QUOTE (RobMacdonald @ Jan 20 2010, 12:51 PM) It all depends on the lender and they`re policies. TD`s `policy` is 35% down on rentals, but they regularly make execptiosn to 25% down. That`s where working with a good mortgage broker is the key. Firstline offers 80% LTV per their policy which...

QUOTE (hongwei @ Jan 20 2010, 08:43 AM) Thanks all for your valuable advice!! If lender require 25% down for 620k house, I still need some money to get it done. Last month, I bought 450k house, and totally renovated (finish basement, build 2 bathrooms, install AC conditioner, wood flooring)...

QUOTE (ThomasBeyer @ Jan 19 2010, 03:20 PM) what province or state ? what is the approx. house value ? What is the rent in that area ? flip or long term hold ? condition of property: ugly, average, pristine ? Don;t get caught in auction fever and overpay as it is sold "as is" and thus you...

I will be participating at an auction shortly for a mortgage sale of a property. Does anyone have any experiences with these types of auctions? Are there things that I should be aware of going in? I have checked on outstanding bills and taxes. I do know that the property is owner occupied...

QUOTE (mfrayne @ Jan 17 2010, 07:19 AM) How does Revenue Canada know of or track flippers? Is it not up the the person to do this? What if a person continues to roll profits from flips and short term sales into new properties and does not claim any of the gains on their taxes? First off, they...

QUOTE (ctang @ Jan 16 2010, 10:14 PM) Hello, I`ll be closing on (my first property) 4-plex at the end of next week and it`s fully occupied and 3/4 tenants have a dog and cats. Since tenants are the assets, I want to make sure I have the right ones. Their lease is not up till June and August...

QUOTE (GaryMcGowan @ Jan 15 2010, 08:06 PM) I would consult your accountant. In most cases the CRA will look at your intent. What is your intent for this investment? To flip in 6 months, 1 yr, 2 yrs, 5 yrs. If you plan to only have this property for a short period of time (less than 2 yrs) it...

QUOTE (terri @ Jan 13 2010, 10:05 PM) I thought I would share this information with everyone. I was recently in Mexico when I got an email from one of my tenants saying that they were going to be moving. As I had photos on the laptop with me, I decided to not wait 5 days until I returned...

QUOTE (investmart @ Jan 11 2010, 10:09 AM) Interesting. thanks Mike. who set that value - insurance company did it "for you" and you accepted their estimated value? Did you actually have the option to insure based on replacement value instead of cash value and just chose cash vale OR did your...

If the Contractor is using it as his principal residence, I would say that he would be responsible for the GST if the deal is structured as him "purchasing" it from the investors. If the investors are silent (ie..contractor has made all the purchases, etc), then the contractor could potentially...

QUOTE (wingsfan92 @ Jan 9 2010, 02:49 PM) We are looking for a certain "quality of life" We are both fairly young but have realized much more than most people do, in their whole lifetimes. We have learned how to live and work from home. Without having to do a 9-5 job or run a stressful...

Can you not simply have it insured for cash value rather than replacement value?

Personally, I think it depends on how new you are to investing in real estate. Early on, good cash flow is important to build up reserves, enjoy some of the fruits of your labour, and hopefully pay down the existing mortgage (ie..longer amortizations). As you build up your portfolio, equity...

QUOTE (Wayne @ Jan 5 2010, 06:13 PM) Thanks for all the advice folks. Regards, Wayne no need to double post.  you had a number of comments on your previous (duplicate) post.

QUOTE (Wayne @ Jan 4 2010, 05:21 PM) I am located in BC. I would like to keep the tenant, but get some sort of tenancy or lease in place at least. So, he is on month to month, has pets, is a smoker and is paying less than market rents and you want to keep him?  why?

QUOTE (Jmaggs @ Jan 3 2010, 10:13 PM) @ MikeMcC874 - Doesn`t it make sense to have the tenants pay their own heat? Sure you could include it in the price of the rent, but i really doubt you`re going to recover all your costs, especially if the house is older with poor windows and insulation. In...

nothing too contentious here.  I do wish they took steps to improve our innovation and productivity levels.  Seems to be glossed over by this government over and over.

I use 20% of gross, which also includes insurance and management fees.

I dont think we are out of the woods yet. /waiting for the derivatives crash...

Yes, Saw the article this morning as well. I would guess that they will enforce a 10% down 30 yr amoritization. Unfortunate for those looking to buy with little down, but good news for those with rentals looking for good tenants. They have to stay somewhere while they save. It would also...