Good Morning! I have several single family homes which I own and have been managing myself for years. I'm dealing with a couple (!!) of deadbeat tenants right now and am completely worn down. I believe 100% that real estate is the best way for me to increase my wealth, but I'm unable to move...

Thanks for your suggestions. I have a private lender who is willing to finance @ 10.5% and is willing to put a second charge on one of my other properties. I know the property will be worth $200,000-$210,000 when the renovations are completed because we do amazing work and I know the market in...

QUOTE (DavidSandbrand @ Nov 13 2010, 01:50 PM) Hi Barb, Another option might be to sell the purchase contract to another investor that does have the funds available. This would be an easy and quick way to put some cash in your pocket for the next time you come across this kind of deal...

Hi Everyone! I have an accepted offer of $140,000 on a single family home in London, ON. Great neighbourhood and location. I don`t have the cash or extra equity required for a downpayment, so using a traditional lender for financing is not an option. Once the house is renovated the value will...

QUOTE (khart @ Mar 12 2010, 06:26 PM) I've just made an application through my bank for a 5% down CMHC backed mortgage trying to get it under the April 19th deadline for the new CMHC changes where 20% down on rental properties with a CMHC backed mortgage will be required and I was advised that...

QUOTE (khart @ Mar 12 2010, 06:26 PM) I've just made an application through my bank for a 5% down CMHC backed mortgage trying to get it under the April 19th deadline for the new CMHC changes where 20% down on rental properties with a CMHC backed mortgage will be required and I was advised that...

Firstline will lend up to 95% LTV for an investment property. The DCR is used ONLY for conventional mortgages with Firstline. I spoke to the TD rep Friday and they will go as high as 85% LTV on a rental property. When dealing with high ratio mortgages, CMHC is already beginning to tighten...

QUOTE (invst4profit @ Jan 3 2010, 06:43 PM) Barb it may have been stressful but it worked out. Free lessons are the best lessons. Good for you to decide to learn the act. Very, very few new investors bother to learn the business before they buy so don`t feel bad. Next major step is learning...

QUOTE (housingrental @ Jan 3 2010, 03:11 PM) Hi Greg. I understand. I don`t have a good feel of what the outline of events are with Barb and the tenant. My thoughts are something like irate tenant goes to police with key, signed lease by property owner, and her possessions in the property and...

QUOTE (invst4profit @ Jan 1 2010, 04:38 PM) Change the locks before she sets foot in the property. If she has paid nothing you must prevent her from entering the property or she will automatically become a tenant now that the start date of the lease is here. Possession is 9/10 of the law...

The lease begins today, but no one has shown up. I can still change the locks, they are ready.

I contacted the tribunal and was told that because I had given her a key, she was legally a tenant and to change the locks is illegal on my part. I spoke with her today and thought I had everything sorted out, but then her father called me tonight and accused me of not being understanding. I...

QUOTE (housingrental @ Dec 31 2009, 05:31 PM) Hi Barb I like Thomas and Greg`s post Please note that following the advice in Neils post has the potential to end in CRIMINAL CHARGES for you! I`m not certain what your situation is... but I`d recommend you immediately check through ltb website...

Thank you for your answers. Because the tenant did not stay there, nor did she pay me any money, I feel that she did not make the lease (contract) binding. I am changing the locks tomorrow and I have learned many, many valuable lessons from this. Thank you again.

I own a semi which is a rental property. My 25 yr old neighbour who has a six yr old son, abandoned by her partner and ready to deliver a baby in 3 wks, a power of sale notice in her hand (her partners house), her heat had just been cut off and crying, asked if she could rent my place. She had...