Recent content by MikeMcCrae

  1. MikeMcCrae

    How far should I bend?

    Even the courts can`t help you get blood out of a stone. Get what you can and keep fingers crossed.
  2. MikeMcCrae

    Cashflow is Good in Winnipeg

    I used to invest in Winnipeg. There really are some great cash flow opportunities there. Remember the land transfer fines, and the Rentalsman. If it still works it could be a good deal.
  3. MikeMcCrae

    Multi-Family Investment Seminar - Edmonton

    Get lots of sleep. lol Be prepared to get an awful lot of information. You will not be disappointed.
  4. MikeMcCrae

    Seeking Assistance on finding good Mortgage Broker

    Mortgage brokers can deal in any province but my advise is, deal with one that is in the area where you are. It is best to build a relationship with your broker and make sure they understand your goals. Anybody can put together one deal for you. Knowing what you want to accomplish over time will...
  5. MikeMcCrae

    Will The Bank Of Canada Raise Rates in September

    I think they will stay the same this round but I would like to see them rise. I think if they go up lending rules will relax a bit. Maybe my theory doesn`t make sense but I think if the investment community has access to more profit they will take on more loans.
  6. MikeMcCrae

    Private Lenders

    I have access to private money. Must be well secured, not necessarily only on real property.
  7. MikeMcCrae

    REIN Member with cleaning company

    You could call Maidpro. 780-669-9230. They operate 2 offices. One out of Leduc and South Edmonton and the other for Airdrie and North Calgary. They are owned by a REIN member (me) and offer REIN discounts.
  8. MikeMcCrae

    Mortgage question

    Like Peter said, there are many variables and a discussion with a mortgage broker that is experienced with investors can help you work this out. You may even want to finance your own residence higher than the 80% to keep more cash free. But to explore your options sit down with a mortgage person...
  9. MikeMcCrae

    Utilities - how do you get out of including them?

    What I like to do is have the uostairs tenant put the utilities in their name and I agree to pay a percentage of their bill. Normally 60-40. This is seperate from the rent and when they show me the paid bill I write them a cheque. The down stairs people are responsible for the balance. In their...
  10. MikeMcCrae

    Worth the penalty to change to variable rate?

    Your break even at today`s rates is about 5 months. If prime does not go above 4.59 in the you will always be ahead. So you have to decide if you are willing to take the risk on rates climbing and when. No one has a definitive answer for you but in the past variable has always out performed fixed.
  11. MikeMcCrae

    Appliance Stores in Edmonton

    I buy my appliances at Mike`s Appliances in Leduc. He always calls his suppliers and finds scratch and dents, or last years or discontinued models for me at real good prices. Charges too much for delivery though and doesn`t do service.
  12. MikeMcCrae

    Security Deposit Deductions

    I hire "Maidpro" a professional cleaning service to do the move out clean if the tenants do not leave it in perfect condition. I send them a copy of the bill with the balance of the deposit. This way there can be no dispute if they want to push the issue. (Disclosure Note: I own the Maidpro...
  13. MikeMcCrae

    Use existing corp to purchase recreational property?

    Something else to consider...Maybe leverage your money and buy more then one property. Buying 2 with 50% down may be a better deal for you and the mortgage costs would be tax deductible. If it is a long term plan this might be a better fit for you.
  14. MikeMcCrae

    90% 2nd mortgage.. need help

    Talk with your mortgage broker they may find some money for you. But private money is not considered a cheap way to go. When you look at all the options it may still be the way to go depending on your whole plan.
  15. MikeMcCrae

    Smart home systems

    I had lots of extra wire put in when I built my house. Once you get things where you want them you don`t need the extra wiring but till you get it figured out, who knows? Might help with resale. I wouldn`t do all the computer hook ups again though, I do most of my home computing sitting on the...