Can someone give me the pros and cons of carrying a note on a property worth $340K, when I have an underlying mortgage of $240K My mortgage payment is $1250 taxes are $150 and Insurance $150 - so $1550 total. Where the house is located, I might just break even on rent at $1500 per month...

In the US I trust they have what is called a Form 1041 (think that is the form), which allows an investor to defer income tax on profit from property sales (e.g. when you dispose of an RTO property to the tenant buyer). That is, as long as the profit is reinvested in another property, then not...

I have an opportunity with an investor who needs to free up some cash for another deal he is working on. The property he is selling is a double lot 150x150 (2 lots not yet divided) which includes a shell for 3 townhomes on one lot, and 2nd lot is vacant land. Asking price is $300K. Lots are...

The appraisal report took him less than a day to complete. I guess he wanted his $520 pretty sharpish. I sent the appraiser a letter detailing my knowledge of the house he used as a comp the same day I received a copy of the report. I never heard back from him. 2 weeks later I sent a...

Troy Would you care to share how you strucutred your deal with your partner? What was his investment? What was yours> Any mortgage or lender financing involved (I assume not). How do you share the cashflow (if any exists)? How does either partner get out of the deal? What is the...

I had my home appraised in 2012 for $340K by the bank. The assessment agency assessed teh same house in January 2013 for $380K. I could have - should have filed a complaint - but I grow weary of ever rising costs and I am beginning to get tired of complaining about it. :) Whoever coined the...

I don't see how a broker can assist in fraud. My recent dealing saw me providing every conceivable piece of documentation to the lender (via the broker) in order to secure my loan. Unless the broker is complicit in some form of document fraud, I can't see how it can happen. Maybe I just...

Want to point out further that the mistake the appraiser made was no fault of his own, and I understand this, but surely in light of my information he should admit to the error in his judgement, and adjust his value. In the end, this is exactly the reason I despise getting appraisals at the...

Recently had a 2 Apartment property appraised and ran into this situation. Before I start, I personally estimated my property value at $300K, but see no reason why another investor might well pay more considering my income of $2500 per month from 2 units. The appraiser comped my house with 2...

Sherilynn - do you know if these companies cover all Canadian markets? Specifically Newfoundland? I am annoyed with my rates to be perfectly honest, and always looking for a competitive option. I simply get a letter each year stating the increase in premiums, and that is the extent of my...

Another pro for including utilities (when you have no other choice - eg. 1 meter) is that when I go to the bank and they ask me rental amounts on a property, i tell them the full amount including my utlitilies. In my case it is a $700 per month difference on the rent. With banks tightening...

Another pro for including utilities (when you have no other choice - eg. 1 meter) is that when I go to the bank and they ask me rental amounts on a property, i tell them the full amount including my utlitilies. In my case it is a $700 per month difference on the rent. With banks tightening...

lots of that in my backyard Thomas - happy to say :)

Mike - I have been doing exactly what you describe for about 6-7 years now. Use my primary residence heloc to finance a new home. I pay cash, no mortgage. It is usually a beater but I have spent a little more at times. I fix them up, then get refinanced. The 80% ltv mortgage usually pays...

Steady everyone. Having defined my version of wealth I qualified my post by asking what is rich to the OP. I never asked for any validation nor approval. Rather stating that accumulated assets are not the only measure of a man's wealth. In the end, one mans rich is another mans drudge...

Hi Sherilynn, I would be interested to see some of the ideas you present your clients in terms of cleaning up their credit. I would also be interested to learn how you have managed to help any of your clients secure purchase financing, and CMHC approval in situations where they might not...

I woke up in bed with my two young sons lying next to me today thinking how lucky I am not to have to get up and go to work for someone. I quit my "day job" (I actually got laid off) 4-5 years ago, and pursued a career in Real Estate Investment. I have built up a modest portfolio of...

Have you committed to buying it. If you are advertising to rent, then I assume you have. No harm testing the waters with a rent to own ad, just to compare your response level. You can still rent or rent to own once you have weighed up the response and options. Yes?

When you cant rent - why not try Lease or Rent to own. Might not be part of your long term strategy, but neither is having a vacant home every 6 months, I am guessing. Benefits of RTO? Get a sizable deposit on the option to buy. Name your 'appreciated' selling price at 36 months, and...