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I went to go apply for a 5,000 dollar loan last week and I was declined. I was shocked, considering I own a house a car, have assets, etc.

So apparently this is what happened and I'd like to hear from people on what I should do now to raise my credit score.

I cosigned a rental apartment for my mother 2 yrs ago, bc her credit was shot from divorce, etc... So i signed her an apartment, I bought an investment property and decided to have her as my landlord for the property this past spring. However when she moved out she ONLY gave the management group of the apartment building 7 days notice. Since the apartment was on my name, the apartment building claimed they required 3 months notice, etc,etc and took it to court, indicating i owe them those months rent because of the late notice. My mother was probably aware of such a notice. She neglected it, which I am Furious about since it hurts my credit.

Now this is on my credit bureau and it is hurting my credit score badly. I can;t get a lone or a mortgage for another investment.

I will have to pay off this debt, i understand that. I spoke to the bank and they said even if you pay it off, you will only be able to get a line of credit or loan if you have a cosigner. I definitely dont want a cosigner.

How can I raise my credit score as soon as possible after I pay this off? My credit has already been damaged and they said that will remain on my record for 7years.

Im sure others have been in similiar situations, I'd like to know how they overcame such a problem.

Thank you,

Jon

Lately I was introduced to a quick way of analyzing property. Say your gunning for strictly 7% cap, the formula would be.

VALUE=NET REVENUE/0.07

My question is in, When calculating net revenue, what do you substract from the rent revenue, utility expense i know. Do you substract taxes and insurance to?

For example on this property.

Income $51,600,Taxes $4,400,Ins.$2200,Utilities$6,000,Tenant Pays Own Hydro!6 Fridges,6 Stoves,Coin-Op W&D,New Sep.Hydro Meters!In A High Demand Area Close To Lake/Marina!On Dead End Quiet Street!Only 1 Unit Avail.To See-1st Flr,Right Side!

[b]51,600-12,600 (everything calculated)/0.07
=557,142 VALUE

or is the formula not suppose to include taxes and insurance
51600-6000= 45600/0.07= 651,428 VALUE[/b]

I KNOW THIS IS A RIDICULOUS QUESTION, BUT I WOULD APPRECAITE ANYONE WHO COULD GIVE ME A INFORMATIVE ANSWER.

THANK YOU!

Ontario is alittle different, I suppose the real estate market is unique in sense where we have alot of immigration. But aswell as alot of interprovincial migration, theres plenty that are leaving ontario aswell. However immigration is still a surplus.

Have you guys ever done any preforeclosures? Im interested to know how you guys gunned them down.

Im really glad someone posted on this topic. I live in canada and have experienced some real big re booms over the last 5-7 yrs. Its been a sellers market for quite some time. I wish I could started yrs ago, However I just purchased my first rental property not to long ago.

Recently I went to real estate wealth expo and saw and met alot of re gurus, Do you believe they are now selling these products bc the Real estate market is drying up in North america? Maybe they want to capitalize on the last deal they can, selling there programs to the masses? I strongly believe so, but id love to hear what other people have to say.

What are some good indicators of good cities that possess good rental property potential? I know im alittle all over the places but Im still a newbie, I only own one property but Im looking to purchase another shortly

How would you find preforeclosures in canada?

Hey Guys.... Maybe some RE Experts can shed some light on how to find Canadian disclosures.

Does anyone know where I can obtain listings ?

I did purchase a program from it and it is informative and motivating. Remember their techniques at these events are to attract the masses. They do that well and then they use sleezy techniques that focus on millionaire luxury appose to the meat of the information. I said I would purchase from the person I thought was the most faithful and would provide the best program and service, and I feel I have been getting great service, As I have already purchased a 3 unit property the first week I started the program.

The toronto market is high in demand but low in supply right now. Consumer confidence is very high. People are paying alot of money to live in the greater toronto area. There is no more room to build. Its outside of toronto where I think the opportunity lies. Ive been to vancouver and talked to some people down there about the RE and they said its simply ridiculous. Could you shed some light on it?

Jon

hey guys

I'm Jon 23 from Toronto. Ive been interested in real estate for a long time however I never got involved. We attended the real estate and wealth expo in toronto the other weekend, it was quite motivating. The sales tactics are sleezy in my opinion but a few presenters were awesome, David Lindahl to name one.

Im interested in purchasing properties in the greater toronto area. This site seems like a goldmine and Im overwhelmed that Ive found this site. I look forward to learning and investing in RE in the very near future. RE Tips and comments are encouraged and welcome.

Thanks

Jon