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Forum Post: Re: Scams by Jon Murray of Jowen Investments

Nischal — Wed, 22 May 2013 13:25:00 GMT

You are very welcome Nir.

Things I would do differently today so this doesn't happen again would be:

1. Always check with the Securities Commission if you are doing JV's with anyone. This experience motivated me to join REIN so I could learn the correct ways to get money partners for my investments. Learnt lots from Russell's presentations about putting the interest of the money partners in the forefront even before thinking of putting any invested cash in your own pocket.

2. Always ask for a list of references. In my case, Jon Murray gave me three references of the investors that he had partnered with. Found out later these people had invested the money with him already and Jon promised these investors to give some good words so my money would pay for their initial investments. Worst part is that these people still haven't got their money back.

3. Do not wait if you know you have been duped. Report to the authorities immediately so other people are not taken advantage of.

4. It is only "me" who care about my money. No one else cares as much as you do. Protect it.

5. There are some very credible RE investors who primarily do JV's but there are also some who are only interested in your money to support their lifestyle.

6. If someone is using religion as a way to promote themself, be cautious and do more diligence. Jon Murray used these tactics to fool a lot of people.

7. Always ask for a credit report if in doubt. Criminal record check in my case would have avoided my loss. Jon Murray was sued in 2010 by an investor and had bankruptcy case through the courts but he did not mention this to anyone.

8. Be aware of people who use their family and kids as a way to promote themself as a legitimate business.

9. Talk to other veteran REIN members who primarily do JV's and ask how they legitimately raise money.

10. If it sounds too good to be true - RUN. In my six years of RE investing, I got stung twice because the deals sounded great. I lost money in both the investments.

Forum Post: Grande Prairie News

LAndersen — Wed, 22 May 2013 03:43:00 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!

Forum Post: Re: Two Tenants and One wants to sublease

Sherilynn — Wed, 22 May 2013 03:39:00 GMT

First, you need the potential tenant to submit an application and you need to check all references, credit, judgments, etc. just as you would with any new tenant.

Then I would write a lease renewal or new lease with all new/current tenants rather than adding tenants to the original lease. If you write a new lease, add a term whereby the new tenant acknowledges that the tenancy started at the original tenancy date (6 months ago) so that you are still able to increase the rent at the anniversary of the original tenancy. If you are renewing the original lease, then you may want to add a term acknowledging the substitution of a tenant.

The key is to be sure that a) you are still able to increase rent on the anniversary date of the original tenancy and b) you have good tenants in place.

You should also offer to do a move-in/move-out inspection. The new tenant should not be held responsible for any damages caused by the leaving tenant.

Forum Post: Re: Neighbour request to fixing the fence

Nir — Wed, 22 May 2013 01:25:00 GMT

Alvaro is right. Just to add Good for you. Here is your opportunity to build strong relationship with your neighbour - always a good thing in our business. Get a quote, fix it if reasonable/in the hundreds. let him share costs with you if he wants. Good chance he will feel he wants to pay you something, or maybe he will not. You now have a new friend . Regards, Nir

Forum Post: Re: New Roof installed last year needs work - Roofer to repair?

ThomasBeyer — Tue, 21 May 2013 20:40:00 GMT

Not removing old shingles is not uncommon. However it adds to the weight of the roof and if rotten wood below it may eventually cave.

Most roofers give a warranty. Check that.

Also check what the roof contract stated; it may have said "add new shingles" implying not to remove the old ones.

Forum Post: Template Document to Release a Partner from their JV agreement

Saher — Tue, 21 May 2013 18:04:00 GMT

Team ,

Is there any Legal Template document that I can use to Release a partner from their JV agreement ?

Regards,
Saher

Forum Post: Re: Private Money (2nd mortgage) options

ThomasBeyer — Tue, 21 May 2013 16:45:00 GMT

Any mortgage broker can provide you with options that range from 2% upfront plus 6%/year to 3-4% upfront plus 22%/year depending on the asset's quality, location, loan-to-value and your other collateral/networth.

A 2nd mortgage makes sense only if you can discharge it quickly, say within a year due to rent increases and then a re-finance which is tough to do in Ontario due to rent control laws.

Big second mortgage lenders in Canada are Firm Capital, Trez Capital, CareVest, TimberCreek but for a small 10-plex there are a 100 others, as the big guys often don't touch small loan amounts, say under $250,000.

You can also post this with some meaningful detail on the JV site of myreinspace as many REIN members have cash in their RRSP they would be happy to lend for 8-12%.

Forum Post: Re: London, Ontario Property Manager

housingrental — Tue, 21 May 2013 15:50:00 GMT

Please send me an email through my website and I'll forward you contact points to a PM in London

Forum Post: Realtor in Vernon, and Kamloops B.C.

kevinmace — Tue, 21 May 2013 15:43:00 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.

Forum Post: Re: Realtors in Barrie

housingrental — Tue, 21 May 2013 13:43:00 GMT

This is a very disappointing post

However email me for contact points

Forum Post: Project Management Software

arniec — Tue, 21 May 2013 13:36:00 GMT

Hi All,

Does anyone use any Project Management Software to stay organized during a Real Estate project (with renovations)? So far I'm using Wrike, but I've heard people use Basecamp, Clarizen, Do, and of course MS Project. Anyone use something they absolutely love and would recommend for such Real Estate projects?

Look forward to your responses!

Forum Post: Re: Renos in Edmonton

Julie4bugs — Tue, 21 May 2013 05:07:00 GMT

It's all good, I found a detailed painter. Get the kitchen looking good and I'll add a wc in the basement later. I was going to hire a jack of all trades to get a few different things done at once. Thanks

Forum Post: Re: Death of REIN Member

markbrad — Tue, 21 May 2013 03:35:00 GMT

Thoughts are with you. I remember being in your home on the farm south of Central Butte when I was in kindergarten, I think Troy was a year younger... This was the first place I had ever seen a central vac system, and I remember opening the flap and having a piece of chalk sucked away.... It was a pleasure to see your Mom again in Edm when I joined REIN.

Mark Bradford

Forum Post: Re: Definition of a special kind of tenant...

Sherilynn — Tue, 21 May 2013 03:18:00 GMT

"Unauthorized occupants" is what I call them. Yes, you may evict the unauthorized occupant.

If you offer for the person to be added to the lease, be sure to say that the occupant must first be approved. Have him submit an application and do all reference, credit, and judgment checks. Explain to your tenant that only people on the lease are responsible for rent and damages, so it would be in your tenant's best interests to have the other occupant added to the lease.

Forum Post: Re: basement finished without permits being pulled

Pheenix — Tue, 21 May 2013 03:07:00 GMT

In Ontario a permit is required to make alterations/ additions to the electrical system, and it must be inspected by the ESA, although the owner can do the work as long as it is to code. There were some changes to require this a few years ago, although no sure whether 2010 was before or after the change.

Advise you to contact them or a licensed electrician, a 'master electrician' to have a safety inspection done. This should be inexpensive, and the peace of mind is well worth it.

Forum Post: Re: Mortgage Cash Back - Promised/Confirmed but not Deposited(!)

ThomasBeyer — Mon, 20 May 2013 17:04:00 GMT

I would have assumed that it would get adjusted on the cash-to-close statement at the lawyer's office, on closing. Ask the banker why that did not happen, and what the time frame is !

Forum Post: Re: Choosing PLC vs mortgage for reno costs

Nir — Mon, 20 May 2013 16:17:00 GMT

How about refinance up to 80% LTV after renos are done?
Yes, such interest is deductible but that same portion of your home, if rented out, may also be subject to sale tax compared to your residence portion on which on appreciation you pay zero tax.
Regards,
Nir

Forum Post: Re: Westcott interview

CorinneWestcott — Mon, 20 May 2013 15:32:00 GMT

I believe this is what you are looking for
click here

Forum Post: Re: Sonata?

Nir — Mon, 20 May 2013 04:50:00 GMT

Hi Thomas,
Very true, they all have tons in common!
However, there are small differences that can make a car a better match for you.
For example, camry (and corolla) are excellent cars but considered more 'boring' and less sporty than accord and sonata.
since I am not tall and used to small cars I feel the camry too big for me. the sonata is smaller - while in the category of midsize sedans, it is really between the corolla and camry sizewise.
want to enjoy the next car too and what added a bit to the confusion is I actually really don't want my car to 'turn heads' (not good for my business) and the sonata does that a bit more than camry.
but sonata is also very good on gas - close to the elantra which I find amazing!
so drive what you like. Plus, what am I talking about here? A ~20K car (sonata) simply can not be too fancy.
Thanks & Regards,
Nir

Forum Post: PROPERTYGUYS.COM Franchise FOR Sale in Hamilton

flanabum — Mon, 20 May 2013 01:29:00 GMT

Do you have a Passion for Real estate??? Of course you do...you're a REIN member :-)

I own 2(two) Propertyguys.com franchise locations in Hamilton. My territories are far too big to manage well on my own. I am looking for the right, like-minded individual to purchase one of my territories, and we could be a dynamite team to service Hamilton residents with a commission-free alternative to selling their homes.
Selling Privately is the future of real estate....and this is an opportunity for you to be involved in this moving new trend, especially in the #1 City(Hamilton) for Real Estate Investing !! NO real estate license required- full training given.
If you would like to know more details, please call me at 289-426-5555 . Financing assistance is a possibilty.