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Self-Employment Is Not A Barrier To Investment

Self-Employment Is Not A Barrier To Investment

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 Sylvia Ho talks with Ali, a business owner in the Toronto area who realized success in investment through the J.O.M.P program. Ali explains how with the advice and guidance of Sylvia, he was able to take out a second mortgage on his condo and buy an investment property to rent out. Ali shares how he was seeing the equity building up in his condo and came to Sylvia to see if he was eligible for a second mortgage. As a self-employed business owner, many expenses can be deducted on income tax which makes earnings show lower, so he wondered if he was even eligible. Sylvia and the J.O.M.P program walked him through the process and Ali learned he was able to obtain the second mortgage he wanted, despite his self-employed status, and turned that into purchasing his first rental property.Ali has already rented out his new property to a tenant and the process by which he selected and interviewed the tenant applicants is something Sylvia explores with him. He has realized success not only in financing his new property, but in navigating the sometimes daunting idea of locating a quality tenant to rent it to. Ali is enjoying great success and encourages others who are on the fence or unsure to talk to professionals like Sylvia to help navigate the process.To Get in Touch with Sylvia Ho | Mortgage Edge Agent 1 | LIC #10680 FSCO# M08003923: schedule a call | facebook | linkedin | youtube | instagramInterested in learning more about Sylvia's J.O.M.P (Just One More Property) program? Visit www.justonemoreproperty.caLearn more about Sylvia's services: www.sylviaho.ca— TranscriptionSylvia Ho  00:00Hey friends. So we are here today with Ali. He's a business owner here in the Toronto area, and he purchased his first rental property. Being a self-employed individual, you do show lower income because you have your deductions, right? And then being self-employed, a lot of self-employed people are like 'Can I really, you know, purchase another property, will the banks actually lend me money?' So he talks about that process. And then the other thing that we're going to talk about today is how he vetted his tenant. And when an issue came up with the tenant, how he dealt with it. So enjoy this podcast. And if you guys are interested in learning more about the J.O.M.P. program, which is all about owning just one more property, do connect with me go to SylviaHo.ca to book a 15 minute consult, and then we can chat and see if J.O.M.P. is all for you. Thanks.Sylvia Ho  00:50Hey everyone, today we're joined by Ali. Ali is from Toronto. He is a business owner and he owns a condo at Yonge and Sheppard area. He was seeing the equity that was building up in his condo, and he said 'What am I going to do with this equity?' So he decided to purchase an investment property. And today that's what we're going to talk to him about. So Ali, welcome to today's podcast.Ali  01:11Thank you, Sylvia. Thanks for having me.Sylvia Ho  01:13So talk to me a little bit more about what were you looking for when you first came to me? Like before you even thought about, you know, buying an investment property? What did you come to me for?Ali  01:24I was thinking if I am eligible at all for more, just for a second mortgage. So that's why I initially consulted with you to see if I'm eligible for a second mortgage. And I was thinking about a potential purchase of a second investment property.Sylvia Ho  01:41For an investment property. And then when you're saying potentially eligible, my understanding is because you're a business owner, right? And as a business owner, we can deduct a lot of expenses, right? So you and I, we're in the same boat. Because we're self-employed we can deduct a lot of stuff and then on our income taxes it always shows lower, but we actually make more money, but with the deductions it does show lower and it's hard to qualify as a self-employed individual.Ali  02:05That's correct.Sylvia Ho  02:06So as a self-employed individual, most people are finding it tough. They're like oh, you know what, it's great that I'm self-employed but sometimes it's tough to qualify for a mortgage. And so walk me through that process. Why did you want to invest in real estate?Ali 02:19So the idea was basically, to leverage this money or investment in the future and having an early retirement maybe, or using part of this investment for daily use in the retirement time. And that's why I consulted with you as you mentioned, because a business owner going through a different route and different path in terms of, like, the income, so I wasn't quite sure if I'm eligible to get a second mortgage. And then you introduced me to other lenders, and there are different ways of to look at the income.Sylvia Ho  02:52Right. Right. Absolutely. So talk to me about the process of going through J.O.M.P., like, was that as hard as you thought? Was it easy?Ali 03:01Yeah, so the process itself, I think it was very step by step, explained to me by yourself, you know, ...
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