All Forum Posts by: Leona N.

YES!!! Well said

I would do both if it was me. First I'd build up an emergency fund though. Then save half for the next purchase and put half down on the principle. Really depends how much risk you want to take on and how big you want to go.

I don't have any experience with crowd funding so I'll leave that out. Wondering how far you had gotten with your plan of buying land, building and selling at a 30-50% profit? Those just seem like incredible margins especially in the big cities. Especially with all the new regulations coming in January.

I just looked at some of the listings and you are right, there is quite are several listings closer to the 1k. Really seems to vary depending on the property. I hope you are able to find a cash flowing piece of land, good luck.

Good job looking to the future. As for your specific question if it was me I'd sell the truck, then get a regular mortgage for the condo at the lower rate. Will you not need a vehicle though? And would the condo be for you to live in then rent out in a few years or purchase it as a rental?

Hi, interesting thread! Roy N. had very practical advice and I agree completely. Just wanted to clarify a few things first. Are you buying this land for 130k or is that the do? Good rentable farm land around here goes for about 10k an acre. Who are you purchasing from and why are they selling? Again good farm land is in high demand and usually goes up for auction or is sold privately. Is it currently rented or being farmed by the owner? As for financing, that's great that your wife can get you an interest rate that low on that type of loan. You'll be at an advantage for sure there. Other things to think about are property tax increases ($800 is crazy low) insurance, and carbon tax, floods, fires or any other reason you may not get it rented out. I would also be Leary breaking even or losing money on this type of purchase. You won't have the write offs or tax benefits as residential properties, so negative cash flow could really hurt you. I hope this didn't sound negative, I might have missed something 😊

Thanks Roy N., this is the first time they have been late, hopefully the last.

What is protocol for charging and collecting overdue rent? The lease states 2% interest. I'm not sure if I wait until it's paid and then send a bill for the actual interest amount? Or should I send a letter first? Thanks.

Roy N. http://ottawacitizen.com/opinion/columnists/poilievre-why-morneaus-tax-changes-are-anything-but-neutral

I agree, until we find out the specifics we are only speculating. However if the proposed changes are implemented the way it was explained to us we will be paying 70% overall on any "passive" income. It's frustrating as we have already been paying more for this property through the corp than we would have if it was held personally. Our construction side won't actually suffer as greatly as we pay ourselves as employees and the small amount of dividends are only paid to the two of us who are full time and actively working.