All Forum Posts by: Account Closed

@Jason Park

If you’re gonna get in down east, get in now. You’ve got about 18-24 months to take cash off the table out there. Sask and Alberta are long term holds. Manitoba is a no unless you’re into that sorta thing. Generally it has (and always will have) absolute minimal appreciation but no major dips or spikes. Ontario is currently a dumpster fire of uneducated landlords getting absolutely demolished by professional tenants. Quebec is so intensely reliant on government employment (but, also gets catered to by federal government no matter what flavour because there’s nearly 80 ridings there). BC will always have a couple desirable areas but personally I’d stay away from the okanagen as it seems to be getting a little senior citizen heavy. Anything west of a Great Lake (excluding lower mainland) that is a condo is a very bad idea currently also as western Canada in its entirety is massively overbuilt in that asset class.

And the asterisk on all of the above is that you’re not buying a category, you’re buying a specific property on a specific street, in a specific neighbourhood and city. And exceptions exist to everything I have said.

@Kiril Nikolaev

It’s because this is real life with real consequences. Buying something with next to nothing down on the hopes that you can manage a large scale construction project well enough to make a spread is unwise. “Even if you’ve got some room on your credit card you can use that to qualify”.... red flag with blinking red light with alarms and fireworks in the background. That is absolutely terrible and irresponsible advice. Leveraging every penny out of an investment is a great way to become a cautionary tale.

Prices don’t always go up. Rent doesn’t always come in. And construction NEVER goes exactly as planned.

@Brian Murphy

Do not do this. Ever.

@Adam Azam

If you do respond,...

“Your application has been denied.”

End.

@Ken Halef

What Ken said. Lasting benefit (including increasing property value) = capitalize. Repair from tenant damage or no lasting benefit = expense.

@Dan V.

Your inspector is lazy as a pet raccoon and your contractor gave you a “I really don’t want to do this job but for this price I will” quote. Replace them both.

@Anthony Panepinto

Can always make an offer with terms of vacant possession. They likely won’t bite bu it would put the cash for keys scenario on current owner. If they don’t provide vacant possession on day of close money doesn’t transfer.

@Steve K.

Zero chance I would attend, or send an on site, to collect in person. Never once. Unless your local laws state otherwise,it is generally the responsibility of the tenant to make sure rent arrives on time. There is no need to agree to a second part time job of collecting from difficult people. They can take their difficulties right on down the road. I would get what you can from them, however you can, and evict, or economically evict them if they’re late multiple times. End.

@Jovann Thompson

Difficult? No. Difficult to dominate? Yes.

@Nelson Ellingham

No. I have one cc that gets used for deductible expenses only and one that gets used for personal expenses only. They get paid off monthly by property bank accounts or personal accounts respectively. Make sure it’s a “free” points card of some kind.