No I am not a commercial broker.

RBC does not have mortgage brokers! They have mortgage specialists that will see you outside of the branch at your convenience, but they are employees (or contract employees) of RBC and only sell RBC product. If you are buying a property larger than 4 units you would be wise to speak to a...

Hi Heather, I am not sure of all your particulars but if CMHC said yes I am not sure why other lenders would not do the deal. Ask your broker to make some calls and see about moving the mortgage to someone else.

One thing to remember is you don`t buy the Canadian market. You don`t even buy a provincial or city market. What you buy is the house in a particular area of a particular city. If the goldmine score card says you should buy or not buy that should be your answer. Also remember that what is...

I think a group in the Edmonton area would be wonderful. I have an office in Leduc with a boardroom that would work very well for this purpose. If people are interested in meeting out here I would be pleased to host such an event. I am not sure of how to organize the agenda but we could...

yes you will have to re-qualify.

I think it was my 5th time. The learning never stops. A couple of tidbits I picked up will be a great benefit to me. Thanks REIN. Staff and members!

According to CMHC if the rent to own contract does not contain the wording that the deposit and all additional monies paid are refundable they will not consider the deal as a true rent to own. And they also want you to prove that the money was held in trust for the purchaser. This would be...

I don`t do credit checks on my tenants. Most times tenants have bad credit. That is one major reason they are tenants. Maybe I have just been lucky but in 30 years of renting I have never been stiffed on collecting the rent. Security deposits and fast action on late payments have always worked.

I have seen many deals lost because of a fear to pay tax. I have always found that CCRA doesn`t want any money if I don`t make any money. If you borrow money for investment from your home as Michael stated only the interest is deductible. Unfortunately sometimes we have to live with profits. (on...

There is no legit way for a vendor to give the buyer the down payment. Lenders do not want vendors giving the buyer the down payment. If you are willing to drop your price then just drop it and let the purchaser find his own down payment. This is not a grey area. It is black and white, and this...

And people say property values just can`t go up any higher!

It would depend on what kind of lease. If it is for a vehicle, then likely yes. If it is for property then likely no.

When buying residential property with less than 5 units the lenders use your personal income. (Line 150) But in the case of a business for self client they will accept "stated income" if it can be verified by company financials. Lately though I have not seen the lenders do a stated income for...

Hi Kieth, I too have property in Manitoba and enjoy strong cash flow. There are many opportunities there, and if you work with a mortgage broker instead of a bank you will be amazed at the options that open themselves up to you.

Most lenders use Equifax. If you don`t check both bureaus regularly at least keep an eye on Equifax. If you request your own information from the credit agencies it will not effect your score. If there are things on the bureau that need explaining you can talk to your broker about them. Sending...

Yes it certainly makes getting the deal done a lot easier for everyone. It helps a lot with timing. (getting approvals faster)

If you are just starting to invest in real estate it would be a good idea to determine what your goal is. You may be over complicating things, or maybe not. Once you know what kind of investor you plan to be then better decisions can be made.

Lenders are getting quite cautious about appraisals. Some go so far as to keep changing their preferred list. Appraisers have told me that they like to know the reason for appraisal. ie, refinance, purchase, divorce, etc. because the reason for financing does have a bearing on price. A...

There are advantages and disadvantages to buying in a company name. Some lenders will not allow purchases in a company name and some lenders will only allow purchases in a company name. If you are buying in a company name you will be required to sign personal guarantees. There are more costs at...