All Forum Posts by: Kendra Lacarte

Thanks for the advice Dave and Matt. My mortgage broker retired so I will have to look for a new one. So...do I have to tell the lender where the 20% is coming from? If I take 10% from a line of credit, do I have to tell the bank that?

Hello,

I have been working hard to find a good deal since I joined Bigger Pockets.

I have found, what I think is, a good deal. 

I have been speaking with the owner of a triplex. He wants out badly because he has mismanaged the triplex and has just had to evict all the tenants. He also owns commercial property and wants to focus on that.

He is asking for $165 000. I asked him to hold the 20% down payment as a promissory note. He agreed. I should be able to get a mortgage for the other 80%. 

My question is: when I apply for the mortgage, do I tell the lender that I have the down payment?  Or do I have to tell them that the seller is holding a promissory not? 

This is all so new to me, I am really unclear on the rules and regulations with down payments in Ontario, Canada. Any advice here would be super appreciated! 

Northern Ontario. Always looking to learn from other Canadian investors.

2 offers monthly.

Thanks Nathan Turner. I would love to hear about note investing in the US. I have read about it...but I would love to learn more. Any info you would like to share would be well received. 

Steven Butala, thanks for the welcome!!

Hi Matt 

@Matt Geerts Thanks for the advice. I was just about to post a question about the Residential Tenancies Act. I just started reading it today. In Brandon's book, The Book of Managing Rental Properties, he says to never give your tenants your home address. In Part II, Section 12, subsection 1 of the Residential Tenancies Act it states: 12. (1) Every written tenancy agreement entered into on or after June 17, 1998 shall set out the legal name and address of the landlord to be used for the purpose of giving notices or other documents under this Act. 2006, c. 17, s. 12 (1).

If we don't comply with this within 21 days of the lease starting the tenant can with hold rent. Do you have any thoughts on this?

Thanks,

Kendra

Thanks Ming. I will keep my eyes peeled.

Thanks @Brent Snodgrass for the link to the Canadian forums. And thanks @Brian Pleshek for the information options!

Hello. I am a new investor from Ontario Canada. I am focusing my attention on lease options, foreclosures and buy-rent-hold properties. I would love to hear advice from all the forum members but Canadian members will be particularly interesting to me. I am looking forward to learning about everything that Bigger Pockets and its members have to teach me. Thanks!