Recent content by Matt Crowley

  1. Matt Crowley

    Garage abandoned with cars inside

    This one... basically we let the tenant overhold for free (about a month) and then gave them access to get rid of the vehicle and parted ways. Last thing you want to do is to start to tie up someone's vehicle or rack up legal charges.
  2. Matt Crowley

    Mortgage Calculation

    Wrong. The down payment grows at the rate of the mortgage. If you don't sell than you can access that capital. The rest is just a mistake in calculations.
  3. Matt Crowley

    MLS sales data on

    I think the fact that TREB was taking this to the Supreme Court shows how disconnected Realtors are from their customers and what they want. Unfortunately, all Realtors will be painted with the same brush, and this does not apply to every Realtor. Core problem is that if Realtors act like cab...
  4. Matt Crowley

    Handing 14 day notice of breach to tenant questions

    Just provide notice to the adult when they are home. Whether legal or not, passing an eviction notice through a child is not a great way to win points at court if it comes to that.
  5. Matt Crowley

    Reuse down payment to qualify for more mortgages?

    That's not really a good idea either. Besides the cash flow problem, its a doubled-down bet on speculation. If the market goes south, how are you going to backfill that LOC when it doesn't cash flow? Do you think you will raise equity then? This is how people lose assets. LOC works for...
  6. Matt Crowley

    Using notary for condo buying

    Hire a lawyer. A notary is a person who can stamp stamps.
  7. Matt Crowley

    advice for novice member: get going

    Vancouver is one of the most expensive cities on the globe with disproportionately low rents (CBRE). So pretty much nothing is going to cash flow there. There is a bit of a bubble mentality that it can only go up. It is a market priced for perfection, there is no upside left from what I have...
  8. Matt Crowley

    advice for novice member: get going

    I'd start by clarifying the 'goal'... most people want to make a x% return. So put the focus on that and not on a real estate goal. Who cares if it is 3 homes or 100 or 1? PATH 1: If you want ~10%. Buy and hold long term will probably get you there. Significant downside risk in Vancouver...
  9. Matt Crowley

    Flex Down Mortgage

    Readvancable is a better option. Are you thinking the flex-down could work for a value-add with ~60% occupancy? Why not go IO and require less cash up front to fund the cap ex?
  10. Matt Crowley

    Joint Venture vs Finders Fee and PM

    ^ Where is the affiliate link? joking...;) Actually working with sophisticated partners is great, especially other professional investors. No one can be all things, and very successful investors, business owners, and developers often use asset management companies and invest side-by-side...
  11. Matt Crowley

    Calgary or Edmonton

    Both ready for the taking now. Time to buy. Prices have come off a bit and if you look at recent sales comps they are selling below assessed value (not a perfect measure, but a good indication). Those who bought in the high are at the end of their financing term and the property equity is less...
  12. Matt Crowley

    The importance of choosing an Investment focused realtors

    I'd go without a Realtor for residential if there is any way possible. I don't think they do anything really that can't be done better by a reno expert and property inspector. It is your responsibility to know rents and the market inside-out. Everybody, EVERYBODY runs out of capital eventually...
  13. Matt Crowley

    Reuse down payment to qualify for more mortgages?

    The Smith Manouver is a pretty dangerous strategy all-in-all. If you have been successful at investing and building your reputation, I'd suggest continuing to build using equity, even if you have to raise it. Working with such a thin piece of equity in real estate is not a great idea. Keep in...
  14. Matt Crowley

    Buying home with illegal suite and live in the basement

    @StuckInABasement just leave. Nothing is worth that headache, go through the channels afterwards if necessary. Tenant contracts across the country deeply favour the tenant, you will have no problem getting out of your lease in almost any situation and you have legitimate complaints. Don't wait...