Hi Gary - we do an extension/amendment separate doc at renewal.

Great post and questions Trevor. 1) Our contracts state, like yours, that the tenant had an option to renew with us if they had met all of their payment obligations in a timely manner - although it also stated in writing that we had sole discretion to increase the option to purchase price...

A lot of the opportunities to both lend or borrow may exist within the REIN community. We have written second mortgages out of our RRSP for five separate parties, all through REIN relationships. Due diligence is a must.

One other thought: a lot of folks that are either filing for, or in, or just discharged from bankruptcy believe that it will take seven years to qualify, and that is not the case if there was no mortgage included in the bk. Post-discharge, they typically need to have two "trade lines" - eg, a...

Hi Matt - clarification: our insurer is Peace Hills via Steve @Sadler Insurance as broker.

+1 Peace Hills - call Steve Hambly at Sadler Insurance 780-433-4426. Great service - both on policy and on claims, and specific rental-type coverages as mentioned above.

Two recommendations: 1) Have a qualified mortgage broker that understands RTO approvals confirm the timeline that any applicant gives you - how long will it truly take for them to be approved. 2) We personally would not enter into an agreement with someone that needed seven years to qualify -...

Hi Danielle, You might want to seek out Sue Ferreira - she lives in Victoria and might be able to connect you to a realtor as suggested above... Here's to your journey!

One other comment post-decision: we were advised early in our training to not RTO back a property to the party that it had been purchased from, mainly because if there was a disconnect down the road, it could become a whole lot messier - and the person trying to help could be painted instead as...

Hi Sherilynn - thanks for the share. Can you elaborate a bit more pls? I see: 390 -372.8 = 17.2 lift in property. Two year deal = approx 10-11 in typical mortgage paydown for 30 year am. Was there 8k per year from rents on top of mortgage paydown? Massive cashflow if so - congrats...

Hi Jules: 310 option price (we knocked $10k off from $320 when the market stalled at $300 a year ago in the same complex) Appraisal - first one was $270. We requested and got a second one at $280, still below more recent comps of 290-95) We received: $266 from first mortgage $9k in upfront...

Sherilynn, can you expand on your comment of more down, same ROI please? I did some quick scratching on a scrap of paper: $400k purchase price today $20k option payment (5%) =$60k net required for downpayment from investor (working w/80% LTV). If you mark it up 6% of year one, the price is...

An uncertain (aka flat or dropping) market really reveals the main issue with tenant first strategy, versus picking up a property below market value and having an option price that has a better chance of being supported at time of exercise of the option to purchase. We just had a tenant buyer...

I would suggest: 1) reposting it under house rental. Not many folks surfing other 2) adding some description of the house itself - neighbourhood, sq feet, bedrooms, baths, etc.

The pre-determination is a ratio pre-set out in advance at time of signing. Upstairs tenants pay 60%, and down 40% of gas and electricity - we advise tenants that this is the ratio, as the upstairs tenant has control of the thermostat. Nothing scientific in allocation, just a split that is...