We help you with creative solutions from selling, investment or buying your dream home. One of the options to help you buy into an expensive real estate market like Toronto is co-ownership, sharing the ownership and costs of buying or investing in a home.
This is the story of investors and a prospective homeowner, Vinitha, Maxine and Terry that were unable to get into the market on their own but together were able to buy an amazing property in a great area.
We helped Vinitha buy her first property in another city and she was able to use the equity in that property to allow her to buy this property in Toronto. We were looking at older condos that she could afford but none of them were what she really wanted.
We were also working with Maxine and Terry that we had met through one of our investor summits to buy their first investment property. But they kept getting shut out of investments in the areas they liked. That’s when we had the idea to introduce Vinitha to Maxine and Terry to see if they could buy a property together that would meet all of their needs!
We found this great triplex in a great up and coming area close to transit, parks, schools and lots of great cafes, restaurants and brew pubs. Vinitha was able to move into the property and rent the other two units creating the cashflow for Maxine and Terry’s investment.
Co-ownership is a great way to get on the property ladder, especially that first rung, moving to freehold or your first (or second) investment. And you don’t have to be friends or relatives, but you should have the same goals for the property. You will have to have a great lawyer, they will help you draft a co-ownership agreement and you will have to have a great mortgage broker to be able to close a deal like this as there are added complexities.
We are so happy to be able to share this success story with you! I you are interested in utilizing the potential of co-ownership to help you on your next step in your property journey, please contact us, we would love to help. And we have other clients wanting to do the same that may be a great match!