All Forum Posts by: Gagan P.

Oh and as for condos, dont forget if they aren't cash flowing now, they likely won't be once the condo fees start increasing.

Unless you find a very good deal (maybe a fixer or gut rehab or maybe teardown and rebuild, or a divorce or estate sale),  cashflow and GTA are not phrases that typically go together these days. Just as an example, Mississauga you're looking at over $700-800k for a house (usually a semi at that range) that will rent for under $2k, unless it has a finished and legal basement in which case maybe 2.5k.

Outside the GTA it may be more possible, but inside not as much. Appreciation plays are fine, but just take a look at where prices and average sales have been in the last six months, and that may not be the best either.

 You mentioned you're evicting for non-payment. I assume that means an LTB order already in place. If that's the case and no damage, you simple have to goto the Enforcement office and file for garnishment.

I haven't read the recent changes, but usually you can mail the debtors copy to their last known address. Option B is to goto their work and hand them a copy. 

The tenant on welfare is a lost cause though as that can't be garnished, but good to have the order in case the tenant tries claiming that they paid rent when really they didn't.

PM me if you need help or have any questions.

Alex, you're right that 1031 does not apply in Canada. What is more important in your situation, the CRA has specific requirements.

@Amber C. the article that Kenneth gave sums it up. But also, first, less than 51% has to be used for rental. Second, you must not have made any "structural changes" to make the rental portion (ie. you buy a house, build a side entrance, CRA will not consider it as portion of primary residence anymore).

Assuming you meet those two criteria, you can still claim the principal residence exemption. So important thing is that when you are filling the Form 776 for your tax return, that your "personal portion" is 51% or greater, or it'll just be a percentage that is exempt.

Unfortunately Canada (unlike many countries) does not have a 1031 exchange-type option or any other deferral methods for capital gains, but an unlimited exemption in terms of amount for primary residence is still a good thing.

I've had one on Craigslist, Kijiji, and Realtor.ca (some sites let you publish to Realtor in Canada for a fee).

Only success I had was putting a sign up on the property, so that might be a good first step.

I may be off on the wording, but essentially you want to dispute anything the collection agency sends (lots of sample dispute letters online), and could add a line that says "if you believe this is a valid debt, you may proceed with a court action, which I shall defend."

Right steps. IF it goes to collection, dispute it along with "proceed with litigation".

Collection agency won't sue, and if they (or the contractor) did, they'd lose anyway.

Don't forget Leander's nearly 2.7% property tax rate. So out of 1650 your property tax is $585 right off the bat.

That said, the rent isn't bad for that price range in the Austin area, just depending on what your definition of "not high" for HOA means. If it's $200+ and doesn't include landscaping or insurance, I'd skip it.

Rentometer is good for that, but if looking for a SFR to rent out on the MLS, it's harder going through hundreds of listings

Anybody know of any software that can scrape things like Realtor or Zillow, as well as match fields like Property Tax, and Rental income (comparing to say Rentometer or something)?

Or even that doesn't include property tax but does offer a GRM comparison and allows to sort that way?