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  1. llee

    REIN membership fee.. considered what expense?

    QUOTE (Tammy @ Mar 6 2009, 03:01 PM) I can`t advise you as to whether or not you should deduct your REIN membership but I do suggest that if you choose to deduct your REIN membership to make sure you have good documentation in your tax file that shows how the REIN membership is related to your...
  2. llee

    Am I too nice?

    In my duplex, one of my tenants paid rent late for a week in January. In February, he didn`t pay on time. I called him up, knocked the door, sent SMS and left a N4 Notice at his mailbox (with video and dated photograph as proof) on the 3rd. After 15 days (Feb 18th), I called him, left voice...
  3. llee

    Looking for Ottawa real estate agents

    QUOTE (surfermoe @ Feb 10 2009, 09:44 AM) I`m just getting started in RE investing and am wondering if anyone can recommend a good real estate agent in Ottawa. I understand that Don Campbell recommends hiring an agent who is "young and hungry" (or maybe just "hungry"). I will PM you with my...
  4. llee

    How to talk to tenant to pay his own gas bill

    Hi, One of my tenants pays $1000 for a 2-bedroom. On the lease (from the previous owner), I pay for the gas and water bill. I had reviewed the gas bill from previous year, and it was reasonable (~$100/mo). Recently (Dec, Jan), I found the gas bill has sky rocketed to $200-300/mo, and I...
  5. llee

    I live in Ottawa - is REIN useful?

    QUOTE (surfermoe @ Feb 9 2009, 10:26 AM) For me, one of the main benefits of REIN would be the opportunity to network in-person with like-minded people, and discuss local buying opportunities. I`m wondering if there are any Ottawa-based REIN members on this forum who could let me know how REIN...
  6. llee

    Sewage back-up on first week of possession

    QUOTE (dplummer @ Jan 18 2009, 05:36 PM) Keep in mind that any thing the sewage comes in contact with must be discarded including hardwood flooring. The condo insurance should cover all of the repairs. The sewage covered the hardwood floor slightly. After mopping, there`s no apparent damage...
  7. llee

    Sewage back-up on first week of possession

    Hi, I took possession of a condo townhome (reno project by a builder) last week, and the tenants moved in the next day. Everything went fine, until I got a call from the tenant in the morning last week that the whole ground floor was wet (including hardwood), due to sewage back-up. I went...
  8. llee

    Wood siding popped out

    Hi, A few pieces of wood siding have popped out (perhaps due to cold weather). Is it important to get it fixed immediately? Or can I wait till the spring time? Popped Sliding photos Thanks.
  9. llee

    Buying rentals in Quebec

    I live in Ottawa, and let me give my insights about the Gatineau market. Apart from the tenant/landlord regulations, the properties in Gatineau does not appreciate as much as in Ottawa. The vacancy rate is high because it is affordable to buy your own house (you can get a condo townhouse for...
  10. llee

    Insurance Road Block

    Unfortunately, I am not dealing with an insurance broker directly. I have my primary home insured with the PC Insurance for a while and was told by someone that my rentals have to be insured with the same company as primary residence. So, I thought it makes sense to add my rentals to PC...
  11. llee

    Insurance Road Block

    Hi, I have my primary home insurance with PC Insurance. After adding a duplex and a condo townhouse, I was advised that they cannot insure any future rental properties because I have hit the "3-family" limit policy. Have anyone heard of that? What can I do? Change all my profolio to a...
  12. llee

    Property tax

    QUOTE (FraservalleyTom @ Nov 6 2008, 02:33 PM) I worked for the Bank of Montreal. In the event that we collected to much tax we could advance a portion from your tax account and reimburse it to the client or you could lower your tax payment contribution. From my understanding most banks will not...
  13. llee

    Property tax

    QUOTE (FraservalleyTom @ Nov 6 2008, 02:33 PM) I worked for the Bank of Montreal. In the event that we collected to much tax we could advance a portion from your tax account and reimburse it to the client or you could lower your tax payment contribution. From my understanding most banks will not...
  14. llee

    Property tax

    Hi, My bank (TD) is collecting property tax monthly from me (I guess based on purchase price). Today I received the City notice that the property`s value will be phased in, over 4 years. For 2009, it is $X, which is approx $100/mo lower than what TD is charging me. Can I ask my bank to lower...
  15. llee

    Rental Listing Sites?

    My tenants told me on kijiji or craiglist, there`re lots of scams. They inquired about 10 rental ads, and more than half of the replies said that the landlords are out of town or there are many applicants. They asked the potential tenents to send in cash or paypal to secure the spot (even...
  16. llee

    Bank of Canada Cuts Rate (again)

    QUOTE (dwb @ Oct 21 2008, 01:34 PM) Anyone heard yet if the Banks followed with a cut of Prime by 25 basis points? Or did they balk at it again? TD, Scotiabank cut prime lending rate http://www.thestar.com/Business/article/521331 Oct 21, 2008 05:03 PM TD Canada Trust says it will cut its...
  17. llee

    Lower prime rate resulting in better cashflow?

    Thanks for all the good info.
  18. llee

    Lower prime rate resulting in better cashflow?

    QUOTE (bigbabba @ Oct 21 2008, 11:39 AM) In a variable if the interest is reduced then so does your mortgage payment. in a fixed if the interest is reduced then nothing happens because you are locked in. Hmmm.. I have variable with TD. My banker told me my monthly mortgage payment will not...
  19. llee

    Lower prime rate resulting in better cashflow?

    Hi, I have been hearing people saying that lower prime rate (assuming variable rate mortgage and locked-in period) will result in better property cashflow. However, I thought that the payment for the mortgage would stay at same regardless of rate changes. In case of rate drops, more goes to...
  20. llee

    Changing closing date during 10-day cool-down period?

    QUOTE (CanadianMortgageTeam @ Oct 8 2008, 09:38 AM) Remember, you won`t be able to hold a rate until March, but most lenders will until january which protects your ability to qualify. If rates rise during the period that the rate is not held, you may no longer be able to qualify. The lending...
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