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 these rule changes out of context. The only thing that has...

QUOTE (chrisstroesser @ Aug 4 2009, 07:59 PM) Hello, I am new to investing, but have purchased 2 income properties this year with a net monthly cash flow of about $1500. So far so good, but my question has to do with a power of sale. I have the need to increase the size of my own living...

QUOTE (moneyismyservant @ Jul 22 2009, 05:55 AM) Hubby and I are purchasing a rental unit.....the agreement is present, pre approval is there. The hiccup is I can`t show an NOA as it is still processing. We have asked for 2 extensions already. The lenders seem to be tightening up. I am self...

QUOTE (coolics @ Jun 24 2009, 03:22 PM) I am looking for some personal advice. I am in a situation where I filed for bankruptcy 3 years ago and have been discharged over 1 year and 4 mths and have excellent reestablished credit since. I am looking at couple of homes right now where the prices...

QUOTE (markl @ Jun 21 2009, 07:14 PM) I think you are setting him up for failure. $55k per year correct me if I am wrong but this will not qualify him down the road for a mortgage on a $335k house today let alone at a fixed price in the future. $1,500 rent for a $335k property is low for a RTO...

QUOTE (Debbie @ Jun 22 2009, 01:12 PM) Just to clarify...are you saying not to include the clause "and/or assignee" in the purchase contract and then when you find a buyer to assign the contract to then tell the seller that in order to remove the conditions the contract will have to be changed...

QUOTE (Fortuneinvesting @ Jun 22 2009, 12:18 PM) Thank you Mike! I was unaware of the lot rent. That makes more sense now. EDIT: Just called and asked what the lot rent was, the Realtor said that the land was owned and a part of the listing. If I can get financing I should be able to cash flow...

QUOTE (investmart @ Jun 18 2009, 10:02 AM) Thanks Peter, Great input as usual. Just another advantage to taking VRM. In today`s rate environment - its unlikely (though not impossible of course) that if you choose a fixed rate, an IRD would apply. for that to be the case, fixed rates, when you...

QUOTE (investmart @ Jun 17 2009, 07:39 PM) Hi All, A friend who is a RE agent reminded me when taking a new mortgage or refinancing, to always ask the banks if there is any penalty associated with transferring a mortgage before it is due or when selling. Correct me if I`m wrong - isn`t it...

QUOTE (housingrental @ Jun 10 2009, 03:07 PM) Heard of one student mortgage today that`s not approved with 35% down and bank wants 50% ! A year ago everyone had no problem at 20% Financing for these types of properties is definately getting tougher. Aside from the odd exception for very...

QUOTE (GORDandJULIE @ Jun 10 2009, 08:58 AM) Hi everyone, I have analyzed some good money making student rental properties and have even gotten an accepted offer on one. The big challenge is to find financing for these types of properties (aka. rooming houses). I do not want to deceive any...

QUOTE (housingrental @ May 28 2009, 03:43 PM) Thanks Thomas I`m assuming this applies to both owner occupied as well as residential properties? or no? Any additional costs associated with a new CMHC mortgage on a house you already own vs putting it on when initially purchasing ? Are there any...

QUOTE (billybonks @ May 22 2009, 01:03 AM) I was wondering what would better? Buy with 5 % down as a second house in my home province. what fees can I expect to pay (is there any other CMHC fees because it will be my second residency) are they harder to get? The high ratio premium is less if...

Because HR is limited to verifying only the information in the letter (ie length of employment, wage, position) lenders have to use these other techniques such as the reverse lookup and canada 411 to verify that the company name and phone number match. This is not always the case however...

QUOTE (epmrentals @ May 8 2009, 03:54 AM) So my husband and I have been gathering all our documents up since the ACRE weekend. We`ve done quite a bit of legwork. What it comes down to is that we don`t have enough equity in our home for a HELOC (currently we are a little under 80% LTV) and we...

QUOTE (Vishal @ May 7 2009, 04:51 AM) Good morning. I was hoping for some advice from individuals that may have gone through this. I have a JV partner who has the capital for the downpayment but does not want to be on the mortgage or title so essentially he wants to lend me the money and have...

QUOTE (Steelbird41 @ May 5 2009, 08:30 AM) Hi All I went to a Rich Dad event after reading his books. Let me say I was not prepared for all the hard sell techniques. I asked if I could take a few days to think it over (due dil). No. As soon as they said that I thought it was a scam. So I made my...

QUOTE (investmart @ May 4 2009, 12:20 PM) I haven`t experienced that Thomas - the property is under the company name BUT the mortgage under your name hence the banks did not care company was on title. Am I missing something? Regards, Neil Some lenders do finance in company names - others do...

QUOTE (nepoez @ May 2 2009, 05:27 PM) Hi Peter, Thanks for that tip. If I have not misunderstood you, then this means the lender will include the cash in the company to qualify me. How about the ownership of the property? Can the company pay for the down payment but yet I`m personally on title...

QUOTE (nepoez @ May 2 2009, 12:51 PM) Hi all, I currently have an incorporated company which I use to provide software consulting. That will be where all my income is coming from. It is a one man company, just me. I plan to purchase properties under my own name. Can the company write a cheque...