All Forum Posts by: Haseeb Awan

@Scott Hollister - Intelligent plan on using the lease method. I should apply that more often and upgrade my equipment more often. I prefer Macbook Air and then have a 27" screen + keyboard at my home. MBA is good for being portable and then the screen gives me the space to work more productively. I bought 2 other screens too but never utilized them. 

2 months is too long of a time. At maximum I have heard is 2 weeks 

@Paige M. 

Sure. Interest rates would be high since I recall one broker in Ottawa mentioned 15% down with 4.5% rate wont be an issue even if you have 0 income. Ottawa is generally a very stable market so risk profile is pretty low for lenders. 

@Paige M. - It really depends on what suits your profile. Core is expensive obviously and the more father you go prices usually drop. It is purely personal interest and where you find the deal. But as they always say Location, location location so make sure you buy in a good area specially if its your first property. 

Congrats @Paige M. on taking the first step. I am from Ottawa too. 12 months is a fairly decent time to purchase the first property and it might be intimating for you at first. If this is your first property, you can buy it it with 5% down with CMHC insurance however your income has to support the monthly mortgage payment at 4.85% interest even though you might qualify for 2.2%. If you are trying to save 20% down, then you are exempted from 4.85% rule. 

You should start attending OEIO in ottawa ( http://www.oreio.org ) and you will meet many fellow investors. 

Hello,

 A friend of mine house got foreclosed on in current wayne county auction. He was away for few years so he wasn't aware. Anyways, now he want to buy it off the new buyer. Whats the best way to find about the new owner ? Any service that does it for you ?

Thanks 

@Billy Kane . I agree with @Stan K. here. Its very difficult to find even cash neutral deals since most of them are -5 to - 15% loss per year. You rely on appreciation in the area

@INGRID T. : I think you have to speak to each of them individually. There are no hard and fast rules. Here is my advise though - Speak to the bank that you already have a history with. Try to find their closest branch to the property. If there is none in vicinity, then your home branch is best bet. If they refuse then start finding the banks which are closer to property. Closer to the property, the better it is since they understand the demographics and area etc.

@Hui Kiang - No worries you will get to that. Just have a plan B if you are unable to sell the house :)

@Quinton Myers - Have you asked the city to provide you with the deed ? Yes I did purchased few. Actually over a dozen