Recent content by David Wilson

  1. David Wilson

    Insurance claim/total loss/bank requiring LOTS of personal financial information

    I have had this happen in the past and as the mortgagee I have also refused to sign over the check to the individuals involved. (They always love that!) When the deal is underwritten it includes the value of whatever was lost in this case a garage. Now your going to just demolish the garage and...
  2. David Wilson

    Garage abandoned with cars inside

    I’ve had experience with this in the past and it’s a major pain. Depending on where you live or where the vehicles are a bailiff may be able to get you a transfer of ownership, this is the easiest way to deal with this that I am aware of. There are some bailiffs in Ontario that advertise this...
  3. David Wilson

    How has "lenders declining mortgage applications" caused a housing crisis?

    The new rules only apply to the banks all people need do is look at the multiple alternative lenders available out there. Sent from my iPad using myREINspace
  4. David Wilson

    Do you take responsibility or not?

    What is the extent of the damage? By the sounds of it they don’t need to replace the drywall otherwise they would get a look at the pipes when they cut out the damaged drywall. Have you had a frank conversation with your tenant? How well do you know the tenant? Are they likely to tell you a...
  5. David Wilson

    Windsor properties?? novice investor

    NAFTA has the potential to hit automotive manufacturing industry hard, if the US gets their way it will hit this industry hard. Windsor is heavily tied to automotive manufacturing so there is a level of uncertainty about the future of Windsor’s economy. Windsor’s recovery and growth since the...
  6. David Wilson

    Negotiating rates with banks

    Always push back the bank rates, let your bank know you have meetings with other lenders as there rate is too high. They will then likely try to find out what rate you are getting elsewhere or the rate you are looking for so they can adjust their rate to be competitive. Don’t give them this...
  7. David Wilson

    Kelowna investors gathering

    I’ll be there. :) Sent from my iPad using myREINspace
  8. David Wilson

    what would be a fair split?

    Could you provide some insight as to how you reached your suggested numbers? Sent from my iPad using myREINspace
  9. David Wilson

    Q1 - Q1 Approach, wait and see or invest ?

    With the new lending requirements it will mean there are less people that qualify under the new rules. The Bank of Canada is predicting the rules could cut out 10% of borrowers with large down payments and make them ineligible for a loan. Some $15 billion in Mortgage money cut from the market...
  10. David Wilson

    Reverse Mortgage vs LOC for aging parents or in-laws

    Completely agree with you. Sent from my iPad using myREINspace
  11. David Wilson

    Reverse Mortgage vs LOC for aging parents or in-laws

    The time factor is the major risk regardless of LTV. A lot of items could go wrong during the time frame. Not to mention wear and tear This is More along the lines of what a settlement company does only with more risk. Unknown = risk It’s not just the rates it’s the opportunity costs of the...
  12. David Wilson

    Reverse Mortgage vs LOC for aging parents or in-laws

    The issue on the banking side of things is that the profit is deferred too far into the future and the risk involved is a too high. If the banks did a reverse mortgage for 10 years that's 10 years of unknown market appreciation or depreciation on the value of the house. A whole lot of things...
  13. David Wilson

    Reverse Mortgage vs LOC for aging parents or in-laws

    The problem with conventional bank underwriting is they have hard fast rules with next to no flexibility. So in answer too you're question I would say the couple would need to qualify per normal standards and income will likely dictate the amount of funds they could get, assuming all else is...
  14. David Wilson

    Reverse Mortgage vs LOC for aging parents or in-laws

    If you were to borrow $200,000 over 10 years on a reverse mortgage you would pay roughly 232% more interest then if you had a conventional mortgage and this is using the same rate of 4.5% for both. Because there are no monthly payments to reduce the principal balance on the mortgage the interest...
  15. David Wilson

    First time renting basement

    As for your police check question: You can only request the information reasonably required to make a decision about whether or not to rent property to the applicant. Every piece of information collected must have a reasonable business use attached to it. A police check is not a reasonable...