Hi, I think the market might take at least 2-3 years before getting any better due to continued jobs cut, existing fly in -fly out, negative net migration and new rebuilding homes... if you have at least 5 years or more timeframe, it's still ok to hold unless you see better opportunities...

Depends on your tax bracket now compares to the future when you sell it as well. The tax on recapture might be cheaper than income as capital gain is only 50% taxable. I find most of the accountants by default recommending not to without looking into the whole scenario. For my case, im glad...

Thanks Cory and Thomas! What I concern is due to the short duration that could affect their pay or commission clawback so that makes it not attractive to the mortgage specialist. By the way, i told my MS at TD and she's fine with it. Sent from my SM-G935W8 using myREINspace mobile app

Hi, I just secured a deal to do fixing and flipping and it is my first one. I had contacted my previous mortgage specialist at the bank but haven't told her that it will be a fix and flip incase she doesn't want to do it, however I will tell her since I don't want to burn any bridges and hope...

Thank you!

Thanks Thomas! The down payment plus closing cost is around 90k and total reno cost is around 80k. So I'd put in 130k and he puts in 40k. So did you mean 30% of profit to him? Sent from my SM-G935W8 using myREINspace mobile app

let's say if someone is experienced with reno and flip finding a suitable deal. I fund the down payment and finance the mortgage under my name. We then put in 50-50 for the cost of reno. He is incharge of the reno by hiring contractor and might put in some work himself. In this scenario, what...

Not necessary! I went with an expensive one and still did a crappy job, costed me a junk of money.

Make sure they're licensed is a big thing. No fees when vacant, so they're motivated to find tenants. Make sure they deposit the rents to your account instead of sending you the cheque and charge $20 every time. Make sure they take care of the eviction which is part of the fees instead of...

I was in Toronto 2 weeks ago. My friend's house in Vaughan dropped 20% and cousin's house in Pickering dropped 25%. What i found out that the mortgage brokers could make a fake income and charge people 1%, so I think price could fall little further due to the real affordability, also with the...

Yes! The lawyer just emailed me back clarifying that it was lender's lawyer fees, i got it mixed up. Learn new thing everyday :)

Thanks Thomas! I'm waiting for some clarifications from the lawyer.

Hi guys, On the same topic, I just bought a 12 units building and I had to pay for seller's lawyer fee as well, is it normal? This is my first time buying MFH and my realtor never mentioned about this until my lawyer told me that buyers normally pay for sellers' lawyer fees?

Thanks!

Once again, thanks Thomas! I will let my let my friend know. Any particular ones that you know of?

Hi, My friend in Toronto is interested in buying a motel in Florida but not sure where she could get financing. TD commercial banker said no to her but I'm sure there should be another way, maybe some banks in the states... Anyone has experience or pointers? Thanks,

I work at the bank but I agree with Matt's points because he's been fair. There are good MF and bad MF, good advisors and bad advisors. I always give clients the options to see which one is best fit to them. If they have the time, the knowledge and comfortable to do them self, absolutely go self...

Hi Elie! Where is this 8plex?

khoaN

It might be different province to province but I believe in Alberta, if one of the tenant on the contract moved out, the whole lease will considered "voided".