How to Become a Successful Real Estate Investor by House Hacking

Everyone talks about House Hacking as the perfect entry into real estate, but can it actually make you successful?
Joining me today is my long-time client, Anita Bongers-Lewis, a Realtor and Real
Estate Investor in the Durham region, running a team of realtors passionate about helping people purchase residential and investment real estate.
Anita shares her journey of transitioning from health care into real estate and how she’s used House Hacking to create major real estate success. She also shares some exciting success stories of her investor clients.
To contact Anita: [e-mail].
#Househacking #singlefamilyhomes #legalduplex #semidetachedhome #studentrentals
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DISCLAIMER:
Tax planning is a personalized decision and will depend on your situation, priorities, and risk tolerance. Consult with your own legal and tax advisors to ensure you get the best advice personalized for you.
The information contained in this video is for general information purposes only.
The information is provided by ECRB Consulting Inc., RealEstateTaxTips.ca, Cherry Chan Professional Corporation and Cherry Chan.
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[@epictetus3406]

Would love to see the spreadsheets/numbers from your guest. Even if you househack with 5% I still don't see the numbers working.

[@RealEstateTaxTips]

It depends on the market - purchase price and rental income as well. It also goes back to the cost of living that you currently incur if you don't own.

[@magma9138]

Thanks.

[@kevinlee2959]

What is the reason for moving one property to the next for 5 properties? Is it for renovating and converting property into legal duplex/fourplex etc?

[@RealEstateTaxTips]

She's house hacking along the way. Didn't really intend to move that many times but at the time she didn't settle on a particular house yet.

[@katehernandez7936]

If you are house hacking, how do you get insurance? Do you declare the tenants as part of occupants?

[@RealEstateTaxTips]

I am not sure if Anita did. From my personal experience, I always declared the rental use of my personal home to the insurance company - just in case anything happen. Insurance is supposed to cover the unforeseen.

[@hieutran6726]

Hi Cherry, in the video Anita said that student rental property is hard or even impossible to refinance, can you please elaborate more on that? I intend to buy a student rental property soon so this is a very important thing for me to know. Thanks.

[@RealEstateTaxTips]

Most big banks wouldn't finance a set up student rental. When you refinance, the appraiser goes in and he will let the bank know that it is a setup student.... You can also find some credit union that would allow you to refinance student rentals but the rates are generally higher and loan to value is generally lower.

[@lisaagho9376]

If you do house hacking as a primary residence how soon after can you move into the next house?

[@RealEstateTaxTips]

It isn't just a matter of time unfortunately. It really goes back to your particular situation, your intention, why you are moving, etc. A taxpayer is eligible to designate only ONE property in any given year as his/her primary residence. Even if you "house hack" 4 houses during the year, you are only eligible to claim one as your primary residence provided that you meet the criteria of ordinarily living in that particular house. hope it helps. As always, if you need more details, please feel free to contact our office and our team will be able to help.

[@nimitaw1167]

so wait, isn't there a requirement in Canada to live in your house hack for 1 year before you move?

[@RealEstateTaxTips]

There's no requirement to live there for house hack as far as I am aware. You might know something I don't know. Share the literature link so we can all learn more about it.

[@mdi6792]

I also was under the impression it needed to be a year.

[@faiyou7429]

How do you oh find tired landlords?

[@RealEstateTaxTips]

Networking and building your own reputation in the marketplace. Some people drop a lot of flyers in older neighborhood. Some people talk to the tenants to obtain landlords' information.

[@faiyou7429]

Thank you so much 😊 wonderful 😀 what’s the book keeping charge for personal and company?

[@nafizhasan4349]

And this is one of the reasons why Canada is in a housing crisis. Thank you

[@RealEstateTaxTips]

I personally think the housing crisis is driven primarily by the number of immigrants coming in, last year 700k people, most of them are educated and come with money. This number also doesn’t include the number of international students coming to our schools as well. Couple with the fact that our government puts on many red tape to build…

[@nafizhasan4349]

@@RealEstateTaxTips I agree that massive immigration isn't helping but 1 person buying 5 properties and converting them into duplex/fourplex rentals isn't helping the supply of single family homes now is it.

[@nimitaw1167]

@@nafizhasan4349 If anything, she is creating MORE housing for tenants. So that should not create a housing crisis. Quite the opposite.