All Forum Posts by: Huong Luu

Look into the new hospital area. If you do a search on the BP site for Windsor, you will find a ton of info. Also check out CMHC reports on Windsor. 

Have you considered Kingston? Or is that too far?

@Mahesh Sam Who told you stay away from MF as your 1st investment? From your post string it appears you are looking to do remote turnkey investing, so you are not going to be involved in the daily operations. If that is the case, regardless if you are a newbie or not, MF should be considered as the ROI is better and there are more options. If you are investing locally, you can still consider MF as your 1st investment. However I would suggest you do it as a JV with someone who already is experienced.

@Steven Coppola Good on you for asking this question. Assuming you find a place in Windsor, Ontario, Canada, then buying now makes most sense. You should consider 

1. that the rules to get a mortgage will get tighter so it may be a lot harder to quality in the future.

2. Appreciation is Windsor is higher than average.

3. You might not quality for the 5% FTH b/c if you buy a duplex, then it is considered an investment property and not a primary residence even if you live there. Connect with a mortgage agent to confirm this. 

4. You might want to not live there and rent out both units, and you - yourself, rent somewhere else. This is because then, the whole cost of purchase and all the expenses will be a 100% tax deduction (include land transfer tax, legal, etc). Whereas if you live in 1 of the units, the only 50% is a tax deduction. 

 5. if you are going to get into RE investing, then you are doing to have to be comfortable with 'good debt'. Keep in mind the interest you pay on the investment property mortgage is a tax deduction, so take the fund from the bank and make another investment.

Don't forget to get a mortgage with a revolving HELOC.

Good luck.  

@Cody Weber message me and I can direct you in the right direction.

Hi Richard. Can you clarify why your repair cost would only include material (and not labor) and why this would differ compared to a reno flip? Usually in a wholesale deal, you are not doing any repairs. What am I missing?

@Ebuka Atueyi How large is large to you? How much experience do you have with owning and running a business? I am assuming you have the education and financial means to invest in asset classes. When you say capital investment corp... do you mean having people give you their money and you would invest it for them? If so, I am assuming you have a license/designation to do this. Then you would definitely have to register your business. It is no longer a question.

Hi Curtis, You will have to see what the by-laws are for Montreal, as the eviction process is different in each province. In Ontario, if someone refuses to move out, they can file with the landlord tenant board and basically stay there for months without paying...May I suggest you go and talk to them to find out what their issue is? Perhaps it is a money issue (ie in Toronto, there is rent control so anyone looking for a place now is paying 50% more in rent compared to 2 years ago). I am assuming they have been good tenants up until this point (ie paying rent on time, etc). It may be in your interest to offer them a monetary incentive to move/cover their moving cost/etc. This option will be better than filing evictions, hiring sheriffs, headaches and potentially having them live there for months. Good luck. 

I would also suggest you tap into your RRSP and find a mortgage agent that has access to different lenders that promote to FTHB.

@Darren P. You are going to need to get a US dollar credit card that reports to the bureau in the US. Some prepaid CC don't report, so make sure they do. You can check with TD and Royal Bank in Canada to see if they will refi your US properties, as they have cross border branches. Another option is to see if the US banks will allow a letter of credit from the Canadian banks, as proof of financial stability. The last idea I have is to see if high net worth clients departments via National Bank/CIBC/RBC will be able to help you. If you need a contact at those, message me separately.