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All Forum Posts by: Jonathan Li

Jonathan Li has started 2 posts and replied 4 times.

Hi Bigger Pockets community! I live in Ontario, Canada and my basement tenant is trying his hardest to make my life miserable. Any help and perspective would be greatly appreciated!

This tenant moved into my basement about a year ago. Initially he had many complaints about the unit and I sent him an email asking if he would like to reconsider renting the unit, given his obvious displeasure (thus giving him an out before officially signing the lease). He backpedalled and affirmed that the unit would be satisfactory. It's quite cheap for the Toronto market, where I am located.

My parents also live in this house. Over the past couple months, I suspect my tenant has quit or lost his job. He is now parking his motorbike in front of his entrance, creating a fire code violation for the sole egress that he has. When my mother tried to move it away, he yelled abusively at her. He smokes weed outside his unit on a weekly basis (currently this is illegal in ontario unless he can prove it is for medical purposes). And to top it off, last week he told me that he will not be paying rent for the month because he has filed a notice of violation to the city. Apparently the ceilings are too low in the unit. This is something he verbally acknowledged when he first accepted the lease. But now he has said that I should expect inspectors from the city in the near term, and that he will not be paying a cent of rent. 

I am at a loss, and wondering how long he will be able to go without paying. I have heard that tenants in Ontario are not allowed to withhold rent under any circumstances, and I have heard the opposite. I have heard that I can evict him under certain circumstances as well. Any tips from the community from a legal/experience perspective would be greatly appreciated!

Post: Young Investor In Toronto

Jonathan LiPosted
  • Investor
  • Toronto, Ontario
  • Posts 4
  • Votes 0
Originally posted by @Claude Boiron:

Hi @Jonathan Li! If you can provide a little more information about your house (PM or email me if you prefer) such as approximate location, type (detached, semi, town house, etc.), and the value, then I'll be happy to put you in touch with one or two of the handful of great mortgage brokers I regularly work with.

If you'd like to chat about Real Estate investing, we should grab a coffee one of these days. I know a little more about the GTA market than most, and I have a Real Estate network like you wouldn't believe.

 Thank you Claude! I'll shoot you a PM. And definitely would like to take you up on your offer :)

Post: Young Investor In Toronto

Jonathan LiPosted
  • Investor
  • Toronto, Ontario
  • Posts 4
  • Votes 0

@Roy N.

Thank you for the warm welcome! I'm very lucky to have had a loan from my dad. Looking to get some refinancing from my equity now. 

More specifically, I am hoping to get a mortgage to purchase a second property. I have had quotes from three banks/brokers, and each of them has quoted me financing around 35% of the value of my property. I'm a bit confused, as I put 100% down on the house. Technically, there should be no downside risk for the lender in the case of default as they would have access to the full equity of the house, correct?

My salary has always factored into the maximum borrowing amount. I am wondering if my interest coverage has anything to do with the lower-than-expected loan amounts?

If you would be able to shed any light on this, it would be much appreciated. Would I have any options/workarounds to extract the maximum equity back from the property in a loan?

Post: Young Investor In Toronto

Jonathan LiPosted
  • Investor
  • Toronto, Ontario
  • Posts 4
  • Votes 0

Hi Bigger Pockets!

I'm delighted to be joining this community. Heard so many great things so I'm introducing myself and excited to meet everyone.

I'm a recent business graduate working at a tech startup in Toronto. Despite the financially risky and scrappy nature of my job (compared to my peers who chose more traditional and stable jobs out of grad), I have a decent yearly salary that is above average and enough to get modest financing. My father has been a small residential investor in Toronto for over 15 years, and with his help I purchased my first property in downtown Toronto last winter. 

I'm here to learn, learn, and learn. Specifically, at the moment I'd love to know more about financing, as I am looking to re-finance my house (I paid 100% cash down that I paid for it). Please feel free to point me in the direction of any materials or people I should talk to.