All Forum Posts by: Matt Geerts

As you say, @Roy N. "do your homework". I just don't even know where I would go to find out what that homework is! Is that link that I found on ontariotaxsales.ca comprehensive? Even it leaves some dangling questions about liabilities.

One is obvious - go there (or pay someone to) to find out if you're buying a gas station or hide tanning factory.

But will the title search and execution search reveal it all? I don't mind gambling a small fee to each interesting property to discover whether or not there is a problem, but to stumble into a million dollar liability will end me. Boom, bankrupt. Are tax sales only for those lucky people who can just deal with a million dollar loss?

@Jeff C. I found this in my search for understanding. It is a good description along with the two links at the bottom of the page:

http://www.ontariotaxsales.ca/how-to-buy/what-is-a...

What this does not seem to make clear is how to KNOW what you are buying instead of HOPING that you aren't buying an environmental disaster that bankrupts you or some Crown lein that halts your business for years of repayment. I'm not interested in investing blind into traps.

Hey @Roy N. thanks for that nugget. I just had a look at the Gazette and sure enough there are tax sales listed:

https://files.ontario.ca/gazette_docs/ontariogazet...

This stuff pretty much reads like Greek to me. I'd love to know if someone has a definitive guide to tax sales - understanding and mitigating the risk, understanding the mechanism, etc.

@Leo RobinsonI love that you're looking to chase the deals, and EVERY American market is more landlord friendly than Ontario, but I'm not up for the challenge as a new investor. Detroit is just over the bridge from me, so I could buy a dozen instead of a morning coffee, but no thanks.

Thanks for your insight, @Roy N. I've long ago rejected the idea of bank sales. I have a relative who works in a bank and oversees this stuff and she's not able to funnel anything worthwhile to me.

So CYA and call it a "3x guideline" and never tell the rejected applicant that.

In terms of the "people" issues of landlording, I can't imagine someone more ideal than a retired librarian. Guaranteed income, responsibility, tidiness and most definitely never a noise complaint against them!

Thanks @Luc Boiron, I guess I went to absolutes without needing to.

So where exactly are the guys selling 100k houses for 35k because they've already paid 65k off the mortgage? 

The big lenders only release upon completion of work. I have heard that some of the others (Tangerine comes to mind) release funds ahead of time.

I am not 100% sure, but I believe you need 5% down of the TOTAL projected loan, not just the initial release to secure the property.

I really like the American system where they write the check directly to the contractor when he's done. This lets the bank (or govt?)  tell a contractor that his work is not sufficient so you don't have to.

Also, in case I haven't sounded sour enough about Ontario's "special" laws, let me draw your attention to an OHRC decision making screening based on income AT ALL to be a violation of human rights:

http://www.ohrc.on.ca/en/human-rights-and-rental-h...

Has this just blown your mind?

@Stephen E.

As a newbie I wanted to read your description and answer it for myself before seeing the other answers, just to see if my opinion aligned with theirs.

At the end all I could think of was "Where's the 'but'?". If you reject, please ask her if she's interested in living in London.