You may also be able to assume their mortgage, but unless the terms are decent, you may not want that. You could have your lawyer look into that as an option. The bank will have a figure that needs to be covered. Nik

Exactly what Barry said. You need to build your team and make sure you have a lawyer that is experienced in real estate and makes your business his priority. Nik

These are questions your lawyer should be answering. It sounds like your lawyer told you what was happening but never told you what he was going to do about it or if he could. Is this a lawyer you use often? Are the debts against the mortgage that the vendor has on his house? Nik

Don's books are great, but they are outdated on some points since the lending rules change. No lenders follow that rule anymore. Nik

If you have no or very low cashflow, how do you expect to qualify for financing down the road??? As well, if you have chosen properties with low cashflow, you are going to have really watch it when interest rates rise or when the furnace goes! Tougher tenant profiles scare some, but just...

You can get receipt books from Staples or Office Depot. I have a receipt book for each property and write receipts monthly after receiving the rents. Nik

Thanks, Jim. It's guys like you that have inspired me over the past year. Nik

BC, Alberta, Sask and Ontario most vulnerable to mortgage rate increases | Thursday, 10 February 2011 - Mortgage Broker News Households in British Columbia, Alberta, Saskatchewan and Ontario are most vulnerable to interest rate increases or another economic slump, according to a new TD...

Guess I officially hold over a million dollars of real estate now. Started investing about a year and a bit ago. The funny thing is, it doesn't really seem like a big deal. You see books with that as a title! Should I write one? I don't think so. I guess it is a bit of a road marker, but...

If that is a clause in your offer to purchase, and they signed off on it, you need to push for that. That's why you have a lawyer. Your lawyer should not be releasing any funds until all the conditions of the sale are met. I just bought a house and when I got possession I went in and the...

Not a problem, Wade. Basically what I'm saying is you need to have a good team to take care of the things so that you don't have to. A good accountant with real estate experience would be a valuable member of a team. They will know what CRA allows etc. and when they file your taxes and their...

It's interesting, REIN members and REIN in general are all fearful of investing outside Canada. You'll get a list of reasons if you post asking for cons. Sure there are risks, but there is also potential for great reward. I haven't done it yet, but that doesn't mean I won't. Most of my...

Find an accountant who has experience with real estate investors as clients. Nik

It's economics. Many of the people owning those houses could not have qualified for them if they hadn't gone with subprime mortgages. They lost their homes and in many cases their jobs. They cannot qualify for financing with the bank now, so they need to rent. There are Americans buying...

Seems like there are alarmist warnings for Canada's real estate. Any thoughts? Nik Rising interest rates could trigger housing market collapse | Friday, 4 February 2011 Rising interest rates later this year could trigger Canada`s housing market to collapse, according to a new report...

Get your agent to run an MLS search of houses that have been on the market more than 60 or 90 days. I've found some good deals that way. BTW, if you don't enjoy renos or have no experience in that area, don't even think about doing a flip to make money. Nik

Interesting. I wonder what separates successful entrepreneurs from the huge group of unsuccessful ones out there. One of the books I'm reading right now is "How to Be a Billionaire" by Martin Fridson. Cheesy title and the book is actually shiny gold in colour, but it is interesting. He...