All Forum Posts by: Gary McGowan

Hi Bob!!! I'm from the Markham area. I actually don't know anyone from the Lambton area! Great to meet you tho! 

Eh!!!!! Live in Stouffville, ON just north of Markham! Love all the Canadian content here! 

Hi Doug, Yes we have always been taught to pay off our debt.... The line I like to show or tell people is... You have been working hard to pay off your home now it's time for your home to be working hard for you. 

I would start with educating yourself on the Canadian terminology and looking into the GTA Secondary markets. Connect with like-minded Investors and start asking questions... 

The first thing I would do is to read Don R. Campbell's Book. 

Real Estate Investing in Canada: Creating Wealth with the ACRE System

It's 100% Canadian! 

https://www.amazon.ca/Real-Est...

The best bet is to work with a local Agent that access Off-Market Deals, or exclusive listing networks. One of the Private Networks in the Greater Toronto Area currently has over 770 Exclusive listings on it (only Realtors® have access to it). They are listed on there to generate a buzz about the property. 

It also depends on the area you are investing in. 99.9% of Sellers want their home on the market as it is a very strong Sellers market at the moment. 

I agree with Hai, Newmarket provides more opportunities and is slightly cheaper. Barrie is also a g great place to invest. I have invested in all three areas. 

Always happy to chat with you, PM me if would like. 

And let's not forget the downpayment funds for buying in corp typically start at a min 25% down. Usually 30% or more based on the lenders appraisal. 

Buying in a corp is best uses when you will have a large portfolio. vs a few properties. You can transfer them into a corp at a later date however you pay a land transfer tax. 

This conversation is best had with a mortgage broker, lawyer and an accountant... Try getting them all to agree at the same time :) 

A master lease is essentially called a Lease Option here in Canada.

Yes, schedule B will over-ride anything previously written. What Schedule can not do is contradict itself and it will always be over-ruled or governed by the LTB. It can not goes against anything there. 

@David Steinbok to get past the Financing piece is to get your your JV partners to qualify for the mortgages as well as provide all the capital. This is how we setup our JVs and it works very well.

In Ontario we now have a mandatory Lease from the Gov. that we have to use. We can add a schedule B to it with our own terms however the Land Tenant Board rules will always supersede anything. 

What you have described is Property Manager that has a Lease Option on the property. 

Yep stick to any book by Don R. Campbell. He's Canadian and an amazing teacher. He walks the talk. You might find a story about me in one of his books ;) 

Real Estate Joint Ventures: The Canadian Investors Guide to Raising Money and Getting Deals Done

https://amzn.to/2RuZqNy