Agreed that sandwich leases potentially carry more risk - although having had an AFS seller also file for bankruptcy (there's a reason they agreed to the AFS in the first place), the sandwich deal was almost easier to pull out, as we were able to deal directly with the bank's lawyer, and not...

How is it that Edmonton and to some extent Red Deer managed to be forward thinking years ago, and yet Calgary is stunted, and Airdrie doesn't even have it on the radar yet?

Hi Hope, Sherilynn is correct. Small second mortgages or note payables may come in to play a whole lot more. In our example above, we agreed to drop the price from 319,990 to 299,990 plus took a $10k note payable attaching to future property (ie. the property that the tenant is closing on)...

+1 to what Russell said. We used a realtor for our initial private purchases until we got familiar with the process. On private offers, both buying and selling, I would recommend using the MLS contracts (not sure what province that you are in - in Alberta they are called AREA contracts, for AB...

Thanks Sherilynn. We have never put option pmts into trust either. We had heard it was a new CMHC requirement...

Hi all, Has anyone else had any feedback from brokers/banks regarding option payments required to be placed in a trust account? Just heard this today from a broker. Thanks, Neill

Congrats! It will be interesting to see if deals that were previously inked that have maturities due this year and next, have option prices that are supported by the appraisals. Our most recent example is a townhouse with comps in the same complex at 295-300. We had an option to purchase of...

While I agree that it is a more senior strategy, to say that it only happens on TV is a stretch, as we have both sold a few and benefited from purchasing a couple properties in this manner... I am working on one in Ottawa currently (hence wholesaling it, as it is not where our team is set up)...

Who are the current occupants - tenants or the owner in foreclosure? If it is the latter, can you deal directly with them? I would be surprised if it is through foreclosure, bank owned and still occupied.

Vic, I would recommend doing a Google search (but from a friend's computer who is not into REI) to see what shows up - aka, what are the top sites that a prospective tenant sees when they search "house for rent Calgary", or "rent a suite Bowness" etc. (Plus, off topic, we are overdue for that...

We would be interested in looking at any Airdrie leads that you may generate and wish to wholesale. Thanks :)

Is there an option to pay the same $2100 payout penalty and convert it to a prime minus 0.6 or better? If you go from 3.09 to 2.25%, then your interest savings will be ahead just before the first year has passed on your new term. $278k (which will be approx the average balance in the first...

We took Tony Peters' training and it definitely played a big part in shaping how we do business. I am not sure if he is still running seminars or not though.

I would recommend that if you have any other active RTO deals on the go to convert them asap to two cheques, one for the rent portion and one for the option. From an accounting perspective it also means that you are only taking in the rent as income monthly. The option gets recorded as a deposit...

Congrats on completion of an RTO sale! We do the same as what Gary has posted, and merely credit the buyer at closing towards their down-payment. Note that the Option consideration + monthly option credits are shown as "other value" versus Deposits. Deposits imply refundability if there...

Hi all. We have storage space available in Airdrie if it helps. Vehicles, RV/boat, 50-60% of a double-car garage. We can provide temp shelter for anyone looking for a place to stay in our personal residence. Currently have no actual vacancies :( If we get notice from a tenant, I will...

Brett Turner of Redline Real Estate is a REIN member and posts fairly regulary here. Several senior REIN members I know use his services and are very happy.

Hi, does anyone do quick turn in Winnepeg? Might have a lead on a house to buy there with terms. Email me for details.

Thanks Adam!

Hi all, just wanted to share our recent experience: we have been working with RTO for almost three years, and counted ourselves fortunate enough to have never had a disconnect - until now... We have had three clients that for various and sundry reasons are all electing in a two week period...