This really only applies to multi-family mortgages. A four-plex still falls within the category of residential mortgages where rental income does not affect appraised value. Although I can see why some banks may prefer to see established income, a market rent analysis should suffice...

Yes, RTO is so simple in theory but can be incredibly complicated in execution. Profitable, yes, but it is an active business in every sense. Definitely not for the faint of heart. "The shiny sexy tip of the profitable real estate iceberg?"...I like your poetic musings. ;)

It sounds like you have reasonable systems in place. The fact you are paying fair market value rather than a highly discounted price for the properties makes a huge difference. I worded my above post poorly so I edited it. It was meant to be directed more towards the readership in general...

Lease-optioning back to the sellers is a dangerous game and one I would never do, especially if the sellers have bad credit. If a person can't manage to keep his house the first time around, it is highly unlikely he'll be able to do it the second time. RE investment companies can still...

For those who think 50% JV's are a "terrible deal," I ask you to consider the following. In many cases, the money partner is someone either from another city, or who is an experienced investor but has no time due to other business ventures, or who is in a profession which does not allow other...

I first heard the quote in your thread title on a Jillian Michaels yoga DVD and it really resonates with me. It applies to not only fitness and sports, but also personal growth. Whether one is skiing or approaching potential JV partners, there is no possibility of progression without pushing...

I would agree a 60% success rate is a bit low, but then again we are a bit different than many RTO companies. We don't accept tenants with current credit issues. Credit must be on the road to improvement with only minor adjustments required. If they have current collections or a recent...

Good replies from Thomas.

Consumer proposals can be even worse than bankruptcies as they normally last more than a year and both proposals and bankruptcies take the same time to drop off your report. So in that sense, a bankruptcy is better. Furthermore, consumer proposals and consolidation loans aren't as heavily...

In Alberta, if there is any question about a potential purchaser's interest in land, then it gets kicked up to the Court of Queen's Bench. This is the case even if your option states it is void if the tenant is in default (which is silly). However, if the tenant doesn't appear at the tenancy...

Yes, if only more people would realize this and give up their scheming ways. :(

Yes, we do this in Alberta when we are having difficulties with a tenant. For example, if the upper and lower suite tenants aren't getting along but there is nothing concrete on either of them, we'll do a monthly fixed-term renewal until we decide what is best.

I would absolutely do reference checks! In Alberta, you are not governed by the RTA when renting rooms of your residence, so you have no protection and less recourse. Sure, you can ask them to leave, but will they? I would want to be sure the person was a solid applicant.

I use Sadler Insurance. Excellent rental policy and good prices.

Due to privacy laws, landlords must have a tenant's permission before posting information online. Since these were applicants rather than tenants, we had not yet reached the point where they signed a "release of information." That brings up a good point, however. It has become a standard part...

Yes, I only wish there was a way to warn every other landlord. Sad how many people who deserve a chance are homeless and people like this are able to scam their way into lovely (and free) accommodations.

We use Herbert and Associates in Edmonton and have been very satisfied. I've tried a few other RE accountants and didn't feel like I could have a conversation with them as peers. It felt rather condescending. Not so with Wayne Herbert. www.haca.ca

To paraphrase what my Dad always says about my Mom: I'm smarter than the average bear. ;) This is why I love real estate investing...forever changing and always something to learn.