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Recent content by bizaro86

  1. bizaro86

    Private Lender to Keep Waterfront Properties on Georgian Bay (Parry Sound) in My Immediate Family

    This seems like a potential situation where a lease-to-own might be of value. The investor buys the property, with an agreement to lease it back to you/your son. You have the option to buy it at a specified (higher) price during the term of the lease. You pay an upfront fee for the option...
  2. bizaro86

    Calgary condos undervalued

    Absolutely correct. It gets exponentially harder the larger the building is. Also depends how patient you are - I own a few units in a specific building that I really like. I'm currently on pace to own the whole thing in another 50-60 years... It is worth noting I think that 12 condos in...
  3. bizaro86

    Calgary Insurance Broker for Condo - Recommendation Request

    I'm looking for a referral to a good insurance broker in Calgary who can access multiple carriers for a rental condo policy. I need a higher limit than my current insurance company will write because the corporation increased their deductible materially.
  4. bizaro86

    Calgary condos undervalued

    I've been involved in a reversion in the metro calgary area. It really isn't that big a deal... I owned 50% of the units (and exactly 50% of the unit factors) in a 8 unit condo corp. We sold the 4 units to another investor who owned 3, and he also bought out the final unit. Fired the condo...
  5. bizaro86

    Locking Mortgage Rates in my take

    In your example, you got $4000 cash back and paid $3000 extra interest over 5 years. But at the end of the 5 years your mortgage is now ~$4000 higher. The total cost is at least $7000, maybe more if you keep holding, because now you're paying interest on the money in the second term as well...
  6. bizaro86

    Set up autopay from Heloc? (Scotia Step)

    Hello, I am planning on using the Smith Maneuver to convert the final portion of my personal mortgage into tax deductible debt for my rentals. To do this, I would like to pay my condo fees on my rentals directly from my Scotia Heloc on autopsy each month. Does anyone know if this is possible or...
  7. bizaro86

    Creative Financing Needed

    If you have a 100k income, bad credit, and not enough cash for a down payment, lack of creative (==high interest) financing is not your primary problem. You need to save some money and improve your credit, probably by deferring gratification. So don't buy now, go read the mr money mustache blog...
  8. bizaro86

    Tax Planning thoughts and questions

    We have sold 5 properties this year, and plan on selling 1 or 2 more before the end of the year into Calgary's hot market. While we're selling rental condos at good values for our buyers, its time for us to right size our portfolio and take some gains as my wife had our first child earlier in...
  9. bizaro86

    Refinancing for only up to 65% LTV next year?

    I suspect that was mistaken rumour stemming from someone who had a lack of understanding of the HELOC rules, where only 65% of the property's value can be on a HELOC. I doubt refinance goes down to 65%, if the government wanted to tighten further it would make more sense to increase the owner...
  10. bizaro86

    Do you like it hot or cold?

    Lack of action doesn't necessarily denote lack of thoughtful consideration. I haven't bought anything for nearly a year, since I haven't found anything in that time that meets my criteria. Warren Buffett has said there are no called strikes in investing, it makes sense to wait and purchase...
  11. bizaro86

    Life Insurance

    Whole life is almost always more advantageous to the insurance agent than the purchaser. If you need more insurance to pay for capital gains taxes on your death, buy more term.
  12. bizaro86

    Do you like it hot or cold?

    I don't like the hot market at all. Too much competition to buy new properties. It's worked out not bad for us, as we've sold a few things this year at good prices, but ended up just doing RRSP/mortgage paydown with the $, as I'm not seeing anything that meets my criteria. Of course, a new baby...
  13. bizaro86

    Mortgage question for first investment property

    The broker channel has less access to 30 year mortgages than the banks directly.
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