Residential/commercial property

by Pat
(Mississauga)

I am looking into buying a property in Burlington and it is mixed of Residential and commercial property together. I am planning to rent out the house and the shop(it has a tenant now). What kind of mortgage do I get? How much down payment do I have to put? I am not going to live in that property so do I have to announce it to Income tax? What about insurance etc?
Please help.

Comments for Residential/commercial property

Click here to add your own comments

May 16, 2017
Residential/commercial property
by: Tom

Thanks for the question!

You need a good commercial mortgage broker, it's likely a commercial mortgage you need. Down payments for commercial mortgages can be as low as 15% down if they're insured (but that's only for large scale 100% residential properties like apartment buildings that use commercial financing). For the property you are describing the down payment is likely going to be higher than that.

I would reach out to some mortgage brokers and ask if they have experience with these types of properties. They'll be able to confirm all of this with you quickly.

In Canada, if the property is owned by you personally then yes you have to claim the income from the property on your taxes even if you don't live in it.

Also, you definitely need a proper insurance policy on the property.

We're not mortgage brokers or accountants so confirm all of this with the proper professionals but we would start with a good commercial mortgage broker.

Hope that helps!

Tom

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Submit A Question.

                  

  Some Cool Free Stuff...

  Step 1:

Grab a free digital copy of our real estate investing book, Income  For Life For Canadians, right here. This book has been downloaded over 22,597 times and has helped hundreds of investors kick-start their investing with simple and straight forward strategies that you can implement right here in Canada.

You'll also receive our weekly [Your Life. Your Terms.] email newsletter with the latest investing updates and videos.


  Step 2:

Free Weekly Investing Videos & Articles: Get the latest updates and join the over 10,000 other Canadians enjoying the weekly [Your Life. Your Terms.] email newsletter. The email is sent out each Thursday. And as a little bonus we'll give a FREE digital copy of the book, Income For Life For Canadians, too!

Your Life. Your Terms.



  Step 3:

Free LIVE Investing Class: Do you live in the Greater Toronto or Golden Horseshoe Area? Come out to our next introductory "Investing in Nice Homes in Nice Areas" Real Estate Class.

Get all the details by clicking here.

It's 90-minutes and you'll learn a ton - promise!Thousands of investors have now joined us for this class and the feedback has always been amazing.

Click here to get book

This book has been downloaded over 22,597 times and has helped hundreds of investors kick-start their investing with simple and straight forward strategies that you can implement right here in Canada.



  Click here to subscribe