If I look at an appraisal report, there're two approaches to estimate the value of a property. 1) Cost approach 2) Direct comparison approach Cost approach is based on number of square footage times the per unit cost, plus cost of garage/basement/extra. It is not generally used in...

Hi, Has anyone used Internet fax or "virtual fax" where you get a virtual fax number (1-800 or local) and receive/send fax via email or online? Any recommendation? Thanks. Lucas

I have lent my money as 2nd mortgage to people for the purpose of debt consolidation or pay tax arrears. Those files are riskier, as the people are not credit-worthy (low credit scores). They had lots of stories (ie, divorce, injury, slow business, etc) and sometimes their homes are not in...

Hi, My tenants (now ex-tenants) did not pay August and September rent (I did give them N9 on the date of no payment, and I was about to file to the board). They did an overnight move on the weekend, and now the unit is empty. From their facebook wall, they`re moving back to North Ontario...

QUOTE (Luxmal @ Aug 29 2010, 03:54 PM) One friend want to borrow some money from me and let me register second mortgage on his two properties. Do I need a mortgage license for it? Not sure which province you are in. In Ontario, I do think you need a license according to the MBLAA 2006...

QUOTE (housingrental @ Aug 9 2010, 09:08 AM) REIN has said that they`ll likely be doing this summer of 2011 Thanks - that would be a great news. Can someone from REIN admin to confirm?

Hi, Is there any plan to offer the training in Edmonton on Aug 28-29 to Toronto some time this year. Thanks, Lucas

QUOTE (RedlineBrett @ Jul 15 2010, 02:20 PM) Does the bank know you are ending up with none of your own money in the deal. If they know that, it`s not fraud. If they think you are coming up with 20% and don`t know about the cash back contract it`s definitely fraud. Perhaps it`s a gray area...

QUOTE (RedlineBrett @ Jul 15 2010, 12:20 PM) Did your first place lender know that you had no cash yourself and were funding the down payment via cash back? That`s mortgage fraud if they didn`t know that. Almost all lenders won`t do this and CMHC certainly won`t. Yes, I funded 20% down...

Thanks for the your comment Garth. It`s a RTO deal (refinance, because the seller is not able to renew herself) through a RTO company. My purchase price was $175K. The original plan was that the seller pays off her first mortgage (disclosed to us) for $153K. Then she will send me $21K from...

Hi, As the buyer, I paid for the home appraisal, funded the down payment to my lawyer, my bank has advanced the mortgage, and home insurance arranged and paid. However, on the date of closing, the seller`s lawyer informed my lawyer that the seller cannot close the transaction because there is...

Hi, For example, I spent $30K cash to close a rental property recently, and now I decided to write myself a cheque from Home Equity account for 30K. Can I expense the interest on the Home Equity against the rental income? My gut feeling is it`s deductible, as long as the borrowed fund is...

An agent on the phone (PC Insurance) said tenant`s insurance is very important (we all know that). However, he added that landlord should pay the tenant to carry it (if the tenant insists no having one). The reason is that if the tenant has no liability coverage, and if someone sues them (for...

Hi, I have a renovated unit for "rent" or "rent-to-own". A gentleman called me yesterday, and he said he`s interested to rent with his family. His credit was bruised due to previous business loss, etc. Now he has a good truck-driver job with $800-1200 per week. He can come up with first and...

Hi, I understand that a lot of real estate investors have a separate account (or accounts) for their rental income/expense. After a while, the money will build up (hopefully). Is it OK to take out the money from rental/business account and transfer it to the personal account? Cheers.

Hi, I live in Ontario. If I want to to lend out RRSP or non-RRSP to a borrower in another province (for example, Alberta) as a private deal, do I need to go through a mortgage broker? If so, does the mortgage broker have to be in Ontario, or can it be other province (ie, Alberta)? Thanks.

QUOTE (markl @ Apr 22 2010, 11:30 AM) How is this a sandwich lease deal? In a sandwich lease deal you never take possession of the house you lease option it off the seller and your client lease options it from you. Hi Mark, In my scenario, I am the buyer of the property. My tenant-buyer is...

Hi, I am presented with this sandwiched RTO deal (single family) in Gatineau, QC, 20 minutes from Ottawa. The return is 24%. The RTO agent (in the middle) will receive $1250 from the tenant-buyer (hence $200 x 36) = $7200, and the 3-year Option price of 163,000 (hence rare-end profit of...

A question about the impact of cashflow. TDS = (PITH + Other Debt)/Borrower’s Gross Annual Income If one is considering buying a RTO investment property: - Rent $1050 - P+I $615 - Tax $175 And assuming one makes 50K annually as full-time job, assuming no debt elsewhere. Is the following...

QUOTE (VicChung @ Feb 19 2010, 02:32 PM) I have not heard from anyone yet. I was requested to loan money in the last week. Though I liked the person on the phone, I have never really met the individual. To approve the loan I requested for the following: (1) Assets to secure against (2)...