If the numbers work, buy. Mortgage rates are likely going to go up. Even if house prices don`t go up this year you will have a year with an equity building tenant and mortgage rates that are very favorable. Next year who knows exactly where interest rates will be but my guess is they won`t be less.

The key to the confusion is in the terminology. LOC=Line of Credit HELOC=Home Equity Line of Credit An LOC and a HELOC are not exactly the same things. They are operated the same but the difference is a HELOC (although it is a line of credit) is a MORTGAGE. An LOC is a loan. An LOC is...

Monte is right. You can do it yourself, but have every one use their own lawyer and they should be in the province where the property is.

One of my agents recieved a solicitation from a rent to own company out of Vancouver. Do any of you know anything about a company called Equitable Property Developments? It sounds like they have a good program but I want to do a bit of research on them before I give my agents the go ahead to use...

A property can be bought with less than 20% down. A first mortgage can only go to 80% but if you can find a second mortgage lender then you could get in with less then the 20%. As always talk with your mortgage broker for the best in mortgage products.

At this point in time the advantage to a seller is if their mortgage was to be assumed then there would be no early pay out penalties. The saving could be substantial. This is something to keep in mind when doing up your offers.

Most lenders care very little about debt or how much money you have. Their biggest concern is monthly payments. Lenders treat HELOC money different than other debt because it is not really debt but actually accessing your own funds.

From the financing perspective...it is way easier to get financing if you hold the property personal. (if it is a residential less than 5 suite property) There are a few exceptions to this but more lenders are available if it is privately held.

The second home product is designed to be for you as a second residence. For example, you live in Edmonton and you want a house in Kelowna so you can get away and enjoy the beautiful weather. If your intention is to rent out your house in Kelowna and not live in it part time, then that would be...

I have heard rumours of very high property taxes for non resident owners in Florida. Please be careful.

I am certainly not a genius. Maybe I am just lucky but In 1999 I invested $12,000 and bought a rental property, 2 years later I "lent" the venture $50,000 more. 1 year later I got all my money back. Buy adding no more personal money and just using bank money from that point, this one venture has...

They have been good for me and my clients. As said before they run self directed plans and the risks are all yours. But there is not problem with Olympia and getting your money out will not be a problem.

With Visa`s there are often very good limited time offers. Make sure you understand what the whole deal is. It may be a 90 day offer of something like that. Also be careful that you manage the card well. Don`t keep it very close to the limit or it will affect your beacon score. Having access to...

Although I am biased, a good mortgage broker will do a better job for you than a Bank employee. Many brokers have access to Scotia but they also offer products from other lenders that might suit you even better.

Gary is right to say it is a second property when it is a rental is fraud. There is enough money in this game to do it right and honest. Because of the new rules that are coming in next month 20% will be the standard down payment for rentals and many lenders have already changed their policy and...

I don`t think there is anything illegal about what you are doing. But I can`t think of a lender that would get involved with this the way the market is today. If any additional payments and the deposit are not completely refundable, this deal will not complete because it is against CMHC and...

Most of my properties have washers and dryers but I put in the rental agreements that the appliances are there and they are welcome to use them but they are not really part of the deal, and if they break I will not fix them. They seem to take better care of them when they are a bit more...

Always an interesting topic, and never a definitive answer. I like variable but I always council my clients on what will allow them to sleep. For some the 10 year rate is a bargain right now. 5.2% for 10 years of cost planning, works for some. No one knows what is going to happen for sure...

Yes. It happens all the time. If the property is in a company name personal guarantees are required. This is just one of the many reasons to hold property in your own name if possible.

I have been a toastmaster for years and really enjoy it. But yes go to several clubs before joining and see where you "fit" best. Also there is a group called BNI that is a networking club. They are quite a bit more costly than toastmasters but they really do teach networking. If you go BNI on...