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  1. neill

    RTO Ethics

    Hi Gary - we do an extension/amendment separate doc at renewal.
  2. neill

    RTO Ethics

    Great post and questions Trevor. 1) Our contracts state, like yours, that the tenant had an option to renew with us if they had met all of their payment obligations in a timely manner - although it also stated in writing that we had sole discretion to increase the option to purchase price...
  3. neill

    Self Direct RRSP Question

    A lot of the opportunities to both lend or borrow may exist within the REIN community. We have written second mortgages out of our RRSP for five separate parties, all through REIN relationships. Due diligence is a must.
  4. neill


    One other thought: a lot of folks that are either filing for, or in, or just discharged from bankruptcy believe that it will take seven years to qualify, and that is not the case if there was no mortgage included in the bk. Post-discharge, they typically need to have two "trade lines" - eg, a...
  5. neill

    Rental Insurance

    Hi Matt - clarification: our insurer is Peace Hills via Steve @Sadler Insurance as broker.
  6. neill

    Rental Insurance

    +1 Peace Hills - call Steve Hambly at Sadler Insurance 780-433-4426. Great service - both on policy and on claims, and specific rental-type coverages as mentioned above.
  7. neill


    Two recommendations: 1) Have a qualified mortgage broker that understands RTO approvals confirm the timeline that any applicant gives you - how long will it truly take for them to be approved. 2) We personally would not enter into an agreement with someone that needed seven years to qualify -...
  8. neill

    Active REIN Student searching for Real Estate Investment Assistant Job

    Hi Danielle, You might want to seek out Sue Ferreira - she lives in Victoria and might be able to connect you to a realtor as suggested above... Here's to your journey!
  9. neill

    Help my friend to RTO her own home to avoid foreclosure?

    One other comment post-decision: we were advised early in our training to not RTO back a property to the party that it had been purchased from, mainly because if there was a disconnect down the road, it could become a whole lot messier - and the person trying to help could be painted instead as...
  10. neill

    What if values go down?

    Hi Sherilynn - thanks for the share. Can you elaborate a bit more pls? I see: 390 -372.8 = 17.2 lift in property. Two year deal = approx 10-11 in typical mortgage paydown for 30 year am. Was there 8k per year from rents on top of mortgage paydown? Massive cashflow if so - congrats...
  11. neill

    What if values go down?

    Hi Jules: 310 option price (we knocked $10k off from $320 when the market stalled at $300 a year ago in the same complex) Appraisal - first one was $270. We requested and got a second one at $280, still below more recent comps of 290-95) We received: $266 from first mortgage $9k in upfront...
  12. neill

    What if values go down?

    Sherilynn, can you expand on your comment of more down, same ROI please? I did some quick scratching on a scrap of paper: $400k purchase price today $20k option payment (5%) =$60k net required for downpayment from investor (working w/80% LTV). If you mark it up 6% of year one, the price is...
  13. neill

    What if values go down?

    An uncertain (aka flat or dropping) market really reveals the main issue with tenant first strategy, versus picking up a property below market value and having an option price that has a better chance of being supported at time of exercise of the option to purchase. We just had a tenant buyer...
  14. neill

    Kijiji Barrie Ontario Ad

    I would suggest: 1) reposting it under house rental. Not many folks surfing other 2) adding some description of the house itself - neighbourhood, sq feet, bedrooms, baths, etc.
  15. neill

    Question about Water Usage by Tenant

    The pre-determination is a ratio pre-set out in advance at time of signing. Upstairs tenants pay 60%, and down 40% of gas and electricity - we advise tenants that this is the ratio, as the upstairs tenant has control of the thermostat. Nothing scientific in allocation, just a split that is...
  16. neill

    Question about Water Usage by Tenant

    Any time that you can make utilities a tenant pay item, it will typically work to your advantage. Even our suited props are paid by tenants on a pre-determined split.
  17. neill

    August 2015 Alberta Economic Fundamentals
  18. neill

    New member Question about puting in offer on forecloser property in BC

    There is also a possibility that the enviro clause is standard boiler plate wording on that particular bank/law firm's Sched A - due diligence is a definite must
  19. neill

    real estate newbie

    As a counterpoint to Matt's post above (and I agree with a lot of his advice, postings and thought processes on revenue property investing), we joined REIN in 2007, and continue to be members to this day. The networking capabilities are an invaluable resource. If we need a question answered...
  20. neill


    Great share - thanks Lisa!