All Forum Posts by: Scott Isbister

Recommend you or your lawyer that established the LLC provided a breakdown of share ownership and "beneficial owners". This would resolve the matter suitable to the bank

@Julie Toh

the insurance issue I haven't explored but scares me in the event should a catastrophic event occur than called on the insurance when a person has an illegal suite.  Until I had that risk mitigated I would not touch

It is common in Canada.  A few things that come to mind.  More times than not in Canada they are illegal suites (not legally meeting compliance code).  I would be interested in hearing someone's long term experience with.  Items of risk: being shut down by municipal authority, liability and not being covered in the event of a catastrophic claim (fire).  Finally lenders giving no value to illegal suite(s) on lending applications.

The inspections all have many waivers.  One inspection I had done on a home had an open basement (no finishing).  It turned out to have a visible foundation issue.  The inspector missed it and so did I.  I had no recourse.  

On one of the BiggerPockets podcasts, one of the guests had a saying they had hung up in their office to remind themselves everyday:   

"Education is when you read the fine print. Experience is what you get if you don't."

I did not pay attention to the fine print of the inspector report and I was negligent on the inspection myself. That experience taught me I had to be more proficient in the inspections myself. After all I was the one that was investing the money at risk. I had no one to blame but myself.

I would take the $1000 and chalk it up to costly"Experience" gained.

rental rates and vacancy rates are on CMHC site, facebook marketplace, and sites like rentfaster etc.  the CMHC site also has avg sale prices for major markets, absorption rates, and number of new starts.

Try city tax dept or title search

Thanks Roy!  That is what I thought.

Mo, I would recommend you try to connect with the owner.  80% of market price might be a good offer, however after speaking to the owner you may find out they do not have enough equity to make the deal happen.  The other benefit to speaking to the owner is you will find out why they are selling and what's important to them.  If you can work with this, perhaps price isn't the most important factor.  There are lots of resources for offer to purchases templates.  Make sure you have an out in the offer if things don't go as planned or you have a surprise with the property.  Good luck

@Michael Gouveia

Reach out to me Michael and I will give you some ideas

Is anyone aware of a list provider for Canada similar to List Source for marketing?  If so, can you provide details and your experience and best practises using?