Lock it up with an offer and a deposit, and ask for a closing date that works for your financing plan.

My guess is that a LOC is the product of the week/month at your bank, and there is some sort of sale rep incentive to sell these. As commented above a few times already - if you have cash, why not use it? If you have cash, why tie it up in a GIC so you can spend the same amount of more expensive...

This isnt a new concept. Most mortgages specify how much one can pre-pay each year without penalty. Paying off your mortgage quicker does save $$ in interest, and potentially years of obligations. However, in my opinion taking a loan (LOC) to pay off your mortgage is complicated and...

Congrats. 2 multi-family buildings is no small accomplishment, rookie or not. Are your building in Saskatchewan, or elsewhere?

I haven't dealt with this scenario personally but think that you are correct to say they are requesting more info than they need. If there's a mortgage on the property, the bank always gets to be the first loss payee, which is why the insurance could include them on the payout. Assuming your...

There are a few numbers in the equations that can alter your returns, but here's a sample calculation. Purchase price $350k. 20% down ($70k) + $280k new mortgage. For the example lets say the mortgage is fixed interest @ 3.5%, 5 year term (60 monthly payments) and 25 year amortization. After 5...

There has been much discussion lately about the Toronto Real Estate Board having to make MLS sales history available to the public. In the very near future, sales data (for all properties transacted through MLS) will become public information available through Realtor.ca. This data won't...

Are you looking for a Realtor in Edmonton or Calgary? I'd be happy to help you in Edmonton. In Calgary Brett Michaels, David Maxwell or Sean Hayes are the names that come to mind for me.

Some great questions and advice on here already. Its well known that cashflow with the standard 20% down is very difficult to find around Vancouver, especially from public sources such as MLS. You may find something like a pre-sale condo still under construction or a For Sale By Owner (FSBO)...

On another note closer to the original question/topic asked, what are people's thoughts on the new REISS program that REIN and RESAAS are developing? I look forward to getting on board with these, even though I know it may start to "take away" from what is typically thought of as a Realtor's...

I don't disagree with your sentiments...the real estate industry seems to be changing at a slower pace than other industries, and there are some real estate professionals who are trying to prevent/slow things from changing. For some of the very high income real estate professionals, they are...

Its fascinating to me how the initial question asked by a Realtor was answered in an anti-Realtor tone. Realtors don't protect the data, our Real Estate Boards do. As a Realtor we pay hefty fees to our respective real estate boards so that we can have access to that sales data. As a Realtor, I...

Hi Roomi. I focus on residential investment properties in the Edmonton area as well; I'm more than happy to help. Michel Lafleur, Re/Max Real Estate, 780-902-6372

You're welcome! I love nerding out on this stuff, and enjoy that others find it helpful & interesting.

Its nice when a government agency pays the rents directly, but whats the true cost for the homeowner? Do they plan to live on the child credit income? Sounds like they wont be able to afford to pay the utilities and put food on the table. I wouldnt feel comfortable leaving my investment property...

Try contacting Tony w/ Avail Properties, or Kate w/ Davies Property Management

After several years of being a REIN member, I decided to get my Realtor's license and chose Re/Max Real Estate. Re/Max is more expensive, but it comes with instant credibility (in the eyes of the average consumer) and everything you need to get started. If you go to a minimalist brokerage...

Cap rates are easy to figure out; its a way of measuring a proeprty's performance as if you paid cash for it. Its annual net operating income/purchase price. Gross income = $64,440 Annual expenses = $27,166 Net operating income = $37,274/ year If purchase price = $850K, then cap = 4.4%...

I haven't done this personally. I would suggest contacting the lawyer you used to register that mortgage. They should be able to explain the foreclosure process. What province are you in? Does your mortgage have first priority, and are there any other liens on the title?

The land valuation model certainly has some merits; in the end real estate values certainly have more to do with the land than the structures on that land. If everyone bought just the land, demolished the house and built from scratch, then I think this would be a more pragmatic approach. I...