All Forum Posts by: Troy Pirsich

What percentages do you value your expertise (finding the deals and managing the property) at? 

Are you both on the mortgage or how do you ensure you get the correct % of ownership? 

Hello Carolyn, 

As to my knowledge, he would have had to pay capitals gains tax starting the day it stopped becoming his primary residence to the day he sold the property. House valve would be based on FMV or appraisal (if done, I believe)

Just my 2 cents. If the house needs extensive repairs I would completed the extensive repairs etc all while it is still considered your father primary residence. After repairs etc have been completed get the property reappraised. The reappraisal is proof that the house is worth X amount at the time it was converted from a primary residence to a non owner occupied. The value of the house would be way higher after strategic renovations which would result in less capital gains when he comes to sell. He may even be able to write off the renovation expenses as it was to get the property up to rental shape(not 100% sure on that one though). 

I agree with Jami. Sarnia has a happening market right now with all the recent and predicted expansions going on. If Nova chemicals does go through with the expansion of a second  polyethylene plant the opportunities for executive rentals will be outstanding. 

However the market for appreciation in Sarnia is not here yet. London saw a 20% increase in property valve last year where as Sarnia has seen a 20% increase over 8 years. Hopefully with the ripple effect of Toronto and more GTA investors starting to look at Sarnia, it would cause the big appreciation factor we are currently seeing in London