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All Forum Posts by: Gary McGowan

Gary McGowan has started 4 posts and replied 203 times.

Post: Frankie Law - Newbie from Mississauga, Ontario

Gary McGowanPosted
  • Investor
  • Stouffville, Ontario
  • Posts 213
  • Votes 65

@Frankie Law Welcome to BP and a special welcome to a fellow Canadian!!! 

Just wanted to make sure you knew that the min down payment here in Canada for an Investment property is 20% down. Of course each borrower has their own specific circumstances. 

Post: Can you impose a rental agreement on your new tenants?

Gary McGowanPosted
  • Investor
  • Stouffville, Ontario
  • Posts 213
  • Votes 65
Short answer is your stuck with them. The rental increase for 2014 is 0.8% and for 2015 it is 1.6%. But you can only increase once every 12 months and you have to provide them with 90 days notice. Sometimes tenants will leave because of the rental increase. Perhaps offer them cash to leave. You can have them sign a new month to month rental agreement but at their current rate. Read the Ontario LTB rules and with all due respect to other investors only take advice form people that have experience with the Ontario LTB.

Post: Here's my plan for 2014 - What would you do?

Gary McGowanPosted
  • Investor
  • Stouffville, Ontario
  • Posts 213
  • Votes 65

They buy with private lenders or cash. Also they can buy a single family home and convert it back to a student rental after they close. 

Post: A Portuguese in Canada

Gary McGowanPosted
  • Investor
  • Stouffville, Ontario
  • Posts 213
  • Votes 65

Units that were never lived in or occupied for any purpose before June 17, 1998 (even if other parts of the building were)

Post: Canadian Market - Barrie, Ontario

Gary McGowanPosted
  • Investor
  • Stouffville, Ontario
  • Posts 213
  • Votes 65
Connect with me next week I own and have owned properties in Barrie

Post: Paying your tenants water arrears... Fair?

Gary McGowanPosted
  • Investor
  • Stouffville, Ontario
  • Posts 213
  • Votes 65
Most companies are changing their stance on this because of local landlords and push for the local governments. Utilities are charging tenants and the charges follow them to the next property. I would call the water company and provide them with tenants new contact info if you have it. I see you are also in Newmarket. I run a monthly networking event here in town. It's a great way to connect with like minded investors and to learn from each other. Feel free to reach out. Gary

Post: Small Single family home deal advice..

Gary McGowanPosted
  • Investor
  • Stouffville, Ontario
  • Posts 213
  • Votes 65

It's important know that with investment properties up 4 units CMHC only alows up to 80% LTV.

http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/hopr/upload/CMHC_Income_Property.pdf

BTW; all we can charge is first and last months rent. No security deposit or any other fee. 

In Ontario we can not discriminate against dogs. Lease can say whatever you want but the tenant can bring in a dog without your approval at anytime. You also can not charge extra for allowing a dog.

Post: Toronto, Ontario Real Estate Investors

Gary McGowanPosted
  • Investor
  • Stouffville, Ontario
  • Posts 213
  • Votes 65

Every month I host a meetup where I bring in Veteran Real Estate Investors to share the story and expertise. See below for this months info.... 

June 25th, 7:00 pm.

If you would like more info you can always send me a pm.

 ----------

 You will not want to miss this months meeting. Please pass on this invite to only those that you know will benefit from an event like this. 

I'm happy to announce that we have two Veteran Real Estate Investors coming to share with us their story and Why To Invest in Real Estate. Eric Gonneau will be sharing with us "Why Real Estate?" and what to do to take your portfolio to the next level. Elizabeth Kelly will be sharing with us "How She Started" and some of the mistakes she made along the way. 

Eric Gonneau is a veteran Canadian real estate investor, having purchased his ?rst investment property in his early 20’s after learning the house building trade from his father, uncle and grandfather. Nearly 20 years later, Eric’s portfolio has matured and now includes a wide a range of suites in multiple provinces. Along the way he has completed numerous ?ips, as well as buy and hold strategies through his investments in student housing, single family homes and multi-family properties. 

As a senior member of the Real Estate Investment Network (REIN), Eric has given multiple presentations to real instate investors, on topics such as due diligence for multi-family purchases, ?re code compliance, and the pit falls and bene?ts of student rentals. He routinely takes complex real estate subjects and makes them understandable for all levels of investors.

Eric is also a licensed professional engineer and routinely delivers reports for sub-divisions & commercial developments, as well as multi family properties, giving him a complete understanding of the real estate ?eld from the ground up.!!From ?nancing; to maintenance; to landlord & tenant issues; to working with partners, Eric has experienced most facets of building a real investment portfolio.

As an effective real estate problem solver, Eric loves to help others overcome the obstacles faced in real estate investment, including breaking through the hurdles of getting started and providing property analysis consultation.  

Elizabeth Kelly is a local investor that has had great success in operating a property management company while building her real estate portfolio with her husband Emmett. Elizabeth specialises in Rent To Own investing and teaches this strategy to eager students that want to make this a part of their portfolio. The Kelly's portfolio includes a large number of doors right across Ontario which has been purchased with Joint Venture Partners. 

Who is the Investors Meetup for?  

Anyone that has bought, sold, holds or is just starting to look at Investment Properties. As always we provide a learning environment for all levels of Investors. We are all in this together and the more we can help each other the better opportunities we will have to succeed. You never know who you will meet and they could have the answer or solution to what you are looking for.

When: Wednesday June 25, 2014 

Where: 100 Pony Dr.

Newmarket. ON

Holiday Inn Express.

Time: 7:00 – 9:30 pm  Coffee Served at 7:00 !

If you want more info you can always send me a pm.