Members-Only Discussion - Recent Threads

I'm looking for an Edmonton condo to purchase for pesonal use.

EllenH — Thu, 23 May 2013 18:57:04 GMT

Hello from Hinton. I'm heading to Edmonton today for the May 23/13 workshop. Hoping to find someone who may know of a well managed Edmonton condo for personal purchase and use. Any ideas appreciated. I'll be wearing a red jacket and red shoes - hard to miss!!
Hope to see you there
Cheers
Ellen Hearsey

Electrician and Carpenter in Edmonton

JRCOACH — Thu, 23 May 2013 04:25:29 GMT

Looking for a good Electrition and Carpenter to do the work on a legal basement suite. Any recommendations? Jerry 780-932-2121

house keeper , employe tenancy

cgilbert — Wed, 22 May 2013 22:48:33 GMT

Hi,

I have a tenant that was supposed to be the host of my house to receive guest that rented daily or weekly.

I bought the house on the 4 april, she moved on the 10th to work on setting up the house. I had to leave on the 21st on rush to the airport to go back to victoria where I learned I needed to sail for a month on board of a warship without email and phone capabilities. I sent by email a new fixed terms tenancy lease covering the 29th april to 30th of may. Here is some part of the lease :

"
- Landlord agree to offer a bedroom for free in exchange for the tenant to act as a house keeper

- Host's Responsabilities :

- list of responsabilities ....
"

She never sign and return the lease. She never did anything I asked her to do by email and we agreed on the 18th of may to stop working together.

I gathered differents info from eviction companies and lawyer. Everybody has a different opinions.. My lawyer say its a fixed terms and even if she didnt sign the lease is valid, for him she has no notice and she has to leave on the 30th. Landlord and tenancy board thinks it falls under tenancy acts but is periodic because lease of previous month has not been sign, in this case section 11 of tenancy acts said she is considered as an employe tenancy agreement which give her a notice of 7 days.

I have a company that want to rent the 2 suites in my house for 3 months asap and she is in the way. She want to leave on the 30th of june, but nothing garanty me she will moves then. I already sent her a written notice to leave on the 30th of may and my guts tell me to enforce it and threaten her to claim extra claims, fee and lost of expense if she stay and push me to the rdtrs for a claim.

Any advices on this matter ?

thanks
Chris

Ontario Sign Contract

Davidwall — Wed, 22 May 2013 17:08:01 GMT

Does anyone have a favorite contract they like to use for sign rental space on an apartment building in Ontario?

David Wall

Categorizing items as capital Gain vs Income

nicholsons — Wed, 22 May 2013 16:26:50 GMT

Hi, If you change the door handles, outlets, switches, cupboard knobs, etc... I see this as a capital gain and would be added to your adjusted cost base when you purchased the property. Or would items like this be expensed over 5yrs?

Also how would you record blinds which are left in the house vs a lamp or painting which was bought to help stag the property.

Finding an area in a town to specialize in

nicholsons — Wed, 22 May 2013 16:15:08 GMT

Hi, I'm trying to narrow down an area in Barrie to invest in. Does anyone have a list of items that they look out for when picking an area.

Another problem that I'm having is trying to find a property that meets the 8% rule. Are you going through realtors or FSBOs or are you breaking the rules and buying.

Building Permits and Title Insurance

nicholsons — Wed, 22 May 2013 16:06:22 GMT

Hi REIN member, This is a two part question. Does your lawyer look and see if building permits have been taken out?

If you fine out work has been done without permits does the seller pay or would you go through title insurance. Or would it be better to wake away.

Formatting your Co-Venture Documents

nicholsons — Wed, 22 May 2013 15:57:59 GMT

Hi Everyone, I've seen various materials that the REIN member provide if you side up for your website and I'm very impressed at how the documents look.

I'm wondering if you do the formatting yourself or do you have a person/Company to help with this.

Grande Prairie News

LAndersen — Wed, 22 May 2013 03:43:16 GMT

http://www.edmontonjournal.com/business/life+Grande/8412966/story.html For those investing in Grande Prairie, here is some more information about different things driving our economy!

Realtor in Vernon, and Kamloops B.C.

kevinmace — Tue, 21 May 2013 15:43:55 GMT

I am potentially looking at relocating to Vernon or Kamloops for a job opportunity and am looking for a good realtor to help me find a good primary residence with income property. Preferably a full duplex or a suited home. Any suggestions are much appreciated.

Realtors in Barrie

saurabhsur — Tue, 21 May 2013 04:17:57 GMT

Hello all, Can any of you recommend a realtor in Barrie (a REIN member)? Thanks, Saurabh Sur

Neighbour request to fixing the fence

hshen — Tue, 21 May 2013 02:41:22 GMT

My question is regarding portion of cost between the neighbour and me if the neighbour request me to straight the fence post and a section of the fence. My tenant who I had evicted had made one of the fence post slope a few degrees, it doesn't have problem structurally, but optically not looking nice. I'm calling a fence guy to check it out first. I want to know, is it something I have to do if neighbour request? I don't mind to fix it, just want to make sure it's not one of those situation that I may get taking advantage of. Thx Hshen

How much income will I need to show to get financing for this deal?

TangoWhiskey — Sun, 19 May 2013 23:59:46 GMT

Deal: 3 buildings, 2 of them duplexes in a downtown core, the 3 rd a 6 plex in a rougher but ok part of town (Halifax). The 6 plex can get commercial CMHC money, but the two duplexes will be the problem.

As a self employed person I have been only claiming about 15K income for 2011 and 2012 as I mostly focus on larger deals where the key is net worth so my annual income is irrelevant to financing. Clearly lenders won't consider this enough to meet TDS ratios on the two duplexes (650K total).

A member of the Calum Ross mortgage team said I can finance pretty much anything so long as I show along with my wife a total of 60K line 150 income. Is this true?

Definition of a special kind of tenant...

grahshopper — Sun, 19 May 2013 00:24:42 GMT

Hi all,

what do you call a person that moves into a rental property with the tenants on the lease? This person is not on the lease and has not signed any subleting paperwork.

Second question, does the Alberta Residential Tenancies Act apply to this person?

Thank you all,

Paul Gillanders

Westcott interview

NickelSteve — Sat, 18 May 2013 20:13:24 GMT

Hiya,
At the April Ontario workshop, Russell mentioned that he had done an interview with somebody named Marty Dopson (?spelling) regarding using one's RRSP in some way to invest in real estate. I tried to look for this on the website but couldn't find it. Does anyone know if it's online yet?
Thanks,
Steve

ACRE Audio

RealT — Sat, 18 May 2013 04:01:51 GMT

Hi everyone, I was just wondering were I could find the audio files of the last ACRE event. I can't seem to find them in the Rein Library. I'm not sure if I'm looking in the wrong place or if its not available online. If someone could help me out that would be great. Thanks

Scams by Jon Murray of Jowen Investments

Nischal — Fri, 17 May 2013 23:35:35 GMT

Please be aware of Real Estate scams by Jowen Investments of Chilliwack, B.C. It is a Real Estate investment company primarily owned by Jon Murray and his wife Wendy Murray. Their legal names are Jonathon James Murray and Wendy Lynn Murray. Jon Murray owns and operates, Jowen Investments in British Columbia and True North LLC in Arizona.

They encourage investors to do Joint Ventures in Arizona in their so called “Fix and Flip” deals. If you travelled with Allegiant Air in 2012 to Arizona, you would have seen Jon Murray’s ads in their in-flight magazine.

To date they have directly misappropriated $687,500.00 US Dollars in investor money. These investors have not seen a dime of their investments. Jon Murray calls himself, Mr. Creative” in his advertisements. He is surely creative with his persuasion techniques in convincing people transfer money to his personal bank account in United States. Jon Murray would invite potential investors to Arizona and use his family as a tool to present himself as a legitimate deal maker who could make things work. He also promotes himself as a honest Christian man working for your best interest.

Jon Murray also has a bankruptcy order against him in B.C. This was made against him by the people he owes money to. Total amount as of May 2012 was $630,326.78. That is a total of $1,317,826.78 Jon Murray scammed from people to live a luxurious life in Scottsdale, Arizona. This man is a disgrace to all the real estate investors out there who bend over backwards to make things work for their clients.

At the moment, Jon Murray and his wife Wendy Murray are currently under investigation by Arizona Corporation Commission for violating the Securities Act. More information about this file can be obtained from http://www.azcc.gov/. The filing number with ACC is S-20883A-13-0112.

If you or anyone you know who has been scammed by Jon Murray or his wife, Wendy Murray, please call the Arizona State Corporation at (602) 542-3026. The mailing address is:

Arizona Corporation Commission,

Securities Division

1300 W. Washington, 3rd Floor

Phoenix, AZ 85007

You can also file a complaint at Port Moody Police where all the investor complaints have been filed. The contact information is:

officer Budial - Port Moody RCMP - 604 461-3456, email - sbudial@portmoodypolice.com

If you need any other information about Jon Murray and his investments, please contact me directly at:

Nischalram@shaw.ca.

Scams by Jon Murray of Jowen Investments

Nischal — Fri, 17 May 2013 23:35:25 GMT

If you or anyone you know who has been scammed by Jon Murray or his wife, Wendy Murray, please call the Arizona State Corporation at (602) 542-3026. The mailing address is:

Arizona Corporation Commission,

Securities Division

1300 W. Washington, 3rd Floor

Phoenix, AZ 85007

You can also file a complaint at Port Moody Police where all the investor complaints have been filed. The contact information is:

officer Budial - Port Moody RCMP - 604 461-3456, email - sbudial@portmoodypolice.com

If you need any other information about Jon Murray and his investments, please contact me directly at:

Nischalram@shaw.ca.

Leasing Agreement with tenant

kowalc — Thu, 16 May 2013 13:27:50 GMT

Hello:

This is my first post and I am looking for suggestions -

I current have a unit for lease and have a lady tenant with children that I am going through the process -

the credit bureau she has is 548 score; poor credit, she just started a new job, very little work history since she has been recently divorced
She offered to have her dad on the lease who has exceptional credit - 850 score

My question is that when I get them to sign the lease, how should I do it - should I -
A. have them both on the lease 50/50
B. should I list the father only on the lease (since he has the great credit and then list the lady and her kids that will be living in the unit as "other occupants."

any suggestions or am I crazy to do it this way?

London, Ontario Property Manager

karilu — Thu, 16 May 2013 01:42:45 GMT

Hi, Folks!

I am looking for a referral to a reliable "can do" property manager in London, Ontario... preferably a small operation... someone whose monthly fee covers more than just depositing cheques. I am looking for someone who will keep me informed (by email is fine) of every issue and every service provided. I am not interested in emailing THEM on a constant basis to find out what's happening with the property. I'm looking for someone who places a high value on service and on getting the job done in a timely, friendly way. Please let me know if you can help.

Many thanks!

Karilu

New Edmonton Arena?

Rickx — Wed, 15 May 2013 16:06:29 GMT

I'm interested in the opinions of others as to how the arena will affect the prices of houses/rental rates in the area. It sounds like it's a go, one way or the other.

Downpayment Options

stephdietz — Tue, 14 May 2013 14:38:44 GMT

Hello!!

So when a potential JV Partner asks in my presentation how they the bank will take the downpayment from Home Equity or RRSP's, how do I explain that?

Regards,

Steph

Furnished Unit Agreement - Alberta

RStJean — Mon, 13 May 2013 02:01:18 GMT

Hello,

I am looking for a template or example of an attachment to a rental lease for furnished units. Alberta specific if possible.

Thank You.

New construction: Delayed closing - buyers compensation?

Nir — Mon, 13 May 2013 00:53:44 GMT

Hi All, I understand developers are legally allowed to delay closing . I think by around 8 months max after original completion/closing date. What is the penalty they pay/ how are buyers compensated for late closing, say closing 12 months after original closing date instead of the 8 months max allowed? Anyone knows the formula / process? The funny thing is, for investors it is usually good if they're late regardless of compensation :) Thanks and Regards, Nir

tax accountant specializing in RE investing

livingthedream — Fri, 10 May 2013 04:06:43 GMT

Looking for an accountant in Victoria, BC. Have lots of questions regarding what expenses you can deduct against rental income. Can the interest payments on a Line of credit be deducted against rental income or only interest on mortgage payments? We are putting a suite in our principal residence and are wondering about the tax implications when selling. In particular are there ways of minimizing the amount of capital gains paid on the portion of the property related to the suite.