Hello, My girlfriend and I purchased a new build semi in Burlington for approx 275, it is now worth approx $380-$395 depending on upgrades, etc, etc. The question is, can we lease out this property while pulling out the equity from it?? Only 5% has been put down on the property, but my...

Hello Johnathan, 1.) When purchasing a property new, or used, you will always need a lawyer. The fee when purchasing a house is not very expensive at all. Approx $800-1200. Most people your age spend more on tv`s these days. 2.) As a purchaser, you won`t be paying a realtor any money. That...

Hello, I bought an investment property in 2007 for $167,000. I renovated it spending $12000 in materials and labour. I did most of the work myself, excluding the tiling of the bathrooms and kitchen backsplash. The property has been now appraised by my lender @ $198000. I am currently owing...

QUOTE (andrejusc @ May 27 2009, 05:58 PM) I am currently looking to buy my first investment property. There are 2 options for me: - to buy a duplex, live in one unit and rent the other to a tenant; - keep renting apartment myself (considering my apt.rent payment is lower that I would get from...

Hello, My tenant would like to break his lease and leave my property b/c he has been recently laid off. The property is a single, family residence and is located in Ontario. What is the standard operating procedure with this type of situation where the tenant has the obligation to fulfill his...

QUOTE (RobMacdonaldCMT @ Mar 25 2009, 03:40 AM) Hi Marty, I would recommend reading Real Estate Investing in Canada. It talks about a more systematic approach to investing and buying with a long term perspective. You are correct that you need a minimum of 20% equity for a HELOC, but there...

Hello Property Investments Enthusiasts, I was wondering what you would recommend for a father/son property investment project. We did one in last year which was a fix and lease strategy and had fun doing it. How would you recommend securing financing deal #2, assuming that it takes 20% in home...

QUOTE (jackie @ Mar 20 2009, 12:00 PM) Hi Marty, I live just north of Muskoka (btw, there`s only one ) and am familiar with the north end of the district. If you`re researching Muskoka towns to invest in, take a look at Huntsville. It`s the largest of the three main Muskoka towns (Bracebridge...

Hello, I was wondering if anyone had any thoughts about the possibility of investing in Bracebridge, Ontario. This is the area where the famous Muskoka Lakes reside. What are your opinions about investing in the city of areas that have high tourist demand. The idea being that since waterfront...

Would this be the same as asking the prospective tenant to submit an equifax report to you the landlord?

QUOTE (BarryMcGuire @ Mar 12 2009, 02:32 PM) In Alberta , like Ontario, if the lease expires and is not renewed, the lease goes to a month to month. You are now caught by the provisions of the AB Residential Tenancies Act with respect to notice to vacate. You have to fit in one of the narrow...

If you`re happy with the tenants and they seem to be interested in staying for a few years than try and refinance to a longer amortization period (35 yrs). If you are strapped for cash maybe negotiate paying the interest only for a while. I don`t know what the house is capable of, but perhaps...

I have one investment property in that area and lucked out with a great tenant, but it took me a very long time to find him. There were many interested ppl. looking for a place to rent, but they all seemed to have issues that made them too much of a risk for me. I also feel that there`s a lot of...

Thank you for the helpful advice. Martin

Hello, I am purchasing a house with my fiance to live in. The house is for us and not for investment purposes. I am having her purchase this house in her name only while paying her half the amount. How do I go about being on title without being on the mortgage? This seems to be possible in my...

Hello, I was wondering if anyone has any input as to the process of converting a single family residential property to a legal duplex. I found an interesting property that is deemed to be a dulex by mpac or mpax (don`t know the exact acronym of the real estate body) but not by the...

QUOTE (kay @ Jan 26 2009, 08:39 PM) I have recently met a few investors that purchased in St. John, NB. They both used the same agent and were very happy with his service. Let me know if you`d be interested in getting this contact and i can email it to you. Hey Kay, That would be great...

Hello, I`ve had my eye on Saint John, NB. but have never invested out of province before. Is the best thing to contact an agent who specializes in that area first and utilize his/her expertise, referrals, etc. How about a property manager? Would they be the ones to contact first to gain a...

QUOTE (housingrental @ Jan 14 2009, 11:14 PM) I strongly disagree with the above post. Aren`t wealthy baby boomers are comfortably equipped and not looking to up size? Why the West side GTA bias? Why anticipate greater appreciation in lorne park than lawernce park? Hello Adam, This is an...

QUOTE (terri @ Jan 16 2009, 09:12 AM) what is his current variable rate? If he has a prime minus it may be worthwhile to try and keep the current mortgage for now even with a negative cash flow of $200/mo. I`m assuming that living with mom and dad is pretty cheap and he`s not planning on being...