QUOTE (gwasser @ Dec 3 2010, 02:18 PM) How do you know Annie Lennox never planned? Regarding setting your goals. Well you sound young so I would aim for $20 million net worth by age 55. How does that sound? Would that make you happy or do you have a more specific vision of how your life would...

OK, so Annie Lennox never said plan, but I got your attention. A little background on me. Guess I am now a fully fledged real estate investor, though many of my friends still laugh at me when I tell them that is what I do. Is there a better name for it? Property Manager? Unemployed...

QUOTE (RobMacdonald @ Oct 22 2010, 02:18 AM) Brokers are not limited by provincial jurisdiction. So basically, most brokers on this forum may be interested in taking a look at the application. If the clients are will to pay a higher interest rate for a cashback `no downpayment` mortgage, then...

Man, if I sell a $400K house, what kind of gain am I going to pay on that baby? CRA would be licking their lips. Assuming, as a good investor, I bought it for at least half that amount 20 years earlier, or much less, one would hope. If you did own 20-30 houses (and own them outright), you...

Hope this post is within the bounds of forum posting etiquette. I am selling a house here in Newfoundland. I orginally had the buyer interested in a rent to own situation, then asked if they might qualify for a mortgage. They indicated they qualify for $220K, but had no downpayment so never...

Can some one tell me in layman`s terms how this works Please? I substantially renovated a home (stripped to the studs) and am selling it. I understand either the buyer or builder can apply for the rebate. How does it work? Does sales tax need to be paid on the house when sold? Should I write...

QUOTE (markl @ Jul 31 2010, 10:06 AM) Hi Randy, Funny we just had our first experience with a major bank rejecting the down payment. RBC said they would not recognize the initial deposit. The tenant is now working with a mortgage broker who can take them to an institution to get the deal done...

QUOTE (RandyBett @ Jul 28 2010, 05:02 PM) Thanks for the follow up Mark. I`ll check this out with the local brokers and CMHC. On your paperwork are you indicating the option fee/security deposit/ or whatever your calling the upfront money-is fully refundable and does not apply to the down...

Suppose a buyer got approved for my $219K selling price but has no downpayment. My broker is willing to play ball and allow me to lend someone the 5% down. I`d lend the money and consider a small monthly payment ($100 perhaps), or even forgive the loan, if possible. I am willing to take...

The fascinating (or perhaps not) thing is that I had my home listed for sale on Kijiji (Top Ad) for about 2 months and got perhaps 15 calls. I listed my home `rent to own` yeserday and got 15 emails in one day. Go figure. I`ve since invited all those interested in my numbers (about 3 of the...

QUOTE (markl @ Sep 25 2010, 12:41 AM) This is not a tax issue. The question becomes what are you going to use the profit for? What type of return will it get you? Is it higher or lower than doing a rent to own? The other thing is having equity in a home is not a bad thing. You would have gotten...

QUOTE (RobMacdonald @ Sep 24 2010, 07:27 PM) Not really....... if an offer was presented for $219K, and the offer included the seller offering a $10K cash incentive for decks, then the CMHC and Genworth would deduct the incentive from the purchase price. So for the buyers, their downpayment...

QUOTE (Oli @ Sep 24 2010, 05:34 PM) An accountant I interviewed a few days ago that a RTO, even with a contract of 3 years will not be considered capital gain because you had the intention to sell it from the start (for the CRA it`s all about intent). As such you won`t benefit from the 50%...

QUOTE (RedlineBrett @ Sep 17 2010, 11:44 AM) This is mortgage fraud in most cases. 95% ltv first time buyer program requires proof that the 5% comes from owner resources. The seller can`t `gift` this equity to a buyer. Bank wants to see that the buyer can come up with the 5% on their own or...

QUOTE (MadisonNorton @ Sep 24 2010, 12:46 PM) Hi everyone, It looks like there was a glitch in the website coding that arose overnight. We apologize for the inconvenience. I experienced it this morning and I don`t believe it was affecting the functionality of the forum other than it being a...

I bought a home in January to renovate and flip, but I am concerned about the income this will trigger if I now sell it within 6 months of the purchase. I stand to make about $50K on sale after all my renovations. So I`d likely lose a hefty chunk to the feds. In short - Bought house for $65K...

Anyone else seeing this? I linked to the main site today and got a popup from Ontario REIN asking for a password login. Every subsequent page I click in the form, same popup. Searched but found nothing on the boards. Anyone know the answer? So annoying I am off ... for today at least.

QUOTE (ThomasBeyer @ Sep 20 2010, 10:13 PM) If you overprice real estate for any buyer no one will buy. Of course the real estate model falls apart if prices decline. The (meagre) cash-flow will not offset significant equity drops. be it RTO or classic model. In Canada RTO is EXTREMELY...

Considering putting up 5% (to cover down payment) as an incentive to sell my house which I just renovated in the last 6 months. How do lenders view this type of financing when considering an applicant who is borrowing the downpayment? My feeling is they don`t like it. How can this best be...

QUOTE (housedoc @ Sep 26 2009, 09:52 AM) What am I missing? 900/mo in rent?....doesn`t that make even 100K high for a rental? What`s the cashflow now? Who`s the buyer at 130? FTB? And where is it located? How can it be suggested offhand that 130 is reasonable without a lot more info? Bad reno`s...