(Gibsons, BC Canada)
Hi Tom and Nick,
First I want to thank you for your awesome newsletter that you send out - I look forward to your dialogue and the helpful tips each week.
I'm a relatively new investor and have purchased two properties in the past two years. I plan to hold on to them indefinitely providing they continue to provide cashflow or barring any major changes in my life.
The mortgage terms on both properties end and are up for renewal in 2016. Between now and then, I am planning to begin a couple of businesses that focus on real estate and stock market investing, and move on from my full time job that I've had for the past 10 years.
My question is that if my employment situation is dramatically different (I'll be self-employed or a business owner as opposed to a full time employee), will that make it difficult for me to get my mortgages renewed and is there anything I should prepare for between now and then? I'm assuming if I've made all my mortgage payments on time and I stick with my current lender then I should be able to renew no problem? Or what if I want to go with a different lender?
I'd appreciate any advice you have. Thanks in advance!