All Forum Posts by: Andrew DeB

oh really? I've never had a non payment of rent situation I thought where I was reading was alberta stuff.

Oh and my property is located in Calgary Alberta

So my tenant signed a 1 year lease that ends july 31st 2016. He moved into my 2 bedroom suite with his 21 y/o daughter. 6 months into the lease he told me he had a family emergency and needed to leave the province. Before telling me this he had one of his daughters friends move in to take his room. I never OK'd this but the daughters been paying me rent every month via e-transfers so it's been fine.  On June 3rd the lease holder phoned me and said him and his daughter are having money issues and they are moving out this month. They said they are using the damage deposit as rent. I said that's not how it works but i can't force them to pay rent and reminded him his lease isn't up until end of July.

Now because i received no rent for this month should i be serving them a N4 form/2 weeks notice for non payment. Just in case they don't move out when they say they are? And i intend to take him to court for the remaining months rent and there will likely be a couple hundred in damages from the condition they are treating the property and utility bills. However if i serve this non payment of rent form would i be legally evicting him not enabling me to take him to court for the remaining month of the lease? I'm not sure how to go about this as i can't technically start finding another tenant because what if i sign a lease with a new tenant for July 1st, then the current lease holder pays me Junes rent then he has the place for July as well.

Also if i were to take this to court later on, since his daughter has been paying rent the past 6 months am i allowed to go after her as well for any damages/utilities/July rent?

Appreciate any insight on how to handle this! Thanks!

So i've come across this situation for the 3rd time in 3 years of landlording. A tenant has financial issues and starts paying rent a week or two late every month. Then they tell me they are moving because they can't afford my property anymore and choose not to renew the lease when it comes up. They tell me they will pay rent a week or two late like the last couple months. After i bug them again for rent they tell me they need the money for the damage deposit on the new place and tell me to just keep my damage deposit as rent. Now i'm in a situation where i have no choice but to accept because where i live before i can evict someone i have to give a 2 week notice for non payment of rent. Plus i don't get any late fees.

Now if there is any damages or cleaning that they haven't done then i have to chase them down for money. As well my properties have basement suites so the utilities are in my name and they pay me a % of utilities. So for the final month there is always $100-$200 because i get the utility bill 2 weeks after they moved out. Normally i hold a portion of the damage deposit until i get the bill and refund them the remaining amount. Now i have to deal with the hassle of chasing them for at least a couple hundred plus anything for damages. If they choose not to pay it's not a high enough amount for me to bother going to court over so i just bite the bullet. How can i avoid this happening a 4th time?

So I found a fixer upper foreclosure on the mls listed at 190k. This is my first time dealing with a foreclosure so I'm learning the ropes still. Also I'm located in Canada. I put in a conditional offer of 170k, offer was rejected due to being conditional to financing but the lawyer dealing with the property is willing to work with me to get me what I need to get financing approved and make a unconditional offer. My offer is the only one ever made on the property and to me this is a sign I might be able to get it even cheaper. Once i secure financing should I make a even lower offer? If so by how much? It is already a great deal at 170k, with 25k repairs I'll be able to flip it for 240-250k no problem.

I'm on the verge of buying a condo at 170k that will have a after Reno sale price between 240k-260k. It's a condo so there is no structural/electrical work. Lots of fixtures, carpet, laminate floor, tiling. I'm only 24 and don't have a lot of experience doing work like this but have family members and friends that can mentor me. I estimated the materials and new appliances to cost 16k. If I hire the labour it will bring my costs to 30k. Do you pros ever do the work yourselves?

After the rehab I'm not sure if I want to sell, (50-66k investment returned, gain profit of 40-70k) or rent out for $450/month cash flow, or refinance the loan, gain 50k cash back and keep it as rental for $150 cash flow. Thx for any advice!

Yeah people make me feel like a jerk sometimes for having what looks like high rent prices. When people look at the ads they see a 3 bedroom going for like $1100 and tell me i'm a slumlord for renting mine at $1500. I'm like my house is ballin' with hard wood floors, new appliances, granite counters, there's a reason why some are so cheap...

As i said before, whats done is done i didn't make this thread to debate about mortgage fraud or whether its worth while to pay CMHC. Besides there is no detailed time restrictions as to how long you have to live in it before you can rent it out. You can't tell me because i put 5% down i have to live in it till its paid off. My question still remains, Is it possible to buy a 3rd property with 5% down?

The realtor, the broker, the lawyer all knew it was a rental and didn't say a thing about mortgage fraud so i'm not worried about discussing it. My question that i made this thread for still remains, is it possible to buy more than 2 properties with 5% down.

What i'm trying to ask is at what point does a primary residence become a rental and if it's possible to get more than 2 properties with 5% down. I didn't fraud anything, they are duplexes and there's a paper that i signed with a lawyer. It says on it "this property is being purchased as a primary residence and not a rental". I told my lawyer i intend to rent out part of the properties so she crossed out that line and forwarded it to the banks and whoever else and they all signed and approved everything. I haven't done anything illegal.