All Forum Posts by: Gagan P.

I believe they can give a generic letter showing the amount you're prequalified for. What I'd recommend is a couple of different letters. Ie. if you're prequalified for $500k but offering $390k on a $400k property, you don't wanna show a $500k approval letter.

Adam, The simple answer is no a tenant cannot refuse to allow a showing as long as proper notice is given. Assuming it is a showing, not entry to take pictures or anything of the sort (unless specified in the lease of course).

Not allowing entry is a violation of the Act, and you can serve the tenants with an N5 (Notice to End Tenancy for Substantial Interference with Landlord's rights).

You have to give them a 20 day notice period, but they have 7 days to "correct" their behavior, and on the 8th day you can file at the LTB. The notice requires specifics on dates/times/information, so make sure that is accurate.

There's instructions on the notice and a separate instruction form as well.

He's right, the RTA doesn't apply unless there's a residential lease tied to it. However, I'd speak with a lawyer before simply taking his stuff out of it and changing the locks.

It could be that you need a bailiff to do the lockout and post notice to seize/sell the items inside.

Teranet Express. Not cheap either, and these days with the new structure it's the same cost as going to the land registry office (LRO pricing went up).

If instruments aren't an absolute necessity, then access to Geowarehouse (paid, or through a lawyer or real estate agent) is the best bet. I think it was 3000 free searches per year

 While possible, less likely than Craigslist. Cozy requires an identity verification using a credit bureau (Experian I believe) before allowing you to collect rent.

I believe the "wouldn't have time to update" part is either untrue or no longer true. The second someone checks your credit, it will instantly show on your reports.

Typically, most mortgage pulls over a 30 day period count as one check.

The numbers sound good, just one thing. You're acquiring 88 units at $65k a door, and plan to acquire 92 more at $50-62k a door. Do you think other owners will undervalue their units? Or are you overpaying for the purchase you are making?

Typically it's cheaper to purchase bulk units than it is individual units.

Awesome purchase! You mentioned that it was listed. Crexi or which site did you find it on? Or through what broker if you can share?

One thing about incorporating in Canada. Rental income counts as passive income, whereas in the US it can be easily classified as active.

To classify as active for a corp in Canada, you need to have "greater than five" (six or more) full time employees.

According to Equifax Canada they do count as one.

https://www.consumer.equifax.ca/personal/education/credit-report/understanding-hard-inquiries-on-credit-report/

Exceptions to the impact on your credit score

If you're shopping for a new auto or mortgage loan, the multiple inquiries are generally counted as one inquiry.

The timeframes vary for these exceptions. All new auto or mortgage loan inquiries will show on the credit file; however, only one of the inquiries within a specified window of time will impact your credit score. Depending on the credit scoring model being used, the window of time varies from 14 days up to 45 days.