If possible, turn off your water for a few days and see if he complains to the city about not having water. There may be a way to turn off the water to that one line and still have water in your place. I had this problem with a condo a few years ago. I suspected that someone was using the...

If you plan to buy a place and then move a while later and rent it, one word of advice: If you buy a house make sure it has a separate entrance for the basement. You`ll get a lot better cashflow when you rent it. With separate entrances you can rent the upper and lower levels to different...

If the payout penalty is too large, talk to the mortgage company about porting the mortgage. Usually if you transfer the mortgage over to another property (port the mortgage) there is no penalty. You just keep the same mortgage with them until it expires. You could save a lot of money by...

Wow! Pretty tough to pull the wool over anyone`s eyes on this forum. You`re all correct. I don`t need any pity, as I did already pull $60,000 out tax free. I didn`t really consider the "tax free" aspect of it, which made it all the more enjoyable. I guess I was just a bit surprised after I...

I was thinking about selling my condo, but after running the numbers, I feel I`m trapped. Here`s my situation: I bought a condo about 5 years back for $124,000. It is now worth $230,000 (at least I hope). Here is what will happen if I sell it: Commission: $13,500 Lawyer fees: $800 Then...

Vancouver is a great example. There you can rent a place for substantially less than the cost of the mortgage. Most landlords there are renting with the sole goal of price appreciation. Cash flow is impossible. In Vancouver you are much better to rent.

Very likely these people are professional renters.Once they`re in they won`t pay the rent and it will be months and months before you can ever get them out. I knew of one previous landlord who fought with these type of people for almost a year. Never got his rent. Took him that long to get...

Some very good points here. One important thing to keep in mind: Remember, if your family faces too many stresses at once (new house, move, kids, schools, new job, etc) it can put an incredible strain on your marriage. This is something to consider carefully. You may think you're winning...

Thanks for your input. It`s always good to get others` opinions to keep my head straight. You`re right. Keep the emotion out of it if you`re going to survive this game. Very good point.

Anyone have experience with porting a mortgage? Does the new property have to be equal to / more / less in value than the current mortgage? I was told by my broker that I`d have to sell my current property and buy the new one on the exact same day in order to port the mortgage over. Is this true?

Also, remember... $140,000 invested conservatively should give you at least 5% safely. That`ll give you $7,000 a year to use toward your rent payment. And will be $7,000 a year you won`t be getting if you use the money for a property. Take your time.

I`m currently advertising one of my condos for rent. I`ve had a dozen people look at it and many of them say they`d like to rent it. I`ve narrowed it down to a few, but it`s always hard to tell the others that I have chosen someone else, especially when they say that they REALLY hope to move...

If you`re like 99% of Canadians, you probably have some capital losses from the last year to use against the capital gain you will achieve. If not, consider buying a Limited Partnership flow through in oil and gas or minerals. There are lots of them around and they help greatly in reducing net...

QUOTE (JoefromTO @ May 28 2009, 08:26 PM) I bet we all have stories of "...if I could go back I would have..." There are many times I wished I had invested sooner in my life...who hasn`t wished this. Here`s what I would have done. I would have invested in a small apartment building, living in...

By the way, he is the tenant. I know that for sure.

QUOTE (GarthChapman @ May 21 2009, 07:14 PM) Some random thoughts - In Alberta tenants have the right to the peaceful enjoyment of their property. You can act here to evict a tenant who deprives another tenant or the landlord of same. I wonder how that might apply in this case? Don`t know what...

QUOTE (thomasbeyer2000 @ May 21 2009, 01:08 AM) step 1: talk to him step 2: send written notice to him, and cc condo board and property manager step 3: send an invoice for damages step 4: have your lawyer send a letter to him, and cc condo board and property manager step 5: have your lawyer send...

I need advice on what to do here. The tenant above my condo is a psycho, probably a drug addict. My tenant lives below on the ground floor. The above tenant has been partying all night, playing DRUMS(!) at night, spilling his beer onto the patio below, flicking his cigarette butts on our patio...

QUOTE (invst4profit @ May 19 2009, 08:26 AM) Are you a landlord in Ontario. It is true in Ontario the RTA does not allow deposits except for last months rent. No, I`m not a landlord in Ontario. And after hearing this, I never plan to be. With no damage deposit you must spend all your time...

WHAT??? Landlords are not allowed to obtain a damage deposit in Ontario??? If this is true, why would ANYONE rent out their place in Ontario? Can someone tell me if this is true?