Hey all - last week I had a deal go south on me and I am curious as to what you would do in my situation. A bi-level home came onto the market here in Kelowna BC and I got the jump on it. Called my agent that morning and had them do up an offer for 10K over asking without viewing the property...

We were just denied a refi or HELOC from our credit union here in Kelowna (Valley First). The house has a 330K mortgage with a value of 600K and they won't do a thing. We have no issues getting approved for new mortgages with the big banks but these guys won't budge. Frustrating for sure.

Did I say anywhere that I was allowing them to do so? Was the first and last time. I don't get paid enough to listen to that. Took @matt's advice above and asked them if they wanted to leave. They said yes. Signed the mutual end of tenancy and just waiting for it to come back. Either way...

My experience is just agreeing upon it beforehand and write it in to the lease. I do not offer snow removal as we are in a fairly mild climate so the snow rarely stays longer than a day or so. Would be interesting to see what others in colder climates do as snow removal is quite physically taxing.

Thanks for all the info everyone. The fan is functioning ... I was just going to upgrade it to a higher powered motor to try to prevent issues like this in the future. There is only black dirt/mold looking stuff IN THE BOWL. Absolutely no sign of mold anywhere else in the house. Tenants are...

Hey everyone. Just curious if anyone here may have any experience or advice with this issue. We have a tenant who has sent us a few pictures of their toilet which clearly shows black stuff (assuming mold) coming from the rim of the toilet. There may or may not be some mold in the bathroom...

I agree Thomas. We are in Kelowna and there is a severe rental shortage here ... and I'm sure its the same in Langley. Makes more sense to me to rent to someone that you have met in person if you have the option (which it sounds like the OP does)

We got burned once renting to a woman who we never got to meet. Will never do it again. Credit and references checked out (have no idea how) but when she arrived my wife and I both looked at each other and went "Oh no". First rent payment was missed, party the first night and damage all over...

Just curious what the experts/experienced thoughts are on this new announcement? Specifically how it may hurt/help us in the investment world. Thanks...

yeah its the LTT that I think may be quite painful

Thanks Tina ... the link above is broken but I was able to figure it out. Could you post the link for the legalized suites as well?

Curious as to what would be the benefits/drawbacks to moving properties that you acquired personally into a holding corp? Also any idea as to the costs of doing so?

@owen - I have actually heard the exact same thing ... not sure if there is any truth to it but may be worth a call into the City!

Hey everyone .. I have a friend who is looking to buy in Toronto and he is from overseas (Dubai). I grew up in southern Ontario but that was a while ago so my knowledge is limited. What areas of Toronto would you recommend for investing/living? His office is on Yonge just north of the 401...

I have incorporated via a holding company and CIBC has been absolutely great for financing. I am getting 2.49% fixed through my holdco with minimal setup fees.

Yes I agree with you Thomas. I know many many people here in Kelowna who rent out non conforming suites and have never had an issue. Just like the hotel review sites ... you only hear about the ones who had problems. The other 95% of people are perfectly fine. Just not a good overall feeling...

Hey Marty just saw this episode tonight. Great stuff ... you guys definitely did a wicked job on the house. Congrats on the sale and good luck in the future!

I just got into something similar to this a few months ago. We did the same thing ... had them sign a new lease (before we owned it) starting on the date that we took possession. All was good on our end (and theirs) except for one key step - the sellers did not have the current tenants sign a...

Yes that is what I have decided to do ... I found a bi-level home that fit my criteria that I firmed up yesterday. I am still curious as to what the truth of the matter was. The duplex was clearing 1K a month with a minimal upfront investment, so it was lucrative enough to look into.

Thanks for the link Tina. I have been on the COK site before so I am familiar with the info that was in that link. What I am asking specifically is if the city finds out about a non-legal secondary suite, and there is a tenant in the unit with a lease ... what happens to the tenant? Are they...