QUOTE (ThomasBeyer @ May 21 2010, 04:46 PM) It is at the discretion of lender and of lender's insurer (i.e. GenWorth) to release you of the liability. I assume this is a high ratio mortgage. A mortgage over 80% loan-to-value (LTV) must be insured in Canada. Thus, if the new borrower...

I am in the middle of having someone assume my house. I did this so I could get my DP back and breakeven. They are going into Scotiabank to qualify for it and it is also Genworth insured. The down payment (cash to mortgage) they are giving is $70K. Purchase price is $540K. I was told After...

QUOTE (wgraham @ May 19 2010, 11:05 AM) My take on the report: [list type=decimal]Housing starts are rising! This means that there is market demand again and as predicted prices will follow!A lot of inventory in the Condo market but we are still not at the levels of 2004/2005. I still don`t...

QUOTE (brentdavies @ May 16 2010, 01:11 PM) Credit checks are a useful tool, but they just a one of many tools a landlord should have access to. Some of the best tenants we have had in the past 25 years have been people with big black marks on thier credit. Why they cannot get a mortgage, and...

I showed this girl my place last weekend. She seems great in person, young about 27. She was with another girl around the same age. Rather than fill out the application she emailed me the info. Texted me the numbers to call. Then all of a sudden said she just wants her on the lease and not...

QUOTE (wgraham @ May 13 2010, 03:22 PM) You have to answer a few questions to answer that one. What would your new rate be? and How long are you going to hold the mortgage for? my gut says that it is probably worth it if you are in it for the long hall. Some times you can get them to lower...

QUOTE (wgraham @ May 13 2010, 03:22 PM) You have to answer a few questions to answer that one. What would your new rate be? and How long are you going to hold the mortgage for? my gut says that it is probably worth it if you are in it for the long hall. Some times you can get them to lower...

With this in mind, does anyone think its worthwhile to change my fixed rate at 4.2% to a variable by paying a $3000 penalty?

QUOTE (Mecheng @ May 10 2010, 07:59 PM) Not sure if someone paid the $350 that it could be used a tax "write-off" like you suggest. The CRA does not care if you property is positive or negative cash flow as defined by you. Gross rent (-) CRA approved expenses will provide your net income or...

QUOTE (Rickson9 @ May 10 2010, 09:07 PM) Do you hate your family? Why would you ask this? I have been using this as a write-off for myself and thought he could use and still get paid back from myself

I have a condo in Killarney. Not including repairs, it is negative cash-flow about $350-$400. Because I dont make much money and still have school and such, I was considering having someone else pay the difference. I have 2 scenarios. My parents: they are on title with me. They always have to...

Hey, Thanks for the offer to post at your work. I dont have your email so if you could either post it or send me an email to [email protected] Thanks a bunch! Matt QUOTE (bizaro86 @ Apr 23 2010, 08:51 AM) Would you be willing to pay a commission to find someone? You might be able...

I have a condo in Killarney. 1915 26 st sw. It`s taken a hit obviously in rent and price. However the ctrain is being built 3 blocks away at 26 st and bow trail. Done in 2 years I think. Will this cause a significant rise in price and rent. Or would that have happened already? Matt

I have a condo I`d like to sell since it has been a major negative cash-flow all along. Its located in 1915 26 street sw. To break even (get my DP back) I need to sell for about $253K (as an assumable so no fees) Some are listed for $240K though or less so not helping me much. I`m thinking a...

QUOTE (DaveRhydderch @ Apr 13 2010, 09:26 AM) You generally can assume the seller`s mortgage, BUT if that mortgage was ever insured, the seller remains on the hook for the mortgage. So even if the mortgage was insured 15 years ago and half of the principle has been paid off, the seller would...

Hey, This is actually a question im asking for a partner at work. Someone is interested in selling all 3 of their investment properties but dont want to pay tax. I was thinking if they just move around a lot and sell each year, its possible but i dont know. Anyone know anything about this or...

QUOTE (ThomasBeyer @ Apr 11 2010, 10:38 AM) 44% to 50% on taxable gain ... depending on province .. and the taxable gain, if a long term hold with rental income is 50% .. thus effective tax rate is 22 to 25% on gain after all expenses I don`t think I will have to worry about tax on...

Yes ofcourse, I will still give them notice. Just 90 days will make them move out quicker and leave me stranded Now, If I rent out my room as well for the 4months and get them all on a lease ending Sept 1st. Does that work as well? I can tell them that when the lease it up, thats it. ?? Matt...

Im going to call the residential service but wanted to see if anyone knows. Im selling a house with a closing of June 1st. However, I am to remain in it until Sept 1. I have 2 room-mates. From what I know, the residential tenancy laws do not apply to roommates. So I am wondering Do I have to...

Hey everyone, I have a suited house as some know haa. I have the bsmt rented out to a family and I currently live up top with 2 roomies. For the summer ( 4mths) Id like to move out as the place will be sold and taken sept 1. I was going to find another roommate and put them in my room...