Do any landlords or property managers here use online sites for rent payments? Current processes seem to be a bit dated (ie..picking up payment, having tenants visit an office, etc). I have been snooping around but don`t really see any good CANADIAN tools.

QUOTE (2ndstory @ Mar 2 2010, 12:33 PM) Hypothetical situation... You purchase a house at below market value due to it`s state of disrepair. Let`s say you pay $100 000. It is not your primary residence. You put in $50 000 of renos and sell it 6 months later for $200 000. $50 000 profit. Are...

QUOTE (Tootse @ Feb 25 2010, 02:33 PM) Just curious, do many of you provide washer and dryer in any of your properties? Not coin operated, just the regular ones. I provide it in one of my properties. I am buying a duplex and wondering if I should provide them or not....hmmmm. For properties...

QUOTE (PeterKinchMortgageTeam @ Feb 24 2010, 12:09 AM) I don`t see where incorporating makes any difference. You still have to declare it as a personal asset and you are personally responsible for any mortgage in a corporation with CMHC - so that will make zero difference. Please don`t take...

QUOTE (ThomasBeyer @ Feb 23 2010, 10:19 PM) you can rollover with no tax consequence into the corp. Legally that is a SALE and banks can call the mortgage. Some will, many don`t. Many banks will "see through" the corporation. So most do NOT care if the asset is personally held or in a...

QUOTE (Pump @ Feb 23 2010, 06:57 PM) so now that people have had a little time with 20% down, will getting a mortgage be hard? or is that a big enough down payment that shouldn't be an issue provided the building is cash flow positive. talking duplex upto 6 plex buildings would like...

QUOTE (jcab256 @ Feb 23 2010, 10:57 AM) Probably a silly question but... ... if you have a PM manage a portfolio of residential single family homes, do they change tax (GST & PST, or HST) on top of the percentage they charge? Yes, GST here in Manitoba. Expect anywhere from 6% to 12% for their...

QUOTE (RobMacdonald @ Feb 23 2010, 12:45 PM) It is not possible to get a negative TDSR calculation. Here`s how the banks currently work out your TDSR with an 80% offset. GDSR (includes rent or PITH for your residence ) + other debt payments Verfiable income (salary or 2 year avg of Line 150...

Have him talk to the case worker and have the case worker talk to you. Explain the situation and see if you can get the extra $100 added to the govt payment. I`m surprised you rented to him given how tight his finances seem to be.

Caveat: This assumes that all the rumours about new TDSR calculations come to fruition in April and lending institutions follow suit. It appears that the time will come where investors will once again be limited to 3-4 properties due to the new way CMHC will calculate TDSR. With this in mind...

QUOTE (investmart @ Feb 23 2010, 05:11 AM) Is it not actually divided by gross annual income (including 80% of* rental income)? *or a different percent but not 100%(?) Thanks. It sounds like they will be using your gross income from your NOA or tax return. Therefore, it is whatever you...

QUOTE (kanabel @ Feb 22 2010, 09:23 PM) How do you get to that percentage, that transfers you from negative to over 50% in the future? The previous (current) calculation is PITH for all properties plus all debt obligations minus 80% of rents divided by gross annual income.  My 80% of rents...

QUOTE (fumbrunner @ Feb 19 2010, 09:00 AM) Actually, the ratios are the larger issue than the 20% down. Assume that you have 5 properties that rent for 5000 a month. The previous tds formula allowed you to use 80% of that. If you had properties with outstanding cashflow, it rewarded owners in...

QUOTE (DonCampbell @ Feb 22 2010, 11:52 AM) 1. TDSR RULES CHANGE: The most important (yet not talked about in the media) change is to the CMHC requirements for qualification based on Total Debt Service Ratio calculation. Revised TDSR calculation: now only 50% of the gross rental income from the...

QUOTE (kanabel @ Feb 19 2010, 10:37 AM) Is that confirmed? It was cited in the blog.  I save sent an email to a broker that I have worked with in the past.  Will let you know the results.

It is not the 20% down that I worry about.  It`s the new (unconfirmed) way that CMHC and potentially lenders calculate TDS. That is the bigger story, IMO.

Actually, the ratios are the larger issue than the 20% down. Assume that you have 5 properties that rent for 5000 a month. The previous tds formula allowed you to use 80% of that. If you had properties with outstanding cashflow, it rewarded owners in terms of your tds. With the new ratio...

QUOTE (RobMacdonald @ Feb 18 2010, 05:36 PM) I`ve also heard about the new qualifying criteria using a 50% addback rather than the 80% offset. I also have been unable to verify the source, so I`m hoping it`s only speculation. Keep in mind, this only will apply to mortgage applications going...

QUOTE (ChrisDavies @ Feb 18 2010, 05:31 PM) Comment discussion on Canadian Mortgage Trends blog from another mortgage broker. Chris, take a look at my post above.  It applies to the subject property only and not all your properties.

QUOTE (fumbrunner @ Feb 17 2010, 12:16 PM) Wow, if this is the case it will severely impact the serial investor. 50% is completely unreasonable given the actual costs of managing a property. Man, the more I read this the worse it gets.  From the mortgage trends link: This is a biggy if you...