All Forum Posts by: Aditya Soma

Hi Everyone,

I'm trying to getting conventional mortgage through Mortgage broker(Unimor Capital Brokerage) in Windsor Ontario Canada for 168,500 valued duplex, in first meeting he said there will be a small fee(he didn't specify % or amount), atm didn't paid much attention to it,  and I provided all the documents he asked for, 2 weeks later I got a call from him saying I got approved and I need to bring 5900$ Broker fee and sign the document, I asked why 5900 for ? he said it's the small fee I mentioned to you when we meet, I was in shock and I said I need to verify and I will call him back. After 10 or 20mins later he call me and said that 5900 includes all hst/laywer fee/appraisal, I asked him what's the % he charge as fee, he didn't gave me any number just said 5900 - laywer fee, all hst & appraisal is my fee, still I had so many questions in my mind so I said I need to verify. Again, I got a call back from him after few mins saying I spoke to lawyer& RE agent they said that I don't have to pay him lawyer fee so come with (5900 - lawyer fee).

I'm wondering about the process involved in getting conventional loan through a brokerage who change fee, Is't legal to charge broker fee before closing?? or is this guy planing tricks?

Thanks

Hello @Jacob Perez

Glad you took initiation to find about the Markets in Canada, let get every Canadian Investor on to this thread   

I'm currently investing in Windsor ON.

Reasons:

1. there's a great demand for rentals, limited inventory, growing population especially immigrants(Vacancy rate is below 3% in most of the rental neighborhoods)

2. GTA Ripple Effect, Toronto > sounding cities  > Kitchener/waterloo > London > Next Windsor, though GTA market started to cool down, but not Windsor

3. Average single family price is 150k and average income is 50 - 60k, where as all the other cities mentioned above have at least 100k more and income has not much difference 60/70/75k

Hello Windsor ON(@Cassidy Logsdon @Matt Andrews @Account Closed

) friends, please add your comments/thoughts.

And love to here from all Canadian, which markets are you investing in and why?

 @Kristoffer Heilimo yes

@Kristoffer Heilimo

Friend of mine who own a Duplex(each unit 3 bed 1 bath) in GTA(some where close to Mississauga downtown). he's a single guy leaving in 1 bedroom, and rented out all other rooms(furnished) on Airbnb, I'm surprised with the income he's making on it, which is 7k - 9k  

Thanks a lot @Matt Geerts, yeah that's right not many wholesalers in Canada.

Q: After getting the property on contract, do we need to follow any legal procedure to transfer the contract to the buyer?

And what happens if we fail to sell before the closing date ?

Hello @Kristoffer Heilimo 

As @Matt Geerts mentioned making money on closing is the best way to start.

I'm currently investing in Windsor Ontario, I see huge demand for rentals (from last 3 - 4 years Vacancy rate is below 3%),  I would strongly recommend to take a peek into Windsor Market 

Hey @Matt Geerts I'm curious about wholesaling, can you please tell bit more about it?  

Hey @James Allen

95% of deals out there are not really making cash flow because the condition of the market(super hot), look for properties which need some TLC and currently rented for below market rents.

Tip from my experience: if the numbers makes sense, have to act very very quick(may be make a conditional offer right away) then do your due diligence

My Agent @Cassidy Logsdon Helped me a lot by giving me clear analysis on Location/Current rents.

Hello @James Allen 

As @Igor Tomic said Good to hear from another windsoritee 

Me&my wife also investing in windsor currently house hacking 1 duplex and another duplex on contract, we also love to meet/chat with like minded people, feel free to reach out if you need any help.

Also we have a meetup in first week(tuesday/wednesday) of every month 

Welcome to BP community 

Good luck

Hello Colin,

Congts on making a decision to invest for better future 

I started investing after reading 2 books which helped me a lot 

1. Rental property investing by our @Brandon Turner

2. Real Estate Investing in Canada 2.0 by Don R. Campbell

About the cities I'm investing in Windsor ON, I see a great demand from rentals and it's not that tough to find a cash flowing properties in good/growing family rental neighborhoods.

Yes, in Canada you can get 5% down, I bought my first Duplex as primary resident 5% down. I think if your planing for 3 - 4 units it's 10% down - may vary based on leader 

good luck

I have a cousin from states who's interested to invest with me in Canada, he would like to bring in the cash and I will take care of rest, so I'm trying structure the partnership right  so both of us can befit from it.

I'm Just wondering if any Canadian friends had experienced similar situation? if yes please provide me the details like

how did you structure your deal ? did you choose Corporation or Join Venture agreement and why?  how does taxation works for US partner?    

any suggestions/comments on JV with states partners I would appreciate a lot.

 (Canada, Ontario, Toronto, Windsor - Just key words to reach everyone Canadian BP members)