Recent content by johnkord

  1. J

    Ontario form required and RTO sale process

    Thanks kindly Neill for your detailed and clear reply. I tend to see things more clearly when actual numbers are used. This is GREAT! The buyers have paid me monthly regularly over the 3 years with post-dated cheques for the entire monthly amount, which included the credit portion each...
  2. J

    Ontario form required and RTO sale process

    Thank you both, Gary and Sherilynn.. Your answers are very much in line with what I was thinking. Now, here are a few follow up questions - to you and other REIN members 1. Can anyone recommend a good RTO-familiar lawyer in the Toronto area? 2. I noted a difference in how Gary and Sherilynn...
  3. J

    Ontario form required and RTO sale process

    I wanted to resurrect this topic for the purpose of selling an RTO property to my RTO tennant in Ontario - Toronto to be more precise. Can anyone help with what forms and process to use? The RTO tenant wishes to buy, but is looking to me to define the process and guide him. Also, I have some...
  4. J

    Looking for a Pre-Qualified RTO tenant in Barrie

    I have just recently posted here about an RTO deal gone sour and asking about legalities. This post is in a different vein. Due to the current RTO tenant walking away, I am wondering if anyone here would know of a pre-qualified RTO tenant wishing to live in Barrie. I am willing to enter into a...
  5. J

    Looking for RTO investor for pre-qualified RTO tenants

    Hi Marlene! I am an RTO landlord whose tenants are breaking a 3-year lease agreement, and walking away. I woul be interested in filling the property with new RTO tennants. The house is in Barrie, in Leticia Heights area. it is a modest semi-detached, which I estimate to be worth about $175,000...
  6. J

    RENT-TO-OWN, Clarification on 3-year lease contract gone sour.

     I am the owner of a Rent-To-Own property where my Tenants have the option to purchase the property at the 3-year mark of the contract. My tenants have decided to quit the contract after having lived in the property for 2 years. They have been paying regularly their agreed-to monthly rental...
  7. J

    What woud you do

    A little side question with respect to penalties... : If one gets a 5-year fixed mortgage now at 4.5%, and rates go up to 6.5% in 3 years time (hypothetical only) and one wanted to terminate the loan at that point (in 3 years time), is it true that the "typical" penalty would be around 3 months...
  8. J

    Tenant-Ladlord side agreements

    Thanks to Sherilynn, Adam and Thomas for responding. It seems I`ve waded into the grey zone - not the type that Don warns against, but rather the type where you intend to be perfectly legal, and ask ahead of time about how to do it, but there are no definite answers. Regardless, all of your...
  9. J

    Rent-To-Own rental payments tax-deductible by tenant ?

    Thanks to both of you for your answers. Mike, I have never rented, so I am not sure how the rental payment deduction is applied at income tax time. Is it a full deduction against income, making the net taxable income less than it would otherwise be ? Or is it in the form of a credit, that...
  10. J

    Tenant-Ladlord side agreements

    Yesterday I visited the "Ladlord`s Self-Help Centre" in Toronto, funded by Legal Aid Ontario. They are staffed by 4 full-time Community Legal Workers, and offer "summary-advice" to small-scale landlords. I spoke with one of the staff regarding a question I have: "Can I (a landlord) set up an...
  11. J

    Rent-To-Own rental payments tax-deductible by tenant ?

    I have recently had a question posed to me by my tenants living in a rent-to-own house (semi-detached): Can they deduct the rental payments against their business income for income tax purposes ? My guess is that the base lease payment portion (i.e. the full lease payment minus the monthly...
  12. J

    Hamilton Mastermind Meeting

    Please add me to the meeting list as well. My e-mail is : Could you tell me when the next meeting is.
  13. J

    7 Critical CMHC Elements for Rent To Own

    Thanks Mark. I was not sure whether the intial closing by the investor or final (down-the-road) closing by the new owner was meant. Just got a bit confused. Thanks for clarifying THAT part. Now I`m not clear on some other points being made: Why must contract "be dated from original onset...
  14. J

    7 Critical CMHC Elements for Rent To Own

    Thanks to both Madison and Dan Heon for this valuable information. Although, I wonder if I can get a bit more clarification: 1. I assume that these rules apply only to mortgages that must be insured by CMHC, i.e. those where the down payment is less than 20% on the rental property, and I pay...
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    Hamilton Mastermind Group

    Hi. I am new to the Hamilton Mastermind group. I will be there this Sunday unless your plans change. johnkord