All Forum Posts by: Evan Aagaard

I'm considering signing up for a membership with the Landlord Credit Bureau to set up a new system for tenant screening and credit reporting their rent payments.  Anyone else a member?  They say on their site that they have a database of tenants.  I'm curious to know how good this database actually is.  

I like the premise of communicating to my tenants that their rent payments will be reported to the credit bureaus each month.  It seems like a small way of restoring some of the power balance of my province's shameful rental laws.     

@Kyle Johnson grey areas...  What would you suggest?

Hai I think you've hit the nail on the head.  The uncertainty of this situation means that no one knows how long it could last, they could milk this for 6 months before the LTB intervenes and they know that.  I can't afford to pay them 6 months of rent to leave.  That would demolish my investment.  If the actual threat of a forced eviction was only a month or a few weeks away they might be motivated to accept a buyout but I think people need to be realistic here.  Historical tactics don't work in this situation.  The game has changed overnight and the laws that were supposed to be equitable for all parties have drastically shifted to disadvantage property owners.  

The police will only defer to the LTB to carry out evictions.  I can't prove the tenants themselves are doing anything criminal, only that they have criminal connections. 

So I've been dealing with a bad tenant situation since February of this year.  Filed an L1 to evict for non-payment of rent and also filed an L3 because the tenant finally agreed to vacate but then changed their mind after the province of Ontario declared an eviction moratorium in March because of the pandemic.  Now she's essentially saying she doesn't have to pay anything because we can't force her out.  Her family has also become involved with some very sketchy characters in the drug and sex trafficking trade that have made threats to the property jeopardizing the lives of anyone coming and going from the property.   

I requested an emergency hearing from the LTB last week and was rejected.  Right now we're stuck with a tenant that's not only bleeding us dry but also endangering the lives of anyone associated with the property.  Since the LTB won't help I'm not sure where to turn.  I know these are extraordinary circumstances because of the lockdown but does anyone have any advice or suggestions?  We just want them gone.  

When doing a JV deal where 2 parties are each paying half the downpayment but only one party is on title, what is the best way to arrange the funds to keep the lenders happy? In Canada, most lenders won't allow the funds to be transferred as a "gift" they often want to see that the party on title has had the full amount of the downpayment in their accounts for at least 3 months.  

In this case, that would not be possible as the closing date is only 5 weeks away. 

Are there any strategies to solve this? 

@Roy Cleeves have you ever heard of an arrangement where both partners submitted their share of the downpayment funding to the lawyer prior to closing and that was acceptable to the lender?

@Hai Loc this is not an uncommon JV arrangement. Deals are often structured this way with only one partner on title. I'm not sure what your point is.

When doing a JV deal where 2 parties are each paying half the downpayment but only one party is on title, what is the best way to arrange the funds to keep the lenders happy?

Any possibility of seller financing with a small-ish down payment?  That's where you can get really creative of the seller is open to it.