All Forum Posts by: Jon Kepler

@Matt Geerts, that's horrifying. While I've always brought three copies, couldn't the landlord have given up her copy? If I was caught in that scenario, I imagine I would snap pictures of the forms with my phone to get me through the rest of the hearing, than turn over my copies to the tenant and the adjudicator.

I have another commitment, so I don't think we will be able to make this one. See you next time though!

@Hai Loc, I personally avoid CMHC, but there are good points to be made on both sides. I'm not sure one side is drastically better than the other.

@Colin Armstrong, if you have 15% down, a mortgage broker may be able to help you. Those lenders are often happy to keep the debt alive for as long as you like, so you aren't under pressure to refinance in a set period of time.

@Matt Geerts, my spouse and I are going to make the trip down from Owen Sound. See you there!

@Cristiana P., just to add to what @Matt Geerts said, you should be able to get a high-interest second mortgage up to 85% LTV. I can point you in the right direction, but you probably don't need my help. There are a number of mortgage brokers who can connect you to these lenders.

@Michala Vander Ploeg, yes, I raise rents annually. The investor you purchased from has put you into a bit of a predicament by not raising rents regularly. On some apartments in some years, I can only raise the rent $10-$15. I don't care about the $10, but I have to do it because avoiding it for five years would put me into a whole I could not dig out of. The only remedy would be hoping that the tenants move so that rent can be adjusted up to market rates.

So, yes, it's vital to raise rents every year. A few years down the road, you will be happy you did.

@Manvir G., we do our own management.

@Manvir G. I bought my first property in 2007, and my first purpose-built multi-unit in 2010. Tenant quality is lower than in the GTA, so competent property management is important. Owen Sound has great cap rates - that's the bottom line. Capital gains come more slowly, but I'd argue that the risk is also lessened. While I don't believe Toronto values are headed for a decline, a significant drop in Owen Sound is simply inconceivable. There is absolutely no catalyst for a drop whatsoever.

@Nicholas Ernst, invest in Owen Sound like me!

In all seriousness, if you are going to do this, it's important to have someone near the property who can help you. Frankly, since the distance puts you in a compromised position, you also want to ensure that you are getting paid for your trouble via a very high cap rate. It just so happens that you won't find a better cap than in Owen Sound. ;-)