All Forum Posts by: Louisa Seales

I have a duplex that is used as student housing. Five bedrooms 2 up and 3 down each have their own laundry.

It has been a bit of a challenge managing especially in Aug-Sept. Having to vet tenants and do leases. Things breaking down, issues with water. 

What igets me is tenants for a week or more didn't say anything about a leak that was evidently coming from the ceiling and dripping down the walls.

They are students who continue to stay after there lease, so are now month to month. I am thinking get rid of them. In my top unit add another bedroom so 2 becomes 3. Downstairs clean it up and increase the rents.

Any thoughts?

I am in Atlantic Canada. And that's a great Idea!

I am trying g to close on my third rental property it's a duplex. The inspection for the property was up yesterday 09/29. My bank who have had two weeks have not gotten back to me with the HELOC. They say it's with the underwriter and because I am 4 points short with beacon score, which I find impossible, because in March I was over 815 and recently 760 or 780. I am in Limbo, banks are closed today but others things are actively open such as the seller wanting to allow buyers to walk through. The mortgage broker is asking for an extension to Wednesday because they cannot get in contact with the underwriter. Not sure what to do to move this along!

Thanks, I will start looking around. Do you think I should follow through with the HELOC with my institution and obviously seek mortgage elsewhere.

Thanks, I will start looking around. Do you think I should follow through with the HELOC with my institution and obviously seek mortgage elsewhere.

I was not looking but a Duplex, a comparable and competition to my purchase back in April has come on the Market. They were asking 260,000 and rents were 845 with utilities included. My duplex was purchased at 130,000 and now on average would be 220-225 according to Realtor and comparing with this potential purchase, which is the better of the two. I have gotten them down to 240,000(it's turn key) and across from a college. Anyhow I contacted the bank and they stated for a 3rd rental property, I need $100,000 in Liquidity, which I don't have. I am curious if anyone has come across this in Canada 🇨🇦 dealing with CIBC. I am thinking to proceed on taking a HELOC from my Duplex and putting it on this one. Any suggestions 🤔.

Thanks David, it did work out in the end. My mortgage advisor did not do the refinancing for my primary mortgage, which was needed for the rental property. Anyhow, I was able to get an extension and estbest money was paid, and I closed on the property.

Hi!

Purchasing a duplex for 130g it was listed at 146g. Hard negotiations , lost my first bid offer status because real estate agent did not lock in the 130,000 I was passed. I position myself as a back up offer. Find out on a Friday and the Realtor states I need 5% by Monday at 5PM.

Problem money is coming from primary home. It still in the process. I already have 2 other mortgages and do not want to disrupt debt service ratio.

Spoke with my sister who did work in mortgages said the realtor is trying to get you to put up x Amount, so if the deal falls through you don't get it back. My realtor never explained this  Anyhow she mentioned you don't need to stress out they know it's coming from your primary so give them $1300 they cannot reject your offer.

When speaking to the realtor I asked do I technically or legally have too. I asked him this several time. "Well we do it New Brunswick Cnda". In other words it's customary not necessary,so I will take a gamble and put less. I could get the money but it takes at two days to break TSFA and again with this deal time is never on my side.

Any comments would be appreciated.

Lou

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Thanks Josh, I am going to ask for $5000 off due to repairs and carrying cost. They can take it or leave; I'm the only one in 9 weeks who placed a bid on this property, let's see what they'll do.