All Forum Posts by: Huong Luu

Hi Ladies. What questions would you ask a panel of investors? 1 of the panelist is a lady who have over 437 MFU. Pls message me direct or use @Huong 

Are you only interested in foreclosures in QC? For Ontario, you can go to the Ontario Gazette and they list all the POS/auctions/foreclosures every 2 wks. In Alberta, you can buy the list or search on line. Key words are: TAX SALE AUCTIONS.
In MTRL: check this site out for more info: 
http://ville.montreal.qc.ca/portal/page?_pageid=44,9487678&_dad=portal&_schema=PORTAL

This strategy is very time consuming and not proportionate to effort. 

@Ammanuel S. This is a tough situation to be in. Sorry to hear this is your entry into being a landlord. 

Dealing with personalities of each family and ensuring every family gets along is part of the screening process. YOU NEED to be involved. I don't agree with calling the police. This is a waste of tax dollars. All the tenants are your clients and you need to communicate with them all. This investment is yours, so part of taking responsibility is dealing with tenants and NOT pushing them onto the police.   

I have been a landlord for more than 20 years, and only had 3 bad experiences. So don't let this stop you.

As part of your lease documents going forward, you should include the clause 'no smoking of any substance on and within 10 ft of the property..'

I tell my tenants, my insurance specifies no smoking on on the property.  

Are you looking for areas in Canada? If so, which province? For $100K, you are looking at smaller cities. Unless you want to do AFS (Agreement for Sale) which then you allows you look at larger cities. 

If you haven't already looking into it, see if you can get a loan to top up your RRSP, as you could get 40% of your d/p from a bank this way and take advantage of the HBP.  

Of the 3 options you presented, I would go with option 1. 

Option 3 doesn't allow you have any cashflow. You will see mortgage paydown on your primary residence condo. But condos are not the best investment due to the maintenance fee. The pre-construction will tie up your cash with out cashflow til it is complete and there is risk associated with pre-construction.  

Option 2: The pre-construction will tie up your cash with out cashflow til it is complete and there is risk associated with pre-construction.

Option 1: You get into the market NOW! with cashflow and mortgage paydown. Run the calc to see if having 5% FTHB with CMHC insurance is better than 20% down with no CMHC insurance. Get a HELOC with this mortgage and see if there is sufficient funds in the HELOC to do the pre-construction condo if you are still leaning that way.

Congrads on your PR. Good luck. If you want more info about the above, just message me. 

Here are 2 suggestions:

1. see if you can find rental posting for those buildings. Like on Kijiji or Craigslist or other on-line sites (even Facebook). Those rental ads will have contact info. 

2. talk to the neighbors or current tenants or whoever you see on site.  I have done this in the past with great success. Ask them if they live there or if they know how to get in touch with the owner. I would give my business card to them and ask them to pass it to the owner if possible. I use the line or something to the effect " Iam thinking of buying the building next door and just wanted to meet the owner."  

Good luck

Is anyone using RentMoola? Wondering how that compares with Zelle, Cozy and Venmo. 

Absolutely worth talking about.  A few things to consider are:

1. down payment for an investment property is higher than a primary residence. Do you have the higher d/p (ie 20%).

2. You won't be able to use your RRSP $30K towards an investment prop.

3. Are you paying taxes in the US?  You will have to pay 2 taxes (but I think you are already doing that right). 

4. If you don't have a primary residence in Canada, some insurance company won't cover you.

5. Even if you hire a property management company, you will have to deal with some issues as they come up. Do you want to be a landlord and deal with this stuff? 

Good luck

@Monica Smith You will find the answer on pg 21 of this CBRE report: 

http://cbre.vo.llnwd.net/grgservices/secure/2020-Canada-Market-Outlook_English_vf.pdf?e=1584052704&h=1bb705a4a4aad611e2a39163afa1d6da

If you can't find it, email me and I will send it to you.  

@Hazem Zaki Mobile parks are big in Alberta and BC. Some in Canada. Even laundromat assets are in Canada now. Take @Hai Loc advice and search BP. There is tons of info. The overall strategies apply but some of the legal and accounting will differ. You will see this province to province too.  Just b/c a strategy is not popular in an area doesn't mean it won't work for you.