Multiplex Income Property

by Manny
(Montreal, Quebec )

I would like to purchase an investment property, a multiplex with over 25 units. I was thinking of using a heloc to do so. I wanted to know, let's say the multiplex stops generating income and I start to lose money to the point that I cannot make the mortgage payments, what is the worst that can happen? Will I lose the current house I have?

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Apr 10, 2014
RE: Multiplex Income Property
by: Tom Karadza

You'll want to verify this, but it's our understanding that most Canadian provinces use "full-recourse" mortgage rules.

So the bank can come after any other assets in your name to recoup any loses they may incur if you walk away from the multiplex.

Again, please ask a good real estate lawyer this question because you'll want to be 100% certain of this.

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