All Forum Posts by: Simon Lloyd

@Roy N. awesome guidance, as always!   Amazing that I--living in ONTARIO--was unaware of that publication which you recommend from New Brunswick.  Go figure!  But as @Matt Geerts alludes to above, it is also necessary to know about liens etc, and that's where services like the one I mentioned further up the thread (or a lawyer willing to do a la carte title searches) might come in handy I suppose.

@Luc BoironI've never used Tri-Target, no.  Their primary purpose seems to be offering title / lien searches of the properties being sold under municipal tax sales, and also they provide an aggregate list of those tax sales...they're basically and intermediary, so I'm pretty sure they are legitimate in what they do.  An important note is that you will be dealing directly with the municipality in the tender process, not Tri-Target.  There have been two properties I've considered putting bids on--both in northern Ontario--but haven't pulled the trigger yet!

@Jeff C.:  @Roy N. is absolutely right (as always), our privacy laws here in the north are just so much more restrictive than in the U.S. Really no such lists exist in Canada, despite what some companies or REI associations may try to tell / sell you. There is a company called Tri-Target that lists municipal tax sales throughout Ontario; this may be the nearest we can get to a distressed sales lists.

Welcome to BP @Jon Latch.  It's tough to get good cash-flowing properties in GTA. Even as far as Barrie is difficult...I just put an offer on a duplex in Barrie that was priced slightly below market value but needs a tonne of work, and discovered I was one of TWENTY offers after 3 days listed!  When a market is that heated it's tough to purchase at reasonable prices.  Take a look outside GTA like Durham, Hamilton, even Windsor.  K-W / Cambridge is a good market where you can still find some good deals.  I owned a triplex in Kitchener at one time and it's a very good rental market.  I have an excellent property manager contact there that I would be happy to share that with you if you choose to invest in K-W.  Good luck!

My real estate lawyer deals in private lending, and has a network of other contacts who do as well.  @Shaun Anderson I would suggest talking to a RE lawyer in Regina (or even elsewhere in the province);  they might be lenders themselves, or should at least know of private lenders.

@Wendell De Guzman please count me in for your webinar about financing for Canadians. Add me to your making list. 

Thanks! 

That's a great and creative idea for some extra income @Roy N. !  Did Canada Post give you any idea of what the rents would be for a superbox?  Did you solicit them or did they approach you because of that particular location?

@Jennifer Tan are you giving up Toronto flips and moving on to conquer Pickering? :)

That's very exciting @Filipe Matos !  I wish you the best of luck on this deal. 

I'm not a Tenancy Act expert by any means but I did have to evict tenants from all three units of a triplex I owned when it was purchased by the local regional government.  I gave 90 days notice and didn't find out until too late that 120 days is actually required (as @Roy N. states--of course!--correctly).  But it really wasn't an issue.  Luckily if it HAD been an issue, any legal fees would have been paid by the municipality in this case so I wasn't on the hook, but my point is that if you treat tenants with respect and dignity and give them as much notice / information / explanation as you are able, they will be more likely to reciprocate and you won't need worry about the intricacies of the Landlord Tenant Act.  Tenants generally aren't legal experts nor do they want to waste their own time at a LTB tribunal (of course there are exceptions to this) so if you can offer some type of compensation or assistance in finding new placements, and treat them with respect throughout the process you may find it easier than using a more combative strictly legal approach.

Good luck! 

Thanks @Roy N. !  Happy (Canadian) Thanksgiving to you too and to all BPers from Canada!