case Study: Appraised Value
@volitionproperties
www.volitionprop.com
Case Study: Appraisal Process
● Preparing for the appraisal with “Bay Street” expertise
● 12-page package prepared for the appraiser highlighting:
○ Comparable properties
○ Suggested valuation
○ Feature sheet of highlights
○ Before, during and after photos
@volitionproperties
www.volitionprop.com
Case Study: Appraised Value
@volitionproperties
www.volitionprop.com
Case Study: Appraised Value
@volitionproperties
www.volitionprop.com
Case Study: Appraised Value
@volitionproperties
www.volitionprop.com
Case Study: Appraised Value
@volitionproperties
www.volitionprop.com
Case Study: Appraised Value
@volitionproperties
www.volitionprop.com
Case Study: The Refi
Total Cash Invested $616,503
Appraisal Value $2,335,000
Old mortgage value $1,191,110
Refi mortgage value (80% LTV) $1,868,000
Equity Takeout $676,890
Net Capital Invested (= Total Cash - Equity Takeout) ($60,387)
After Refi Cashflow $565/month
@volitionproperties
www.volitionprop.com
Case Study: 5 Year ROI
Cashflow During Reno: $0
After Reno: $62,878
Total Mortgage Paydown $255,535
Time Value Appreciation (5 years at 3%) $480,719
Forced Appreciation $537,081
Total Return after 5 years $1,336,212
@volitionproperties
www.volitionprop.com
Case Study: And now… what next?
@volitionproperties
www.volitionprop.com
Case Study: And now… what next?
@volitionproperties
www.volitionprop.com
The Main Event:
“Financing Blueprint” - Strategies to
Start & Continue Buying Properties!
@volitionproperties
www.volitionprop.com
Welcome, HUGO!
With 12+ years of experience in the financial sector, Hugo has provided
financial planning education presentations to thousands of investors
through seminars and workshops, has authored numerous articles,
contributed insights to several news outlets and hosted a financial news
segment for the multi-unit rental sector.
Hugo started on Bay Street with Scotiabank as a “Best of the Best”
recipient and then BMO before making the move to the mortgage broker
side 7 years ago as a founding partner of Vine Group and the driving
force behind the marketing and branding for the company.
With over $130MM in annual mortgage volume and one of the top
brokers in Canada, he continues as an active agent with a pulse on the
industry to really understand how to make an impact for both clients and
all stakeholders.
FINANCING “BLUEPRINT”
THE ROADMAP TO STRATEGICALLY GROWING YOUR RENTAL PORTFOLIO!
HUGO DOS REIS – VINE GROUP
2
HUGO DOS REIS
Founding Partner & Mortgage Broker
§ Mortgage lending 101
§ Blueprint approach to real estate investing
§ Interest Rates
§ General Q&A Session
AGENDA
CHOOSING A FINANCING PARTNER
BANK VS. BROKER?
MORTGAGE LENDING 101
§ Financing is the MOST IMPORTANT part of the real estate process
§ Most bank representatives are NOT familiar with rental financing
BANK VS. BROKER
§ Pre-approval vs. Pre-positioning
§ Long-term relationships
§ Mortgage Options
BANK VS. BROKER
CANADIAN
LENDING ENVIRONMENT
MORTGAGE LENDING 101
2Major Financing Categories:
CANADIAN LENDING ENVIRONMENT
RESIDENTIAL 1 to 4 units
COMMERCIAL 5+ units
CANADIAN LENDING ENVIRONMENT
RESIDENTIAL COMMERCIAL
BORROWER BUILDING
Building Borrower
CANADIAN LENDER OPTIONS
“A” Lenders “B” Lenders Private
Big Banks
§ Scotia, TD, RBC, CIBC, BMO & National Bank
§ Familiarity or brand
§ Typically use their own funds, so it’s easier for exceptions when needed
§ Competitive pricing
CANADIAN LENDER OPTIONS - “A” LENDERS
MONOLINE LENDERS
§ Non-bank lenders
§ First National, MCAP, XMC, RMG, etc
§ Can only access via 3rd party providers (Brokers)
§ Better pricing (lower overhead)
§ Unique solutions
§ Use investors for financing (pension funds, etc.)
CANADIAN LENDER OPTIONS - “A” LENDERS
CREDIT UNIONS
§ Desjardins, Duca, Meridian etc
§ Service local communities very well
§ Able to get exceptions (have their own funds)
§ Provincially regulated – different rules
CANADIAN LENDER OPTIONS - “A” LENDERS
§ Equitable Bank, Home Trust, Optimum
§ Being used more often in today’s environment as it’s now harder to qualify
§ Common sense lending
§ Rates typically 1% - 1.50%+ higher
§ Fees are 1% on average
§ Accept lower credit scores
§ Larger portfolios
§ Self-employed friendly
CANADIAN LENDER OPTIONS – “B” LENDERS
$400,000 MORTGAGE COMPARISON ($100K INCOME)
B LENDING A LENDING
TAXABLE INCOME $35,000 $100,000
MONTHLY PAYMENT $1,685 $1,400
EST. TAX COST $6,000 $27,000
INTEREST COST $11,900 $6,305
FEES $4,000 $0
COST OVER 12 MONTHS $21,900 $33,305
DIFFERENCE OF $11,405
§ Lending on asset
§ Up to 80% LTV (sometimes 90-100% with cross-collateral)
§ Rates 8%+ with fees estimated at 1-4%+
§ Interest only payments
§ Low documents requirements
§ Construction financing/flips
CANADIAN LENDER OPTIONS – PRIVATE
§ Most lenders now charge rental property rate premiums
§ Many lenders will not consider purchases in Holdco/corporate ownership
CANADIAN LENDER NOTES
CHECK-IN
DNA OF A
MORTGAGE APPLICATION
MORTGAGE LENDING 101
INCOME
§ Salary employed (T4’s, paystubs)
§ BFS/Commission Employed (Last two year T1’s + NOA’s)
§ Part-Time
§ Investments/Rental Income
DNA OF A MORTGAGE APPLICATION
RATIOS: GDS & TDS
§ TDS (Total Debt Services)
ü All expenses divided by all income
ü Ideally 40-44%
§ GDS (Gross Debt Services)
ü Subject property expenses divided by all income
ü Ideally 35-39%
DNA OF A MORTGAGE APPLICATION
DNA OF A MORTGAGE APPLICATION
INCOME EXPENSES
GDS
Max 35%
(Income/Expenses)
Verifiable Income
+
50-75% of Rental Income
ü Mortgage stress test payment
ü Taxes
ü Condo fees
ü Heat
TDS
Max 44%
(Income/Expenses)
Verifiable Income
+
50-75% of Rental Income
ü All other debts payments
ü Credit cards
ü LOC’s
ü Other mtgs
ü Car loans
ü Subject property expenses
DNA OF A MORTGAGE APPLICATION
EXAMPLE – New personal purchase
§ Client earns $100,000 or $8,333.33/month
§ Has car loan of $500/month
§ Needs $300,000 mortgage: Payments of $1,787/month
§ Subject Property Taxes + Utilities: $400/month
§ Total Subject Expenses: $2,187/month
§ Total Expenses: $2,687/month
§ GDS: 26.24%
§ TDS: 32.24%
§ Max mortgage is around $500K
DNA OF A MORTGAGE APPLICATION
MORTGAGE AMOUNT AVG. 2022 INCOME NEEDED
$250,000 $58,000
$400,000 $83,000
$500,000 $100,000
$750,000 $143,000
$1,000,000 $185,000
DNA OF A MORTGAGE APPLICATION
CASE STUDY #2 – new Rental purchase
§ Client earns $100,000 or $8,333.33/month
§ Has car loan of $500/month
§ Has $600,000 mortgage: Payments of $2,215/month
§ Subject Property Taxes + Utilities: $400/month
§ Total Subject Expenses: $2,615/month
§ Total Expenses: $3,115/month
§ GDS: 31.38%
§ TDS: 37.38%
§ Max NEW mortgage is around $100K
DNA OF A MORTGAGE APPLICATION
Monthly Rental
Income
MONTHLY RENTAL
INCOME (NON-
LEGAL)
MONTHLY RENTAL
INCOME (LEGAL)
$2,000 $175,000 $325,000
$3,000 $225,000 $470,000
$4,000 $250,000 $600,000
$5,000 $300,000 $750,000
$6,000 $350,000 $875,000
CASE STUDY
DNA OF A MORTGAGE APPLICATION
DOWN PAYMENT
§ Minimum 20% down payment (25% sometimes) for rentals
§ Minimum 5% for primary residences and secondary homes
§ Most lenders will not accepts gifts for rentals
§ Need 90 day source history
§ Consolidate if possible prior to close (easy statements)
DNA OF A MORTGAGE APPLICATION
CREDIT
§ Credit scores range from 300-900
§ Reported by Equifax and Trans Union
§ A Credit score above 680 is ideal but 720 or higher is best
DNA OF A MORTGAGE APPLICATION
BEST PRACTICES TO IMPROVE CREDIT
§ Keep credit roughly 60% below the limit
§ Don’t miss a payment
§ Have at least TWO credit facilities over 2 years, don’t close older accounts that are
active
DNA OF A MORTGAGE APPLICATION
ASSET TYPE
§ Where is property located?
§ Is it in an area of less than 50,000 people?
§ What is the condition of property?
§ Are they legalized units or self-contained?
DNA OF A MORTGAGE APPLICATION
NETWORTH
§ Most lenders have a net worth requirement for rentals
§ General rule of thumb is 10% for EACH rental property owned (in addition to the down
payment)
CHECK-IN
FINANCING BLUEPRINT
BEING STRATEGIC WITH
YOUR FINANCING
Now more than ever
financing requires
strategic PLANNING
PLAY IT LIKE A CHESS GAME
1 2 3 4 5 6 7 8
Monoline
Scotia
TD
CIBC
National Bank
Home Trust
1 2 3 4 5 6 7 8 Doors
Credit Union
BLUEPRINT STRATEGIC FINANCING
1-4 PROPERTIES - (setup)
§ Most lenders have a “Global Limit” of 4 rentals
§ Features:
§ Preferred pricing
§ HELOC’s for rentals
§ Split mortgages
§ Initial refinance of personal residence
BLUEPRINT STRATEGIC FINANCING
5-10 PROPERTIES - (Rebalance)
§ Reduced lender options
§ Full portfolio should have DCR of 1.10+
§ Reporting to personal T1 generals
§ Some big banks (branch relationship)
§ Credit unions
§ “B” lenders
Consider a REFINANCE before you buy the 5th property
BLUEPRINT STRATEGIC FINANCING
10+ PROPERTIES – (Scale)
§ Turn your portfolio into a business
§ Commercial blanket across your portfolio
§ Up to 75% LTV
§ Up to 25 year amortizations
§ Commercial rates + fees
§ DCR (Debt Coverage Ratio) ideally 1.25+
BLUEPRINT STRATEGIC FINANCING
MULTI-UNIT/COMMERCIAL
§ 5+ units
§ Asset focused
§ LTV as high as 85%
§ Amortizations between 25-40 years
§ No issue with # of properties
CASE STUDIES – TAKE NOTES
BLUEPRINT STRATEGIC FINANCING
Case Study #1 – 1st rental property strategy – SETuP STAGE
§ Family income $165,000
§ Personal residence valued at $1MM
§ Current mortgage balance of $400K (Variable rate of 1.90% with PMT of $1,950)
THREE options for setup:
1. Refinance and keep mortgage as-is + add HELOC
2. Refinance and setup new mortgage/HELOC
3. Refinance and setup new mortgage
BLUEPRINT STRATEGIC FINANCING
Case Study #1 – 1st rental property strategy – SETuP STAGE
1 - Refinance and keep mortgage as-is + add HELOC
§ Current mortgage balance is $400K and monthly payment is $1,950
§ At $1MM value can borrow up to 80% or $800K total and $400K new
§ Setup $400K as HELOC and this can be used for down payment
§ Interest only payment of est. $985/mth BUT qualifying payment of $2,385
§ Total monthly qualifying payment is: $4,335
BLUEPRINT STRATEGIC FINANCING
Case Study #1 – 1st rental property strategy – Setup STAGE
2 - Refinance and setup new mortgage/HELOC
§ Current mortgage balance is $400K and monthly payment is $1,950
§ At $1MM value can borrow up to 80% or $800K total and $400K new
§ Setup NEW mortgage for $400K but new rate and 30 year amortization reset
§ NEW Monthly payment now $1,380
§ Setup $400K as HELOC and this can be used for down payment
§ Interest only payment of est. $985/mth BUT qualifying payment of $2,385
§ Total monthly qualifying payment is: $3,765
BLUEPRINT STRATEGIC FINANCING
Case Study #1 – 1st rental property strategy – Setup STAGE
3 - Refinance and setup new mortgage
§ Current mortgage balance is $400K and monthly payment is $1,950
§ At $1MM value can borrow up to 80% or $800K total and $400K new
§ Setup NEW mortgage for $800K but new rate and 30 year amortization reset
§ Receive $400K to invest
§ Total monthly qualifying payment is: $2,760
BLUEPRINT STRATEGIC FINANCING
Case Study #1 – 1st rental property strategy:
§ $1.4MM purchase price
§ $5,500/mth rental income
1 – SAME MTG w/ HELOC 2 – NEW MTG/HELOC 3 – NEW MTG
MAX MORTGAGE
$850,000 $950,000 $1,120,000
DOWN PAYMENT
$550K (39%) $450K (32%) $280K (20%)
BLUEPRINT STRATEGIC FINANCING
Case Study #2– Improving cash-flow
§ Lenders will allow setup of lending under HELOC umbrella
§ Eg - $1MM purchase price can have up to 65% LTV HELOC and remaining 15%
mortgage
§ Credit union lender can offer up to 80% LTV HELOC
BLUEPRINT STRATEGIC FINANCING
Case Study #2– Improving cash-flow (Turnkey Triplex)
§ $1.4MM purchase with 20% down and total lending of $1.12MM
MORTGAGE MTG/HELOC (65%) HELOC (80%)
Rental Income $5,750 $5,750 $5,750
Expenses (taxes + heat) $1,055 $1,055 $1,055
Loan payment $4,150 $3,000 $2,500
Cash-Flow $545 $1,695 $2,195
BLUEPRINT STRATEGIC FINANCING
Personal
§ E m p l o y m e n t i n c o m e
§ M o r t g a g e / H E L O C
§ P r o p e r t y t a x e s
§ U t i l i t i e s
§ C a r l o a n s
§ C r e d i t / L O C
p a y m e n t s
Portfolio
§ R e n t a l i n c o m e
§ M o r t g a g e / H E L O C
§ T a x e s / u t i l i t i e s
NEW
§ N e w r e n t a l
i n c o m e
§ M o r t g a g e
§ T a x / u t i l i t i e s
CHECK-IN
MORTGAGE TRENDS & RATES
IMPACT T0 MORTGAGE RULES AND PROCESS
§ Remote working has meant much slower turnaround times.
§ Banks are very conservative and asking more questions especially around income and
continuity of income specifically for BFS clients.
§ Appraisals are being done via drive-by and client photos.
Average BOC rate has been 1.00% last 10yrs or
PRIME at 3.20%
WHAT’S HAPPENING WITH MORTGAGE RATES?
VARIABLE RATES
§ Bank of Canada decreased their
overnight rate by 1.50% in 2020 from
1.75% to 0.25% today
§ PRIME rate now 2.45% (2.60% at TD)
§ Average 5-year variable rate is 1.50-
1.75% for personal residence
§ Average 5-year variable is 2-2.25% for
rentals
0
0.5
1
1.5
2
2
0
1
2
-
0
2
-
0
9
2
0
1
3
-
0
2
-
0
9
2
0
1
4
-
0
2
-
0
9
2
0
1
5
-
0
2
-
0
9
2
0
1
6
-
0
2
-
0
9
2
0
1
7
-
0
2
-
0
9
2
0
1
8
-
0
2
-
0
9
2
0
1
9
-
0
2
-
0
9
2
0
2
0
-
0
2
-
0
9
Bank of Canada Target
Overnight Rate
FIXED RATES
§ Average 5 year fixed 2.99-
3.09% for personal residence
§ Average 5 year fixed 3.29-
3.49%
WHAT’S HAPPENING WITH MORTGAGE RATES?
0
0.5
1
1.5
2
2.5
3
Feb-12
Jul-12
Dec-12
May-13
Oct-13
Mar-14
Aug-14
Jan-15
Jun-15
Nov-15
Apr-16
Sep-16
Feb-17
Jul-17
Dec-17
May-18
Oct-18
Mar-19
Aug-19
Jan-20
Jun-20
Nov-20
Apr-21
Sep-21
CANADIAN 5 YEAR BENCHMARK BOND YIELDS
§ Inflation
§ Currently record high 4.80%
§ BOC expects inflation at 3% end of 2022 and 2% in 2% 2023
§ Unemployment at 6.50% (200K jobs lost Jan 2022)
§ How many rate increases in 2022?
§ Rate increases not solving housing problem:
§ 660K housing starts needed in ON just to get up to national average
§ 400K+ immigrants creating larger shortfall
§ ON building 250-300K housing starts
§ What should you be doing?
§ Stress test your own portfolio
§ Variable historically still best option in overall interest savings and flexibility
§ Consider Short term fixed rates (2-3 years)
RATE TRENDS (VARIABLE OR FIXED?)
THANK YOU
P E OP L E B U S INE S S ,
@volitionproperties
www.volitionprop.com
Now what?
@volitionproperties
www.volitionprop.com
What is my next step?
● Sign up for a complimentary Advisory session
● To make the session productive and effective,
come prepared with:
○ Capital available to invest
○ Mortgage qualification
○ Your goals
● We will help you determine:
○ Where you are at
○ Where you want to go
○ Help you build a customized plan to get there
@volitionproperties
www.volitionprop.com
What is my next step?
Attend the next Meetup: Virtual Street Smart Tour!
Beyond Theory – Multi-Family Conversions
● Date: Saturday, March 5
● Time: 10:30 am - 1:00 pm
● RSVP for free: www.meetup.com/volition
@volitionproperties
www.volitionprop.com

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“Financing Blueprint” - Strategies to Start & Continue Buying Properties!

  • 1. @volitionproperties www.volitionprop.com Volition Investment Mastermind: “Financing Blueprint” - Strategies to Start & Continue Buying Properties! February 2022
  • 2. @volitionproperties www.volitionprop.com Monthly Meetup Agenda 6:30 - 7:00 pm Online networking (your network is your net worth!) 7:00 - 7:30 pm Volition presentations including market updates and case studies 7:30 - 9:00 pm The Main Event And yes, the Meetup will be recorded and posted on our website! www.volitionprop.com/mastermind-meetup/
  • 4. @volitionproperties www.volitionprop.com Who is Volition? ● Mission Statement: To help people navigate the complex world of real estate and to be the team who has your back. ● Complete Solution Provider: Everything you need to be successful. ● We Figure It Out For You: Cutting-edge research, analysis, and (more importantly) synthesis in putting together solutions for the competitive Toronto market.
  • 5. @volitionproperties www.volitionprop.com Who is Volition? ● Credentials: ○ $32M+ personal holdings in Toronto Real Estate (55+ doors) ○ Featured on HGTV, REIN, RISE, Property Profits Real Estate Podcast, etc, etc. ○ Certified Real Estate Investment Advisors ○ Michael Millenear Real Estate Investing Leadership Award nomination ○ Realtor Awards: Chairman Award, President Award, Top Producer Award 5 years running
  • 6. @volitionproperties www.volitionprop.com Volition Services Mentorship, Education & Consultation Leasing & Property Management Toronto’s Leading Real Estate Investment Advisory & Realty Firm Realty Management Advisory Renovations Acquisition of Properties Design & Renovations
  • 7. @volitionproperties www.volitionprop.com The Volition Team Toronto’s Leading Real Estate Investment Advisory & Realty Firm Matthew Lee Founder & Managing Partner Ming Lim Head of Construction and Realty Services Alcina Sung Interior Design & Stager Construction Project Mgmt Florence Lee Strategic Initiatives Manager Construction Project Mgmt Sam Ho Special Advisor Shelby Hagymasy Operations Coordinator Brian Li Construction Project Mgmt Alykhan Jinnah Realty Coordinator Chris Law Realty & Leasing Services Daniel Weng Realty & Leasing Services
  • 8. @volitionproperties www.volitionprop.com The Volition Team Toronto’s Leading Real Estate Investment Advisory & Realty Firm Matthew Lee Founder & Managing Partner Ming Lim Head of Construction and Realty Services Alcina Sung Interior Design & Stager Construction Project Mgmt Florence Lee Strategic Initiatives Manager Construction Project Mgmt Sam Ho Special Advisor Shelby Hagymasy Operations Coordinator Brian Li Construction Project Mgmt Alykhan Jinnah Realty Coordinator Chris Law Realty & Leasing Services Daniel Weng Realty & Leasing Services THIS COULD BE YOU! Realty Services THIS COULD BE YOU! Realty Services
  • 9. @volitionproperties www.volitionprop.com Investor agents make the best “normal” agents! ● We can help you find your dream home and have it make financial sense ○ Does this property hold to long term appreciation fundamentals? ○ Does it require construction? How much are those things going to cost? ○ Can I have a secondary suite to help with cash flow? How much are rents? What tenant profiles will I get? ○ How can my primary residence help me qualify for investment properties in the future? HELOC? Secondary suites? ○ Advanced financing - B Lenders, Second Mortgages, Private Lenders ○ Top 1% of all agents ● We sell investor properties and single family homes ○ Active buyers / investor list, email marketing, social media marketing ○ Virtual 3D Dollhouse, Drone, Lifestyle video ○ Multiple languages, foreign investors Your home is the most important tool in your investment journey!
  • 11. @volitionproperties www.volitionprop.com Private Volition Mastermind Chat Group ● Exclusive to Investor clients & Advisory clients ONLY. ● Talk about news, tenant issues, share contacts, basically help navigate the difficulty of this investor world! ● Let us know if we missed you!!
  • 22. @volitionproperties www.volitionprop.com Case Study: Triplex *The details in the following models are intended for information purposes only. All Prices, Rates, Costs, Expenses, Incomes and Assumptions are only estimates and no warranty is made to the accuracy of the information.
  • 23. @volitionproperties www.volitionprop.com Case Study: Past Performance does not indicate… blah blah blah… etc etc etc. ● This particular client case study is an exceptional case used to demonstrate the Volition process. ● Important things to keep in mind: ○ Particular aspects of the reno (self-managed, already legal, etc.) ○ Pay attention closely to the difference between forced appreciation vs. time value appreciation ○ DO NOT RUN YOUR PRO FORMAS USING THESE TYPES OF LIFTS ○ What they did to prep for appraisal
  • 24. @volitionproperties www.volitionprop.com Case Study: The Backstory ● Started looking in Jan 2021 ● Bid on 10+ properties, but consistently lost out due to price ● Saw this property the morning it was listed ● Put in an offer and it was accepted the same day ● Vacant possession ● Not in the best shape
  • 27. @volitionproperties www.volitionprop.com Case Study: Renovations ● Creative financing for the renovations ● Deciding on key targeted upgrades to add value ● 4-month self-managed renovation
  • 29. @volitionproperties www.volitionprop.com Case Study: Financials Purchase Price (March, 2021) $1,488,888 Initial Investment (20% down payment + closing costs) $354,744 Rents Prior to Acquisition $6,000/month (operating as a rooming house) Rents Upon Acquisition $0 (vacant!) Length of Reno 4 months Cost of Reno $240,000 Rents after Reno $8,500/month (3-bed: $2,500, 3-bed: $2,900, 2-bed: $2,400, Garage:$250) After Reno Cashflow $3,066
  • 32. @volitionproperties www.volitionprop.com Case Study: Appraisal Process ● Preparing for the appraisal with “Bay Street” expertise ● 12-page package prepared for the appraiser highlighting: ○ Comparable properties ○ Suggested valuation ○ Feature sheet of highlights ○ Before, during and after photos
  • 38. @volitionproperties www.volitionprop.com Case Study: The Refi Total Cash Invested $616,503 Appraisal Value $2,335,000 Old mortgage value $1,191,110 Refi mortgage value (80% LTV) $1,868,000 Equity Takeout $676,890 Net Capital Invested (= Total Cash - Equity Takeout) ($60,387) After Refi Cashflow $565/month
  • 39. @volitionproperties www.volitionprop.com Case Study: 5 Year ROI Cashflow During Reno: $0 After Reno: $62,878 Total Mortgage Paydown $255,535 Time Value Appreciation (5 years at 3%) $480,719 Forced Appreciation $537,081 Total Return after 5 years $1,336,212
  • 42. @volitionproperties www.volitionprop.com The Main Event: “Financing Blueprint” - Strategies to Start & Continue Buying Properties!
  • 43. @volitionproperties www.volitionprop.com Welcome, HUGO! With 12+ years of experience in the financial sector, Hugo has provided financial planning education presentations to thousands of investors through seminars and workshops, has authored numerous articles, contributed insights to several news outlets and hosted a financial news segment for the multi-unit rental sector. Hugo started on Bay Street with Scotiabank as a “Best of the Best” recipient and then BMO before making the move to the mortgage broker side 7 years ago as a founding partner of Vine Group and the driving force behind the marketing and branding for the company. With over $130MM in annual mortgage volume and one of the top brokers in Canada, he continues as an active agent with a pulse on the industry to really understand how to make an impact for both clients and all stakeholders.
  • 44. FINANCING “BLUEPRINT” THE ROADMAP TO STRATEGICALLY GROWING YOUR RENTAL PORTFOLIO! HUGO DOS REIS – VINE GROUP
  • 45. 2 HUGO DOS REIS Founding Partner & Mortgage Broker
  • 46. § Mortgage lending 101 § Blueprint approach to real estate investing § Interest Rates § General Q&A Session AGENDA
  • 47. CHOOSING A FINANCING PARTNER BANK VS. BROKER? MORTGAGE LENDING 101
  • 48. § Financing is the MOST IMPORTANT part of the real estate process § Most bank representatives are NOT familiar with rental financing BANK VS. BROKER
  • 49. § Pre-approval vs. Pre-positioning § Long-term relationships § Mortgage Options BANK VS. BROKER
  • 51. 2Major Financing Categories: CANADIAN LENDING ENVIRONMENT RESIDENTIAL 1 to 4 units COMMERCIAL 5+ units
  • 52. CANADIAN LENDING ENVIRONMENT RESIDENTIAL COMMERCIAL BORROWER BUILDING Building Borrower
  • 53. CANADIAN LENDER OPTIONS “A” Lenders “B” Lenders Private
  • 54. Big Banks § Scotia, TD, RBC, CIBC, BMO & National Bank § Familiarity or brand § Typically use their own funds, so it’s easier for exceptions when needed § Competitive pricing CANADIAN LENDER OPTIONS - “A” LENDERS
  • 55. MONOLINE LENDERS § Non-bank lenders § First National, MCAP, XMC, RMG, etc § Can only access via 3rd party providers (Brokers) § Better pricing (lower overhead) § Unique solutions § Use investors for financing (pension funds, etc.) CANADIAN LENDER OPTIONS - “A” LENDERS
  • 56. CREDIT UNIONS § Desjardins, Duca, Meridian etc § Service local communities very well § Able to get exceptions (have their own funds) § Provincially regulated – different rules CANADIAN LENDER OPTIONS - “A” LENDERS
  • 57. § Equitable Bank, Home Trust, Optimum § Being used more often in today’s environment as it’s now harder to qualify § Common sense lending § Rates typically 1% - 1.50%+ higher § Fees are 1% on average § Accept lower credit scores § Larger portfolios § Self-employed friendly CANADIAN LENDER OPTIONS – “B” LENDERS
  • 58. $400,000 MORTGAGE COMPARISON ($100K INCOME) B LENDING A LENDING TAXABLE INCOME $35,000 $100,000 MONTHLY PAYMENT $1,685 $1,400 EST. TAX COST $6,000 $27,000 INTEREST COST $11,900 $6,305 FEES $4,000 $0 COST OVER 12 MONTHS $21,900 $33,305 DIFFERENCE OF $11,405
  • 59. § Lending on asset § Up to 80% LTV (sometimes 90-100% with cross-collateral) § Rates 8%+ with fees estimated at 1-4%+ § Interest only payments § Low documents requirements § Construction financing/flips CANADIAN LENDER OPTIONS – PRIVATE
  • 60. § Most lenders now charge rental property rate premiums § Many lenders will not consider purchases in Holdco/corporate ownership CANADIAN LENDER NOTES
  • 62. DNA OF A MORTGAGE APPLICATION MORTGAGE LENDING 101
  • 63. INCOME § Salary employed (T4’s, paystubs) § BFS/Commission Employed (Last two year T1’s + NOA’s) § Part-Time § Investments/Rental Income DNA OF A MORTGAGE APPLICATION
  • 64. RATIOS: GDS & TDS § TDS (Total Debt Services) ü All expenses divided by all income ü Ideally 40-44% § GDS (Gross Debt Services) ü Subject property expenses divided by all income ü Ideally 35-39% DNA OF A MORTGAGE APPLICATION
  • 65. DNA OF A MORTGAGE APPLICATION INCOME EXPENSES GDS Max 35% (Income/Expenses) Verifiable Income + 50-75% of Rental Income ü Mortgage stress test payment ü Taxes ü Condo fees ü Heat TDS Max 44% (Income/Expenses) Verifiable Income + 50-75% of Rental Income ü All other debts payments ü Credit cards ü LOC’s ü Other mtgs ü Car loans ü Subject property expenses
  • 66. DNA OF A MORTGAGE APPLICATION EXAMPLE – New personal purchase § Client earns $100,000 or $8,333.33/month § Has car loan of $500/month § Needs $300,000 mortgage: Payments of $1,787/month § Subject Property Taxes + Utilities: $400/month § Total Subject Expenses: $2,187/month § Total Expenses: $2,687/month § GDS: 26.24% § TDS: 32.24% § Max mortgage is around $500K
  • 67. DNA OF A MORTGAGE APPLICATION MORTGAGE AMOUNT AVG. 2022 INCOME NEEDED $250,000 $58,000 $400,000 $83,000 $500,000 $100,000 $750,000 $143,000 $1,000,000 $185,000
  • 68. DNA OF A MORTGAGE APPLICATION CASE STUDY #2 – new Rental purchase § Client earns $100,000 or $8,333.33/month § Has car loan of $500/month § Has $600,000 mortgage: Payments of $2,215/month § Subject Property Taxes + Utilities: $400/month § Total Subject Expenses: $2,615/month § Total Expenses: $3,115/month § GDS: 31.38% § TDS: 37.38% § Max NEW mortgage is around $100K
  • 69. DNA OF A MORTGAGE APPLICATION Monthly Rental Income MONTHLY RENTAL INCOME (NON- LEGAL) MONTHLY RENTAL INCOME (LEGAL) $2,000 $175,000 $325,000 $3,000 $225,000 $470,000 $4,000 $250,000 $600,000 $5,000 $300,000 $750,000 $6,000 $350,000 $875,000 CASE STUDY
  • 70. DNA OF A MORTGAGE APPLICATION DOWN PAYMENT § Minimum 20% down payment (25% sometimes) for rentals § Minimum 5% for primary residences and secondary homes § Most lenders will not accepts gifts for rentals § Need 90 day source history § Consolidate if possible prior to close (easy statements)
  • 71. DNA OF A MORTGAGE APPLICATION CREDIT § Credit scores range from 300-900 § Reported by Equifax and Trans Union § A Credit score above 680 is ideal but 720 or higher is best
  • 72. DNA OF A MORTGAGE APPLICATION BEST PRACTICES TO IMPROVE CREDIT § Keep credit roughly 60% below the limit § Don’t miss a payment § Have at least TWO credit facilities over 2 years, don’t close older accounts that are active
  • 73. DNA OF A MORTGAGE APPLICATION ASSET TYPE § Where is property located? § Is it in an area of less than 50,000 people? § What is the condition of property? § Are they legalized units or self-contained?
  • 74. DNA OF A MORTGAGE APPLICATION NETWORTH § Most lenders have a net worth requirement for rentals § General rule of thumb is 10% for EACH rental property owned (in addition to the down payment)
  • 76. FINANCING BLUEPRINT BEING STRATEGIC WITH YOUR FINANCING
  • 77. Now more than ever financing requires strategic PLANNING
  • 78. PLAY IT LIKE A CHESS GAME 1 2 3 4 5 6 7 8 Monoline Scotia TD CIBC National Bank Home Trust 1 2 3 4 5 6 7 8 Doors Credit Union
  • 79. BLUEPRINT STRATEGIC FINANCING 1-4 PROPERTIES - (setup) § Most lenders have a “Global Limit” of 4 rentals § Features: § Preferred pricing § HELOC’s for rentals § Split mortgages § Initial refinance of personal residence
  • 80. BLUEPRINT STRATEGIC FINANCING 5-10 PROPERTIES - (Rebalance) § Reduced lender options § Full portfolio should have DCR of 1.10+ § Reporting to personal T1 generals § Some big banks (branch relationship) § Credit unions § “B” lenders Consider a REFINANCE before you buy the 5th property
  • 81. BLUEPRINT STRATEGIC FINANCING 10+ PROPERTIES – (Scale) § Turn your portfolio into a business § Commercial blanket across your portfolio § Up to 75% LTV § Up to 25 year amortizations § Commercial rates + fees § DCR (Debt Coverage Ratio) ideally 1.25+
  • 82. BLUEPRINT STRATEGIC FINANCING MULTI-UNIT/COMMERCIAL § 5+ units § Asset focused § LTV as high as 85% § Amortizations between 25-40 years § No issue with # of properties
  • 83. CASE STUDIES – TAKE NOTES
  • 84. BLUEPRINT STRATEGIC FINANCING Case Study #1 – 1st rental property strategy – SETuP STAGE § Family income $165,000 § Personal residence valued at $1MM § Current mortgage balance of $400K (Variable rate of 1.90% with PMT of $1,950) THREE options for setup: 1. Refinance and keep mortgage as-is + add HELOC 2. Refinance and setup new mortgage/HELOC 3. Refinance and setup new mortgage
  • 85. BLUEPRINT STRATEGIC FINANCING Case Study #1 – 1st rental property strategy – SETuP STAGE 1 - Refinance and keep mortgage as-is + add HELOC § Current mortgage balance is $400K and monthly payment is $1,950 § At $1MM value can borrow up to 80% or $800K total and $400K new § Setup $400K as HELOC and this can be used for down payment § Interest only payment of est. $985/mth BUT qualifying payment of $2,385 § Total monthly qualifying payment is: $4,335
  • 86. BLUEPRINT STRATEGIC FINANCING Case Study #1 – 1st rental property strategy – Setup STAGE 2 - Refinance and setup new mortgage/HELOC § Current mortgage balance is $400K and monthly payment is $1,950 § At $1MM value can borrow up to 80% or $800K total and $400K new § Setup NEW mortgage for $400K but new rate and 30 year amortization reset § NEW Monthly payment now $1,380 § Setup $400K as HELOC and this can be used for down payment § Interest only payment of est. $985/mth BUT qualifying payment of $2,385 § Total monthly qualifying payment is: $3,765
  • 87. BLUEPRINT STRATEGIC FINANCING Case Study #1 – 1st rental property strategy – Setup STAGE 3 - Refinance and setup new mortgage § Current mortgage balance is $400K and monthly payment is $1,950 § At $1MM value can borrow up to 80% or $800K total and $400K new § Setup NEW mortgage for $800K but new rate and 30 year amortization reset § Receive $400K to invest § Total monthly qualifying payment is: $2,760
  • 88. BLUEPRINT STRATEGIC FINANCING Case Study #1 – 1st rental property strategy: § $1.4MM purchase price § $5,500/mth rental income 1 – SAME MTG w/ HELOC 2 – NEW MTG/HELOC 3 – NEW MTG MAX MORTGAGE $850,000 $950,000 $1,120,000 DOWN PAYMENT $550K (39%) $450K (32%) $280K (20%)
  • 89. BLUEPRINT STRATEGIC FINANCING Case Study #2– Improving cash-flow § Lenders will allow setup of lending under HELOC umbrella § Eg - $1MM purchase price can have up to 65% LTV HELOC and remaining 15% mortgage § Credit union lender can offer up to 80% LTV HELOC
  • 90. BLUEPRINT STRATEGIC FINANCING Case Study #2– Improving cash-flow (Turnkey Triplex) § $1.4MM purchase with 20% down and total lending of $1.12MM MORTGAGE MTG/HELOC (65%) HELOC (80%) Rental Income $5,750 $5,750 $5,750 Expenses (taxes + heat) $1,055 $1,055 $1,055 Loan payment $4,150 $3,000 $2,500 Cash-Flow $545 $1,695 $2,195
  • 91. BLUEPRINT STRATEGIC FINANCING Personal § E m p l o y m e n t i n c o m e § M o r t g a g e / H E L O C § P r o p e r t y t a x e s § U t i l i t i e s § C a r l o a n s § C r e d i t / L O C p a y m e n t s Portfolio § R e n t a l i n c o m e § M o r t g a g e / H E L O C § T a x e s / u t i l i t i e s NEW § N e w r e n t a l i n c o m e § M o r t g a g e § T a x / u t i l i t i e s
  • 94. IMPACT T0 MORTGAGE RULES AND PROCESS § Remote working has meant much slower turnaround times. § Banks are very conservative and asking more questions especially around income and continuity of income specifically for BFS clients. § Appraisals are being done via drive-by and client photos.
  • 95. Average BOC rate has been 1.00% last 10yrs or PRIME at 3.20% WHAT’S HAPPENING WITH MORTGAGE RATES? VARIABLE RATES § Bank of Canada decreased their overnight rate by 1.50% in 2020 from 1.75% to 0.25% today § PRIME rate now 2.45% (2.60% at TD) § Average 5-year variable rate is 1.50- 1.75% for personal residence § Average 5-year variable is 2-2.25% for rentals 0 0.5 1 1.5 2 2 0 1 2 - 0 2 - 0 9 2 0 1 3 - 0 2 - 0 9 2 0 1 4 - 0 2 - 0 9 2 0 1 5 - 0 2 - 0 9 2 0 1 6 - 0 2 - 0 9 2 0 1 7 - 0 2 - 0 9 2 0 1 8 - 0 2 - 0 9 2 0 1 9 - 0 2 - 0 9 2 0 2 0 - 0 2 - 0 9 Bank of Canada Target Overnight Rate
  • 96. FIXED RATES § Average 5 year fixed 2.99- 3.09% for personal residence § Average 5 year fixed 3.29- 3.49% WHAT’S HAPPENING WITH MORTGAGE RATES? 0 0.5 1 1.5 2 2.5 3 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 Apr-21 Sep-21 CANADIAN 5 YEAR BENCHMARK BOND YIELDS
  • 97. § Inflation § Currently record high 4.80% § BOC expects inflation at 3% end of 2022 and 2% in 2% 2023 § Unemployment at 6.50% (200K jobs lost Jan 2022) § How many rate increases in 2022? § Rate increases not solving housing problem: § 660K housing starts needed in ON just to get up to national average § 400K+ immigrants creating larger shortfall § ON building 250-300K housing starts § What should you be doing? § Stress test your own portfolio § Variable historically still best option in overall interest savings and flexibility § Consider Short term fixed rates (2-3 years) RATE TRENDS (VARIABLE OR FIXED?)
  • 99. P E OP L E B U S INE S S ,
  • 101. @volitionproperties www.volitionprop.com What is my next step? ● Sign up for a complimentary Advisory session ● To make the session productive and effective, come prepared with: ○ Capital available to invest ○ Mortgage qualification ○ Your goals ● We will help you determine: ○ Where you are at ○ Where you want to go ○ Help you build a customized plan to get there
  • 102. @volitionproperties www.volitionprop.com What is my next step? Attend the next Meetup: Virtual Street Smart Tour! Beyond Theory – Multi-Family Conversions ● Date: Saturday, March 5 ● Time: 10:30 am - 1:00 pm ● RSVP for free: www.meetup.com/volition