All Forum Posts by: Roy N.

We still reference the CMHC / Stats Can data, but find it is more generalized and less accurate than it use to be ... particularly in the Maritimes.

 Or better yet, talk to local landlords and property managers who have been in the market for some time.

In our experience, there is no difference between loan/note rates and terms between a finance and (re)finance ... they are essentially the same action.   When your financing term ends in 3-5 years and you "renew" your financing, you are essentially refinancing.

Once you have borrowed the money - for which you have pledged (mortgaged) your property - the lender cares little how you spend those funds ... their interest is restricted to your ability to pay back the borrowed principal plus interest.

I'm having a little trouble following you above, but will take a stab and an answer.

When you (re)finance a property, the capital advanced to you is a loan secured by the value of the property itself. It is for this reason that you will most often be limited to 70-80% LTV when you (re)finance.

Yes you will be paying interest on the loan (which is a business expense).

The loan (or note),  for which you offer a mortgage, could be either variable or fixed rate - depending on whether you are comfortable hedging rates yourself or prefer for the lender to do it.

@Devon Keaveny

There are a couple of buildings in Uptown which need serious work (I put them in the {near} full gut category) which could be had at a reasonable price.   We're way behind on rehabbing what we have already bought, so I've been ignoring them.   Drop me a note if interested and I'll try to put you in touch with the right folks.

@JD Martin

I went out for my first run in months this morning ... chasing behind a nine-year old on a bicycle ... a humbling experience for a fellow who once ran ultra-marathons for fun.

When we arrived home, my son informed me the outing was an absolute success: he didn't crash (he only decided this week he should probably learn to ride a bike) and I didn't drop dead :-O

I will conceded that I am more than a little heavy at the moment ;-)

Two in as many days ... must be spring ;-)

I responded to another thread of similar title yesterday.

@Keith Linne

Interesting that the use of PT for your sill is a code requirement.  I've encountered situations where using PT is not explicitly addressed - i.e. sill and rim in an unaccessible crawl space - but mostly it is explicitly forbidden from use in living spaces.   What measures does Minnesota code require to isolate the PT from the living space?

We have many "basements of old" here with double 6x6 (or 8x8) or single large timber sills resting on rubble foundation walls.  Hemlock was the local timber of choice.   Many of these are still in decent condition after 150 - 200yrs ... however, "lumber of old" was denser -  the trees were older - than what we have today.

@Norm Gilley

Find yourself a set of local boots on the ground (who is not invested in selling you a property) to learn about the City.   When you cast your gaze upon Saint John from away, it may look like a field of "deals" just waiting for a little TLC, but purchase a property in the wrong neighbourhood and it won't matter how much you polish it, the tenant pool will be poor and the resale value non-existant.

Indian Town, and other parts of the North End, would be such an area.   The difference between a good deal and simply a cheap building can be a couple of blocks.

Uptown & Douglas Avenue are places to look, but the prices have risen in those areas over the past couple of years (money from away) ... however, if you are willing to buy a little rough and dish-out lots of TLC, there are deals to be had.

Bryan:

As Steve stated, pressure treated wood should not be used within the conditioned/living space of the building.  In most jurisdictions such use is prohibited and I would expect there to be insurance/liability issues with using it.