All Forum Posts by: Neil Da Silva

I own an investment property with a partner and my partner wants to borrow against his equity in the home. Does he need my permission or can this be done without me?

State of Florida.

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I do business in Canada and the US. I bank with both TD Canada Trust in Canada and TD Bank in the US.

I'd like to refinance a SFH in Kissimmee Florida, and would like to do so with TD Bank.

Kindly contact me or reply to this if you can assist!

Thanks BP!

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Originally posted by @Claude Boiron:

Hi @Neil Da Silva!

First of all, the use is still technically illegal, which is why Toronto dispensaries are regularly raided by police, and they keep very little cash and product on the premises (they have multiple courier runs every day).

1. The use is illegal, so some of my conservative/cautious landlord clients don't want any association with it. Furthermore, some landlords (and other tenants), view this is an unsavoury retail use (similar to tattoo shops), and so don't want it.

2. I don't know - legal opinion needed.

3. I educate landlords about the use, but I don't push them if they are set against it.

4. Make sure that the Tenant and Indemnifier have a strong covenant, and assets you can go after if things get bad (as with and commercial lease). Both of the previously named parties should unreservedly indemnify the Landlord against anything and everything.

Good luck!

Claude

Thanks for your input, Lets connect.

I'd love to have a conversation with you.

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Originally posted by @Nathan Gesner:

This is a complex legal question and you're trying to get free advice from unknown amateurs from a different country? Have you been imbibing in some of the product?

If you are serious about pursuing this, go find a Toronto attorney.

Unknown amateurs from a different country? Were in the Real Estate In Canada forum. There are many BP members from Canada.

If you have nothing to offer, don't post a reply.

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Hey BP,

This is a Toronto specific question!

In Toronto, Marijuana dispensaries are opening and closing monthly, the businesses are operating in a "grey area" of the law until marijuana is federally leagalize in July of 2018. I have a few business associates who own some dispensaries and they tell me that the biggest struggle they face when opening and operating a Dispensary in Toronto, Canada is finding a "Marijuana Dispendary" friendly landlord to lease from.

Often terms are as follows, in addition to first and last months rent the lessees pay a deposit of anywhere between 3-5 months of rent. Here in downtown Toronto a good location will have an average monthly rent of $9-12k . Lets say the deposit is $30-50k. Should the lessees leave on their own accord, i.e. if the police shut them down, or business isn't good, the landlord keeps the deposit. Should the landlord decide to terminate then the deposit is returned.

As there is a "Green Rush" with marijuana here in Toronto, I am very intrigued by the real estate aspect of this.

My questions are as follows:

1. What is the downside to the landlord in the event the dispensary closes up shop? They get to keep the deposit and then rent to someone else, seems good to me.

2. In the event the police shut down the dispensary what are worst case scenarios for the landlord? I.e. mortgage holder could terminate loan?

3. What other ways could you persuade landlords to rent to dispensaries as many are scared of the stigma that comes with as well as the legal ramifications?

4. What kind of specifics should landlords put in their leases to dispenaries to protect both them and the lessee?

Thanks for you input guys!

- Neil

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Jacob let's connect!

Im an investor from Toronto, check my bio for credentials. I'm very interested in out of province as not many investors are looking in new Brunswick, Calgary and others.

I am also looking for the right opportunity in London Woodstock Cambridge St Thomas areas.

With the market correcting prices are dropping in Toronto as well however is it back to actual numbers or still these crazy inflated figures?

I'm interested to hear your opinion.

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Originally posted by @Mindy Jensen:

I'm looking for Florida real estate attorney recommendations. I'm looking to have a lease written up.

Please email me at [email protected]

Mindy, I use Dean Ringers Morgan & Lawton for all my legal needs in florida. Bill Lawton is a stand up professional. You can pm me for their contact info or just google them! Please let them know I referred you so I can save on some future legal fees!!!!!! thanks!

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Originally posted by @Tony Akhigbe:

@Neil Da Silva

Buying for cash flow in Calgary/Edmonton depends on finding good to great deals. I would say Alberta is more of an appreciation than a cash flow market, I (and others I know) have done way better on appreciation than on my cash flows. Its not impossible to get cash flow, but one might need to get creative to secure a good one (example, putting in basement suites).

I agree with the Calgary folks here, I think we're seeing the bottom of the market(s) - real estate, oil, unemployment. My realtor friends say various metrics have been rising this year (sales, listings, prices, etc). Oil has stabilized (relative to free fall of past years) and the unemployment rate is coming down. However there has been almost change in O&G employment, although there's optimism. I did a research project early this year, the data (especially H2 2016) showed O&G total employment figures were flat (negligible changes in hiring/firing) while other industries were growing & adding employees. When this industry starts growing again, then we'll know Alberta/Calgary has firmly turned the corner.

So this does look like a good time to buy and settle in for the long haul. However turning up from the bottom depends on the price of oil stabilizing and then rising (even if gradually).

Thanks Tony, great info!

Can you provide an example of the appreciation deals that you are referring to? I.e. what are typical purchase prices and what have you sold for? In what areas?

I have investor funds as well as personal funds to invest in CANADIAN markets....(I personally invest in the US)

thanks!

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All Forum Posts by: Neil Da Silva

Neil Da Silva has started 22 posts and replied 107 times.

Post: NEED FOREIGN BUYERS FINANCING - Kissimmee Florida SFH Refinance

Post: NEED FOREIGN BUYERS FINANCING - Kissimmee Florida SFH Refinance

Post: Can I Borrow Against a Jointly Owned Property in Florida?

Post: NEED TD BANK MORTGAGE SPECIALIST FOR REFINANCE

Post: Marijuana Dispensary Rentals - Marijuana Friendly Landlords

Post: Marijuana Dispensary Rentals - Marijuana Friendly Landlords

Post: Marijuana Dispensary Rentals - Marijuana Friendly Landlords

Post: Ontario Investors - Where are you currently looking to buy.

Post: Looking for Florida Attorney Recommendations

Post: Calling all Alberta Investors!