All Forum Posts by: Carolyn Guertin

Hi Big Pockets - especially those of you in Ontario, 

We have a SFR in the States and when we returned to Canada (Ontario) we bought a house in London with an income suite that we rent out. Now we want to buy a multifamily, but the bank says our loan to debt ratio is too high. They referred us to a hard money lender and told us that we would need to put 35% down! How do we navigate this impass?

I'm 10 years from retirement and I don't make a lot of money. We were hoping to buy a property a year to keep up going in retirement, but now that seems impossible. I'd appreciate any suggestions.

Thanks,

Carolyn

Thanks for your input, Maclean. Yes, I reposted it on a different forum because this forum didn't receive any replies. We finally ended up doing some repairs, and will likely put it on the market in the spring. 

Thanks for your help. 

Carolyn

Thanks to you both. That's very helpful. He's been living there for 62 years so that's a lot of accumulated credits. It's his granddaughter he'd be renting to, meaning any repairs would only be maintenance at this point. Rents are astronomical in Toronto, but he wasn't expecting much in the way of rent from her. It's going to take the family months to clear all of his stuff out of the house before he could sell. In the meantime, it sounds like he'd be better off to let her stay there for free. I'm taking care of property management right now and that wouldn't change. I'll give you a call, Claude. Thanks for your offer. 

Carolyn

I have some questions that I hope the BP community can answer for me.

My elderly father has just moved into in a retirement home. He is weighing the pros and cons of selling versus renting out his home in the GTA. He owns the house free and clear, but he hasn't maintained it very well the last few years as his health has declined.

If he rents it, is it still his primary residence? What are the tax implications of renting it when he is living elsewhere? Can he claim repairs or utilities on his tax return to offset any rent monies he collects? Will it alter his tax bracket? Will he have to pay capital gains on it if it has been rental property when he does eventually decide to sell it? The house is starting to need a lot of work. Would renting it help make renovations and repairs a better financial option? I'm not really sure of what questions to ask or what issues his living situation might raise, so I'd appreciate any insights the community can give me to understand the implications of both renting and selling in his situation.

Thanks,
Carolyn

I have some questions that I hope the BP community can answer for me. 

My elderly father has just moved into in a retirement home. He is weighing the pros and cons of selling versus renting out his home in the GTA. He owns the house free and clear, but he hasn't maintained it very well the last few years as his health has declined. 

If he rents it, is it still his primary residence? What are the tax implications of renting it when he is living elsewhere? Can he claim repairs or utilities on his tax return to offset any rent monies he collects? Will it alter his tax bracket? Will he have to pay capital gains on it if it has been rental property when he does eventually decide to sell it? The house is starting to need a lot of work. Would renting it help make renovations and repairs a better financial option? I'm not really sure of what questions to ask or what issues his living situation might raise, so I'd appreciate any insights the community can give me to understand the implications of both renting and selling in his situation. 

Thanks,
Carolyn

Hi Vince, Buy and hold for me.  

What a facelift. You pulled out the woodburning stove and took down the wall between the kitchen and livingroom, did you? Looks great. 

I'm hoping to drop by to the next meeting. Do you know when and where yet? 

Thanks, @Thomas Forsythe (and @Kellan P. for the reference). Evenings and weekends would work for us. I'd definitely be interested in getting a quote. I don't see any contact info for you at your website. 

Can anyone recommend good contractors and handymen in London, Ontario? I just had a guy butcher two door installations so bad that I had to put a stop payment on the cheque and now have to hire someone to redo the work. Any secrets to smooth over being a woman and needing to hire trade types? 

Thanks. 
Carolyn