We are closing on a sale to a RTO tenant and Scotia is requesting a letter showing that the monthly credit is above and beyond market rent. There has been no request for proof of their deposit and monthly credit in a trust account or similar. We are in process of determining who does this...

QUOTE (RedlineBrett @ Feb 10 2010, 11:09 AM) The competition bureau isn`t talking about "regulating" the real estate industry to force all realtors to cut their fees - they are talking about giving easier access to consumers to merely LIST their property for sale through the dominant marketing...

QUOTE (seanverret @ Feb 9 2010, 11:37 AM) I know of investors who have used iFinance to access RRSP capital for Real Estate investments... I believe you pay 5-6% on the "loaned" money they give you, while they pay you 4% on that same money... Thus you`re paying about 1-2% to access your RRSP...

Things are definitely tougher, but by the sounds of it you should have no problem. Find a good broker, REIN member prefer\rably, and let him go to work for you. One possibility is to get a line of credit up to 80% value of your home and use that as source of down payment and liquidity...

QUOTE (antay @ Jan 27 2010, 09:13 AM) Hi Rob, Where would you put the monthly credit? Do you mention it in the lease agreement or in the option agreement? If in the Option agreement, do you include the montly credit in the rent amount in the lease agreement. 1) scenerio 1 In the lease...

We do two agreements: 1) the typical provincially recognized lease agreement, just as you would for a any rental situation. No mention of Option Agreement or deposit. 2) an Option to Purchase Agreement. This spells out all the terms related to the Option, and also refers to lease amount. Hope...

QUOTE (Mvarga @ Jan 26 2010, 12:11 PM) Is it typical to do a RTO with only 5% down payment?? What would be the advantages to tying up more of your money with a larger down payment? How do you pro`s typically structure your down payment? Do you do 5% CHMC mortgage or put down 20% to avoid the...

Excellent post, Adam! I would like to add my voice. REIN gives solid and real up to date education in RE investing. Just one example: due to the info and tools provided on "how to get banks to say yes" I very much doubt I would have know how to qualify for some 11-14 mortgages since my first...

Ah! I was wondering what happened the next morning.... Good post!

QUOTE (RCrein @ Jan 19 2010, 04:06 PM) I have some capital tied up in an RRSP. I was thinking of pulling it out an paying the tax hit to use the money for future investments as I thought an RRSP mortgage had to be to another party at arms-length. Can anyone clarify that there is a legitimate way...

Excellent post. Good example of a sophisticated real estate investor...

QUOTE (tonypeters @ Jan 14 2010, 06:58 PM) Godfried, Extremely well put! Thank you for your input! If the forum would like to hear my "personal" opinion of what adjustments are required in order to attract more "positive" and less "negative" attention, I would be happy to provide it. With...

QUOTE (bizaro86 @ Jan 11 2010, 10:26 AM) Does anyone know the typical terms for cancelling mortgage life insurance? We have life insurance for both my wife and I that we got through our mortgage company when we bought our primary residence. I`ve since found out that I could get more coverage for...

Did you factor in property tax, insurance and any other expenses you would be responsible for when you calculated cash flow? I don`t see it anywhere, so there may be no cash flow or maybe even negative cash flow from what I see.

Hi Mark, Very good! Clean and easy to navigate. I like it. Like the concept of the VIP membership. Tried signing up for forum, but appears to be an exclusive membership of One for now! Wishing you the best for 2010! Rob

QUOTE (MarkTorgerson @ Dec 16 2009, 12:06 PM) Hi I am close to pulling the trigger on marketing several of my properties through a rent to own program to create myself an exit strategy a few years down the road. I am curious to anyone`s thoughts or concerns with advertising a $1,000 finders...

QUOTE (Jim @ Dec 11 2009, 02:06 PM) Does anyone happen to have a short info sheet made up to provide to a seller if they ask how an agreement for sale works? Jim If anyone does, I`d like one too. Thanks

QUOTE (MKBridge @ Nov 8 2009, 11:40 AM) ... He also completes the process in a way that the land transfer tax gets paid to the government (darn) but does include in the agreement a clause for the assignment of title so that the tax is only paid once at the beginning, not when the title goes into...

QUOTE (Runman @ Nov 30 2009, 02:38 PM) ...or should I put down 25% with the conventional mortgage and have the higher interest rate at 6%.... FYI you should only need 20% down to get conventional financing. It used to be 25% but the rules changed a couple of years ago on this.

This post is directed to Barry McGuire or Tony Peters, but it is certainly open to any warm body who wants to offer me advice. I am wanting to make an offer on a property in Alberta. It was originally listed by the owner for $592,000 who was relocated elsewhere by his company. When it didn`t...