All Forum Posts by: Chris Habets

In my experience with receipts and software... In the end you're still digging through receipts. You still have to put the details in, you still need to keep your receipts for the CRA, etc. There are some paid expense apps out there that let you take photos of receipts as you go and then parse them for you. Or you can hire a book-keeper and send scans/photos of receipts to them.

Yes, that's definitely the next step. She's not on the title or the mortgage for our house but I've heard she gets a debt ding for it anyway if she's trying to buy an investment home. 

 We're Canadian so we don't have LLCs here - but it'll be personal. With the intent of severing land to develop on in the future

Definitely a rental

Brief summary: I am the only one on title and on the mortgage of our primary residence. I have rental properties under my name/with partners, my wife is on none of them. I am starting a business so I'm pretty well unbankable. She has zero debt and fair income - so we are looking at her buying the next property. But I have heard that lenders assume that a spouse has to contribute to the matrimonial mortgage payment - is this true? If yes, is there a rule on how much it would be as a percentage of the mortgage? Just trying to get an idea of how much she can qualify for on her own.

Appraisal is needed when you change use to residential since you only pay capital gains from the year it becomes a rental to when you sell it. You'll also need to note the house as sold on your taxes the year you make the change of use - which seems weird but is correct. 

I'd be looking at brrrrs in towns around Ottawa. For that amount you can pick them up in cash, fix and refi to get it all back and repeat. 

Alternatively I'd look for a larger multifamily with commercial lending in the same area. I live in Ottawa though, so that's why I lean to invest here!

Third alternative... Cash flow cows in Cape Breton. I have family (willing to be property managers) there. 

Hey Adam, I'm also in Ottawa, I did the same thing you did, and ended up buying a Cape Breton property and brrr'd it - missing the repeat right now. Ottawa and 70k doesn't get you much of a rehab or much of a property.

That being said, it will get you further in Perth, or Alexandria, or Cornwall. 

@Chris Baxter, obviously it's not a complete picture - hence why I'm starting a conversation about it in the world's largest real estate forum?

@Chris Baxter high commercial multi family inventory and very low cost per door vs anywhere else in the country.