All Forum Posts by: Huong Luu

This came up in the Canadian forum, so if the VTB is not in Canada, then ignore my comment. 

@Michael K. If your lawyer doesn't set this up as a VTB, then how will you have ownership or be on title? If the owner is doing a VTB to delay capital gains taxes, then it does need to be registered. If he is doing this to delay breaking his mortgage, then you are doing an AFS and you will need other legal documents. Are you sure you mean refi? That would mean the new lender would replace your VTB...which you don't want. I think what you want is just a reno loan, which you can do. A VTB registered doesn't mean you will be hindered on getting a HELOC, or a reno loan. You just need to find a lender willing to do that. So without knowing what province you are in, it is hard to suggest a lender. Another option is if you don't qualify for a HELOC, look into zero to low interest credit cards. Good luck. Sounds like a great deal for you.

@Karl Dela Cruz If you get licensed to do this, then you will have to decide if you want to start your own appraisal company or join an existing firm/bank/etc. Getting the knowledge is 1 thing. Why do you want to do this? Is getting this designation in line with your future RE plans? Just because you want to invest in RE, doesn't mean you need to be/ work as an appraiser. For example, if you are planning on doing JV deals as the expert partner, then having this skill is great.

@Duncan Pratt Iam used to the PPI where you have to submit pictures and inspections reports to show you reached a certain milestone/stage of improvement before they will advance the next set of funds. They will approve the base purchase and then put the rest on a retainer. The PPI documents will tell you the terms. If you haven't already done so, you should reach on the the individual at TD and get the terms of the PPI. Ask if you can get a HELOC with them too.

@Kris Bucci and @Michael Wong, we are spending our winter on Cortes. So happy to join. 

Hi  @Bill C. Look at REIN. Once you decide on the the Province and City, then you can join those RE groups. There are tons on FB and meetup. There is tons of info on BP too, like what @Chris Baxter mentioned. 

Not necessarily. The maintenance fees depends on the common areas and facilities, expected repairs, security and reserve fund and so much more. You can calculate the fees per square feet and compare it that way. The older the building, usually the higher the fees. If you are buying a condo for an investment, you might want to reconsider this strategy as the fees eat into your cash flow. Good luck. 

@Cameron Chambers There are places between North York and Brampton that you can buy that may meet your needs. GTA won't cashflow unless your down payment is large and you will have to deal with more traffic. You may be able to use the 5% 1st homeowner and RRSP and then house hack it while still renting in Brampton. Good luck.   

@Myles Snair The best thing to do is to sit down with a mortgage agent to map out a plan for getting to your 4th property. As you just purchased your 1st with 5% d/p, you may have a hard time convincing another lender you are moving into another prop as your primary. Ideally you want to keep your expenses/debt low so your ratios look good on paper. You also want to access the HELOC on your mortgages where possible. Good luck.

@Anthony Panepinto Yes, you can assign contracts in Ontario. Message me separately for this sample contract.   

@Micah Ng you can reach out to any listing agent with an active MLS and request the rent roll and expenses (which it seems you are already doing). You can also go on FB groups and kijiji and go direct to owners. Tell them you are interested in buying. Once you get the info, and it is positive cashflowing send me the info. I would be interested in buying or may know someone who would buy. You would get a finders fees. Good luck. PS. if you really get stuck, message me and I will provide you with some rent/expenses for your assignment.