QUOTE (Dan_Eisenhauer @ Sep 12 2010, 11:44 AM) I also was going to comment about the use of the word "refund". Mark covered it well. I do want to comment on the use of the term "security deposit". Anyone who uses this term in their agreements or when speaking with a potential TB is asking for...

QUOTE (nubiwan @ Dec 18 2009, 12:50 PM) b) you do an Agreement for Sale (AfS). He stays on title. You pay him some money now (say 10K as you suggested) and some money every month so he can pay the mortgage. Then in a year or 6 month or at any time you agree on you (say 15 months from today or...

QUOTE (invst4profit @ Dec 18 2009, 01:33 PM) What you are referring to, I believe, is a lease option. You get the deed at the time of final payment. Google "lease option". Not really a lease option (in the traditional sense with monthly payments) unless you consider one big payout a lease...

I have a vendor that would probably be willing to take a future balloon payment on a property I am looking at. He owes $70K on it in mortgage and a couple of liens. It is probably worth that in it`s current condition. Fixed up, after $50K renos, I am estimating anywhere from $175-200K...

QUOTE (ThomasBeyer @ Nov 3 2009, 10:46 PM) true ... on active corporate income up to $400,000 .. ask an accountant !! so flipping may qualify !! keep in mind this money is now in a corporation .. and if you take it out personally it is either a) a dividend b) a salary c) a GST/HST taxable...

Thanks Thomas, I thought I read a while back that business tax was only 20%. Obviously, I must be mistaken.

Can I buy a house for $120K with a $60K abatement for proposed renovations? In short, I pay $60K for the home, and conduct the renovations with my own $60K? The reason I ask is that I have a record of sale for $120K, not $60K, so I would hope there wuld be some tax relief in a situation were I...

Putting a bid on a rundown home and wanted to know what other conditions might be appropriate. The water is shut off and so is the power to the home. Planning to take it over within 30 days. The electrical will be upgraded with the reno, as will most of the house (window,siding,roof...

As has already been mentioned, the way to do it is to build a temporary supporting wall either side of the wall to be removed (using 2 x 4 framing). Remove the load wall. Then install the right combination of 2x8 or 2x10 pillars and beams across your new opening. When you apply for a permit...

Say I bought a dumper house nobody wanted real cheap, let`s say $100K when it was probably worth 170K. I stick in about $50K of renos, and get it apprasied perhaps year or 2 later. It is now worth $260K on appraisal. Bank will let me borrow 80% of that appraised value (OAC) or $208K less...

QUOTE (rforgiel @ Oct 14 2009, 08:28 AM) Tony, Where is this property. I represent private lenders from Hamilton, Toronto and Ontario. If your property is in this area maybe we could help. Feel free to give me a call. Unfortunately, it is located in Newfoundland.

QUOTE (tonypeters @ Oct 13 2009, 10:14 PM) The reason for my question was based on some of the confusion and lack of understanding that I have noticed over the past few weeks on this forum. If you had said yes, I would have advised you to wait until after the event before taking ANY action...

QUOTE (joannelson @ Aug 31 2009, 12:39 PM) Hi Nubi, It sounds to me like you need a creative broker to work with. There`s always a way - it`s just finding it! What about a JV, with someone who is low on cash but would be good for a mortgage? How can someone be low on cash but good for a...

QUOTE (nubiwan @ Oct 11 2009, 10:53 PM) In a hypothetical scenario where I buy a property for say 100K, Invest 50K in renos and it gets appraised at 250K. Then refinance it at 90%. From this $225K refinance, I profit 225K less 150K (my original investment)or $75K. I then sell the property at a...

QUOTE (tonypeters @ Oct 12 2009, 11:10 PM) Will you be attending the Ron LeGrand event this week? err, unfortunately not. I am a pretty new contributor to the forum. I also live in Newfoundland, so putting 3-5 grand into a seminar in Alberta would probably not be looked upon too favourably by...

QUOTE (invst4profit @ Oct 12 2009, 05:20 PM) Assuming you have a RE agent or someone to give you up to date FMV based on homes sold you must also determine what repair work is required and determine what the ARV is on the property. Once you reduce the FMV by the amount you wish (20-30%) you...

Got this from my Kijiji ad telling people I buy houses. Unless this guy is able to sell to me at 20-25% below FMV, then I am not interested, correct? How do I ask him nicely? I`ve asked for other house details from him (listing price, his resonble price, the bare minimum price he`d accept...

QUOTE (dplummer @ Oct 12 2009, 10:30 AM) Talk to your Lawyer. Sometimes they have Estate money that they are eager to loan. Doug My lawyer would loan me someone else`s estate money? You serious? Please explain how that happens. First I heard of that.

In a hypothetical scenario where I buy a property for say 100K, Invest 50K in renos and it gets appraised at 250K. Then refinance it at 90%. From this $225K refinance, I profit 225K less 150K (my original investment)or $75K. I then sell the property at a later date for $250K. Pay off my...

QUOTE (invst4profit @ Oct 10 2009, 11:37 AM) If the seller is just a regular joe, not a sophisticated investor, and has sat on this place for a year this is probably a far easier sale than it is being made out to be. Talk to the guy one on one and find out if he is open to a VTB. If so ask him...