All Forum Posts by: Paolo Pascual

Hi @Steven Nguyen,

Are you looking to buy those or selling them? I am subscribed and I get emails regarding those new condo listings.

Paolo

Thanks everyone for all the recommendations.

@Andrew Brown- Thanks. Just ordered them online and put a hold on it at the library. I will check them out!

@Robin L. Thank you, I have been watching his videos- great videos.

@Account Closed Thanks. Ok I will look for these books after reading the ones I ordered and borrowed. I will also look into the mentioned forum and see what I can learn from them- will look for you there once I get set up.

@Julie Toh thanks for the very informative response.

I wish I knew that at the time. I/ we just went for it as the price was right and I had the money for 20% DP anyways. Lesson learned- maybe it is better to start fresh with new tenants depending on their history but it's all good now.

I am planning of selling as i am backing away from my pre-construction condo because it's delayed and it doesn't make sense now for my plans. Anyways my question is, which I think you already answered, if I were to buy a home in GTA and will plan to use it as top half as my residence and basement for rent then I can put a downpayment of 10-15% with CMHC insurance? Since I wouldn't have to declare it as a rental. Where can I read and learn the rules about downpayment and CMHC? I ordered the books recommended above post to learn before I go at it again.

Hi All,

I am from Toronto and I guess a total newbie. Started to read and listen to BP 4 years ago but now I am back after 3 years MIA. Back to listening to the podcast and re-started on the site and forums.

I was wondering if people can suggest required readings and recommended readings for Canadians.

Also, I am reading through RE in Canada and RE in Ontario sub-forums… any other recommendations for sub-forums I should read or follow?

I just want to give an example: I bought a property in Welland before for 20% downpayment, I asked the guy preparing my mortgage application if I can do smaller DP but he says no the bank would not let me because it is a rental property (someone is already renting it there and I took over) He also taught me to use my personal line of credit (the process I know you guys are more aware of than me)...long story short, I want to learn more about the mortgage rules and RE strategies in Canada such as when I can use lower than 20% DP, when I can use my personal line of credit, and refinancing, etc.

Thanks and thanks to everyone who have been answering my questions.

Paolo

@Ange Ferns thanks for that... very informative. I was just thinking about the sales tax. I anticipated a year to a max of 2 year delay when the construction as I thought they already finished Building tower 1 within the expected occupancy date. But in my case, they had to revise the plans and changed the occupancy date to 2022 which means I will have to add another 1-2 year of allowance for delays so 2023-2024. Although if they don't meet the final date set out with TARION which is 2025 they will get penalties. I guess my point is that the money was allotted for me to live in not mainly as investment if I can pull it out now before it gets worse then I can use it for a house and renovate/rent out the basement. I haven't gotten around to talking with the developers about assignment sales but I will consider it and look at the numbers. 

Lesson learned the hard way but still a good lesson.

Thank you for all your responses @Derek Merdzik , @Hai Loc. I will have to find out the answer to those questions from the developer- since they put me in this predicament.

Do you think it buyers would be more interested in buying them now or next year in 2020 as opposed to closer to the occupancy in 2022? Hate that my money is sitting there or should I be patient and maybe I stand to make (a little bit) of profit if I wait closer to 2022?

Thanks again.

Hi all. Been away from Biggerpockets for a few years- been busy. I am from Toronto and work in Toronto. Been busy with life and work but due to recent condo problem now I am back.

I bought a pre- construction condo back in end of 2017 for 365k with a deposit total of 15%. I bought this because 1. I want to live in it by 2020 which is the occupancy date 2. Close to work 3. Literally right beside the subway. Now they delayed construction thus the occupancy is not until 2022 which defeats the purpose because I really wanted to live in it with my fiancee /wife by 2020. 

If anyone has some input. I just want to sell the condo before I get a hold of the title (occupancy and closing dates) and I am anticipating another delay so let's say by 2023. Sell it before getting the title so that the buyer would assume the closing costs and the remaining 5% downpayment. Correct me if my math is wrong but I am projecting profit to use for another property or another house for my wife and I in GTA with a separate basement to rent out:

Bought it for 365k. DP of 15%= 54k. Sell it for minimum 400k. Then I potentially have profit of 35k + I get my 54k. Total of 89k for a downpayment. 

I will contact that Jordan Scrinko- is he alright if I ask him about the process of selling my condo?

Any input or opinion would be appreciated. 

 @Shawn Rea and @Kathy Benson

My rental property is in the rental townhouse complex called Rose Village. I am honestly not familiar with the Welland area but the complex is near 406 and East Main St. 

The company/ property manager has a website: http://www.rentpediadeals.ca/locations/welland-ros...

As I mentioned, I do not know what kind of investment would be next. I still need to learn and know what I can offer in a partnership. I have a couple of ideas  for investment for different areas but I am interested in hearing what kind of investments you two have considered as well.

Thanks!

 Thanks. Yes, I am starting to learn that some of these strategies may not work in Canada. I have a brother in California who may also be interested and I will convince him to read on and join BP like me. 

Thanks for the warm welcome! Wow I am surprised to see so many from Ontario and Toronto. Thanks for the advice, I will definitely check out the subforums so I can learn the real estate business in Canada.

My rental property is just breaking even thus far. I do not know what my next project is but I will learn and get some ideas from this forum first!

Thanks again everyone and I will definitely would keep reading the forums and join meet ups next time!