Ask him to send the leftover money to the Red Deer program! No grants here.

The tenant has to receive a benefit from any expenses claimed. You must also decide if the expense is maintenance or an upgrade (ie current expense or capital). Your best best to start is to go to a tax office or online and get the booklet from CRA on rental property income.

QUOTE (aiden1983 @ Feb 25 2010, 09:35 AM) I was wondering when you rent out the basement suite in your primary residence how do you calculate how much money you should be paying taxes on? Can you use 1/2 your mortgage payment as a write off? I want to become a LL so I am sorry if my question...

QUOTE (BenSanderson @ Feb 17 2010, 09:30 PM) ? Any thoughts as to how your typical Realtor views these offerings? When you purchased your FSBOs, was your Realtor cool with it, or is it something they try to steer you away from? We have acquired about half of our portfolio without the...

We bought 2 FSBO`s last year and each time we had to put a larger down payment when there was no realtor involved. Don`t know if this is relevant if CMHC involved. I suggest leave more time for everything and don`t assume the other party knows what they`re doing. (they`re probably thinking the...

QUOTE (llee @ Feb 10 2010, 08:48 PM) Are they still on the hook on the 1-year lease (ending September 2010)? How would you handle this situation? I wonder what would happen if the tenants insisted you owed them a place to live at the same rent until the end of the lease? Would they have a case?

QUOTE (dwoychuk @ Feb 8 2010, 12:59 AM) Hello, I am hoping someone might have a good referal for a Home inspector or a lawyer (preferably one with rent-to-own knowledge) in Red Deer. My parents have decided to purchase a townhouse (though I don`t totally agree with their choices) to have as a...

Just heard from my property manager. One of my tenants has now received a yellow letter and is wondering what is going on, contacted PM. PM followed up by calling the number listed and got Patlive or equivalent. PM was suspicious of interaction so I filled her in and asked her to assure our...

Hi there, My husband and I have 10 LOCs secured by real estate and 1 unsecured LOC. My credit score is lower than average. I think the last time I checked it was 650. On it`s own, it doesn`t look great. It is due to the LOCs, but we have not been turned down for a mortgage since 2006 (that...

QUOTE (MikeMcCrae @ Nov 23 2009, 01:16 PM) 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. Not sure of the details myself but I...

Hi all, We are doing a deal on a very small older house to which is beside a property that we already own. We are buying it to protect our interest in the future, if a redevelopment happens on the subject property, our property will be wedged in and limit our exit strategies. The only...

Has anyone received this one from Paypal? I think it`s bogus, they don`t have (and never will) my bank account number and went on the Paypal site to confirm. I never opened the attachment. No mention of it anywhere. I wanted to send it to them but their "contact us" page is very user...

We have found that windows in bathrooms are almost useless for controlling moisture, they are rarely opened. In our own house, the ensuite bathroom opened to our large master bedroom (some crazy `80s kind of design, I guess no privacy required) plus had a window that we kept open when the...

Hi Carla, I bought your book in Red Deer and went through it. I have improved my "picture taking" ability over the years, but the book is very helpful. I especially like the summary at the end. I recently went into a property that I had taken the pictures a few years ago and took more with...

QUOTE (investmart @ Aug 25 2009, 09:15 PM) Hello Heather, as a REIN member perhaps you can change "Pharmacist" to "Real Estate". True - some investors may lose their mind before others do and require some pills. not sure how many clients you`ll find here though :-) Investmart, (I think this...

State Farm says must have walk through every 72 hours when vacant, says it would be prudent to create a form with date of inspection and initials/signature of person who did the inspection. Property will be covered for 29 days vacant, not on the 20th day. You have to let them know before the...

QUOTE (Aneta @ Aug 23 2009, 11:58 AM) Heather: Great set of information. Fits perfectly on the property goldmine scorecard. I went online and found that `Canadian Demographics 2009` publication costs money. I am looking for such up to date information (average household income and population...

Good for you for sticking with the fact finding mission and not giving in. I think they`ll find something else. Someone else will not go to the lengths that you have. Even if they are being truthful, they seem to have bad karma right now. So much easier to deal with people who aren`t...

QUOTE (invst4profit @ Jul 29 2009, 06:40 AM) A friend of mine suspecting a tenant would not be out on time showed up at the unit with some helpers and assisted the tenant to move all of his belongings onto the front yard. It work out well for the owner as he was on a very tight time frame but he...

Terry, I am surprised how many people ask about pets even when the ad says no pets. In answering your question, next time you will change your response to "Sorry, no pets." not "Sorry, too many pets". You may still get the same response, but there`s no arguing (what if they agree to get rid...