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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: Want Joint Ventures BEGGING To Invest With YOU?

MatPiche — Wed, 22 May 2013 00:57:00 GMT

Reaching your goals can be challenging on your own. As Henry Ford once said, “if everyone is moving forward together, then success takes care of itself.” This is exactly why I’m working with JV's!

I learned how to create a Joint Venture avatar from my real estate coach and man, has it ever changed my business! By focusing on a very specific person and positioning your real estate as the solution to their problems, you will never have to "chase" people with money. They will be coming to you! If you're interested in learning how to attract JV's in today's world, come to my networking meeting next Tuesday the 28th in Cambridge, Ontario. I've invited my Real Estate coach (who many of you may know) to show you how to get JV's begging for your 'solution'. Below are the details. I hope to see you there!!

The Essential Steps To JV Attraction

We'll talk about:

- Untapped ways of using social media to attract people
- How to present with influence - not desperation
- What makes people say "yes" so you're always one step ahead
- How to create your "JV Avatar" so you are using the right "hooks" that grab people
- Using the three JV Success Pillars to make people come looking for you instead of you chasing them.

And so much more.

RSVP HERE!!

Stop by my Website for more details

Forum Post: Re: The worst real estate investments.

tnguyen — Tue, 21 May 2013 20:55:00 GMT

I strongly agreed with Thomas. Only if you've done your homework, research, then your risk levels are low. Timing the market is another aspect to lower your risk. Make sure you're in the driver seat.

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: Re: Does real estate investing really make people rich?

Rickson9 — Tue, 21 May 2013 20:09:00 GMT

As the saying goes, there are a million ways to make a million bucks. Real estate is a general term that encompasses a many number of ways. There are other ways to become wealthy. It all depends on the individual's ability and temperament.

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: 3 Ways To Get Your Offer Noticed and Accepted!

Sherilynn — Tue, 21 May 2013 15:38:00 GMT

[quote user="MarkTorgerson"]I am assuming you are disclosing to the lender that the property will be 10% seller financed and thus 90% LTV? My experience is that banks don't like to see 90% LTV on revenue property. Are you having problems getting funding with this type of offer?[/quote]

So far, the sellers have opted for the lower price. The 2-offer strategy seems to make it much easier to arrive at a lower price.

However, you are absolutely right that seller-financing must be disclosed and there are many banks that don't want to do it. When I spoke with Scotia last fall, they were willing to do it for me. Of course, that may have changed by now.

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: 3 Ways To Launch Your Real Estate Investing Business

MatPiche — Tue, 21 May 2013 13:04:00 GMT

As a Realtor specializing with investors, I come across a lot of people at various stages in their real estate investing careers. A common theme I’ve noticed is trying to be an expert in EVERYTHING. It’s human nature to want to be the smartest person in the room – “Wow, that guy really knows what he’s talking about. I wish I were him!” Am I right? Everyone wants to be that person. However, by trying to be the expert in everything you are simply running in circles wasting time. Trust me!

Stop Chasing The Next Shiny Object

A big part of the problem is always chasing that next strategy. “Rent to own? That sounds interesting. I’m going to read everything about it so I’ll sound smart at the next investment seminar”. Does this sound familiar? If you answered no you’re either extremely focused or you’re lying! And while I agree everyone should read, read and read more about investing in real estate before actually taking the plunge, there comes a time when you need to sit back and really decide what real estate strategy is right for you and master it. If years have gone by and you haven’t quite figured out what’s right for you, you’re missing out on some good opportunities to create wealth to get you closer to your goals!

Focus and Specialize

Focus on what you want your real estate to provide you. Is your goal to quit your day job as soon as possible and become a full time investor? Well, you’re going to need lots of monthly cash flow to replace your income, correct? Specializing in rent to own or Multi-Family investments may be for you as they provide great cash flow. Or, are you tight on time and want a hands free investment property? Take a look at specializing in single-family. They have great mortgage pay down, appreciate well and can be fairly hands off. Are you handy and have free time to dedicate to your business? Flipping properties may be for you etc. See where I’m going with this? Find the real estate business that fits with your life and then…

Become the Expert

Now that you specialize in a type of real estate, become THE expert. Make a website for the type of real estate you specialize in. For example, “FlippingTorontoHomes.com”. Provide FREE content through blogs, videos etc. This will position yourself as the only choice to do business with. Everyone normally gets a little worried about giving away free content but this is where opportunities come to you and your business starts to go on auto-pilot. Joint venture partners will beg to work with you. Banks will call you to buy their distressed properties. Your investment savvy realtor will email you deals that fit your system. Congrats, you’re now that expert at the party everyone wants to be. That is, if you want to be.

The whole point of this blog is not to say you can’t learn about other types of investment strategies, but really focus and master one. If you buy a Multi-Family here and a student rental there, that’s cool. It’s not a bad idea to diversify. But, if your only strategy is “find me anything that’s a ‘good deal’. I’ll buy whatever” (and I do come across these investors frequently), you are lacking clarity within your business. You’re just chasing after the next thing but never mastering anything (been there, done that!). You’ll be surprised how much time you save focusing on one strategy. You’ll be even more surprised by how many opportunities will come your way. So, pick a strategy that fits best with your lifestyle, buckle down and master it! Let me know it goes!

Want more FREE investing tips and blogs? Stop by my website!

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: Lease completion in AB....grounds to kick the tenant out?

Sherilynn — Tue, 21 May 2013 03:11:00 GMT

[quote user="brentdavies"]Increasing rents works very well until the local newspaper and TV news stations come knocking at your door, or the tenant pull your bluff and pays the inflated rent!

[/quote]

Agreed.

Tenant can also file suit (and would win) at the RTDRS for increasing rents to force an eviction.

I also agree that the lease is confusing.

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: Ontario - Can I force existing tenants to sign lease with me as new owner

Nir — Tue, 21 May 2013 02:54:00 GMT

You [quote user="getmovinggroup"] Can I get existing tenants to sign leases with me.

[/quote]
as you mentioned you may not increase their rents initially. therefore you don't really need that. but indirectly yes, you can get all you do need, which is tenant acknowledgements singed by all existing tenants. how? you add the form to your offer and do not release the conditions unless getting all signed forms back. This will not be under your name yet but include all you need. I never had an issue with a tenant not singing same after closing showing my name as landlord. However, as Thomas mentioned you can not force them to sign. Having it under your name may also help with future mortgage applications where bank needs to confirm your stated rental income.
Regards,
Nir

Wiki: Glossary of Real Estate Terms

Anonymous — Tue, 21 May 2013 00:43:00 GMT