Mensa
2012-03-20, 08:34 AM
Is it possible?
A friend of mine owns an income property with a small second on it. She's up for renewal in a couple of months. I'm wondering if it's possible for her to hold her own second, rather than paying her private lender 8%.
Granted, I don't know if she has the funds in her RRSP, but I'd say it's likely (retired teacher). I do know that she considers herself a very conservative investor, so chances are good that she's holding a large percentage of fixed in the RRSP, so I don't think she'd be losing out - especially given that she's mostly in mutual funds with high fees (iirc).
She has indicated that the renewal on the 2nd would only be a couple of years...she's hoping to roll into a single first when the first comes up.
Anyone know if holding your own second is possible, and if the fees she'd have to pay to set this up for a couple of years might be worth it?
Thanks!
A friend of mine owns an income property with a small second on it. She's up for renewal in a couple of months. I'm wondering if it's possible for her to hold her own second, rather than paying her private lender 8%.
Granted, I don't know if she has the funds in her RRSP, but I'd say it's likely (retired teacher). I do know that she considers herself a very conservative investor, so chances are good that she's holding a large percentage of fixed in the RRSP, so I don't think she'd be losing out - especially given that she's mostly in mutual funds with high fees (iirc).
She has indicated that the renewal on the 2nd would only be a couple of years...she's hoping to roll into a single first when the first comes up.
Anyone know if holding your own second is possible, and if the fees she'd have to pay to set this up for a couple of years might be worth it?
Thanks!