Recent content by Alvaro Sanchez

  1. Alvaro Sanchez

    First Time Seller With Water Damage

    Hire an independent appraiser and ask the questions, cost is between $400-$500.. find a person that does not have a potential conflict of interest (named investors, agents, etc).
  2. Alvaro Sanchez

    5% down payment question
  3. Alvaro Sanchez

    RRSP Home Buyers Plan - personal use

    1) The RRSP home buyers plan is a specific program for people to buy a house. That is, to use a portion of own RRSP as down-payment AND bank mortgage. This is limited to your principal residence (from what I remember). 2) The other aspect is that you can become a bank and lend your RRSPs as a...
  4. Alvaro Sanchez

    First time home buyer plan

    Do it! but run the numbers. Worst case is that you would be renting out during this venture. I do not know your market but if you are planing to use the first home buyers route with low down-payment for the rental (as low as 5%) there will be limited equity and limited cash flow so you will not...
  5. Alvaro Sanchez

    Getting property under contract

    Put an offer with a long closing date.
  6. Alvaro Sanchez

    Refinancing difficulty

    This is a well known fact that self-employed needs 2 years of NOAs. As far as I know all lenders will required a full application when increasing loan amounts.
  7. Alvaro Sanchez

    Buying home with illegal suite and live in the basement

    Buy purpose built properties.
  8. Alvaro Sanchez

    Court ruling requires sold Toronto home prices to be made public!

    You must realize that the system has been setup up to maximize profits (for agents, brokers, mls, etc - Not consumers -) and have worked that way for many years. This is no secret to anyone and whoever says the opposite is living on la-la land. This is very similar to the banking / mutual fund...
  9. Alvaro Sanchez

    Joint Venture vs Finders Fee and PM

    If you been doing it for 10 years, why do you need others?, do you want to expand your PM business or own more property?
  10. Alvaro Sanchez

    Rent increase

    What's the difference in rent a month? 100,200,500?
  11. Alvaro Sanchez

    Reserve Fund for Condo

    Budget for it as there will be a special assessment to catch up with lack of reserves.
  12. Alvaro Sanchez

    Basement suite in Ottawa

    You would probably get a better quality tenants on a 2BR vs 3BR (for basement setup). Also note that if unit does not have a separate meters for utilities a 3BR unit will cost more. The more people in the unit translates more cost to maintain and increase wear and tear (Noise, parking, etc) with...
  13. Alvaro Sanchez

    young beginner real estate investor looking for advise

    Good for you, I wish I had the resources that you have now back when I was your age. Keep following your gut but make sure to find a mentor (no need to be a paid mentor, find a win-win arrangement). For a rookie your Rule 1 - ONLY listen to people who are doing it or have done it. In real state...
  14. Alvaro Sanchez

    Townhome rentals allowed

    I assume that town-home is in a condominium structure and yes, rules can change. It would depend of how friendly the board members of the corp is which rentals. Best to attend all meetings (and vote), become a member or not to buy at all.