Mar 3, 2023
Today's question comes from Zoe who asks:
I purchased my first investment property, a mix-use triplex (commercial main floor and two 2bed/1bath residential above) downtown Hamilton on October 1, 2021 - At the time, we paid $1,100,000, put 25% down, and started a $825,000 mortgage at 2% for 1 year fixed rate.
Prior to closing, my lawyer hadn't received the zoning verification back from the City in time for the requisition date. He told me, the zoning should be fine for the barber, they've been there for 2 years. He didn't advise me to ask for an extension, or to not move forward without having the verification. After closing, the verification came back, indicating that indeed, personal services were not allowed due to the number of residential units in the building (less than three). We figured, since the barber was already in place, and had just renewed her lease, that we would cross our fingers and hope for the best, not sure what else to do.
Initially we were generating…