All Forum Posts by: Luc Boiron
Luc Boiron has started 20 posts and replied 540 times.
Post: What is best approach to obtain equity?

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
I don't know about rolling two properties into one loan and the minimum loan amounts, but I know that it is possible to refinance a home that doesn't have a loan on it.
I have done it. I bought a property with cash, closed on the property, then refinanced to take my money out. There were more legal fees (closing costs) than if I had done the mortgage registration and the closing at the same time, but it was still worth it.
Post: HELP!! NOXIOUS ODORS/Rental Disaster

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
Has the property recently been renovated? Something things like new floors can give off chemical smells for the first little while.
Post: Anyone use Every Door Direct Mail for mailing?

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
I'm very curious about this method as well. We can't buy good mailing lists here due to privacy laws in Canada. I was thinking of targeting specific neighbourhoods that I am interested in and know well with EDDM. Has anyone had success doing this?
Post: I'm paying too much for water! Can I split water meters?

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
Depending on how the units are split up, it can be easy to put a separate meter for separate billing. It can also be expensive.
You can also use sub-meters. It really depends on how the properties are plumbed. If the plumbing for each unit goes directly from the utility room without being split into multiple units in the walls, then you can simply put a sub-meter for each unit in the utility room. When you set it up, you can then bill the tenants for their usage proportionately to their bill.
As for getting the tenants to pay it, you can make it part of the lease as tenants move out. You can also simply split the bills (say a new tenant moves in, you tell them they will need to pay 1/3 of the water bill back to you every month if the property is a triplex). The difficulty can be if some tenants will then complain that their neighbours have kids and use more water, so they should be billed less (etc).
I would start by trying to understand why the water bills are so high. Can you make sure aerators are on all faucets? Low consumption or dual flush toilets? Low flow shower heads in all units? Depending on the use of it, you could even plumb down the 1/2" pipe going to the outside hose to a 1/4" pipe for a short distance, like 3". This would restrict the amount of water flowing out the hose if the tenants love to use the hose for their kids to play in an washing their car.
Post: Persistent Craigslist Scammer

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
I agree that the best thing you can do is to put up signs for a little while, explaining briefly the situation. They will definitely stop eventually.
Post: Exchange rate - best way to transfer money from US to Canada?

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
@Roy N., you are such an amazing resource for Canadians on this forum.
I actually have a USD account with TD, so I'll go speak to them and have them set me up with the FX desk. Thank you!
Post: Exchange rate - best way to transfer money from US to Canada?

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
Hi all,
I'm wondering what the best way to bring a large chunk of money from the US to Ontario?
I'm looking to bring some USD and I'm trying to figure out the best way to do this to get the most CAD out of it. I can have this money wired to a new account at a Canadian bank, so I was thinking that I could have that wired to me and arrive in CAD, which won't be the best exchange rate. I could also have it wired in USD to a USD account at a Canadian bank, then have it exchanged to CAD when here.
Does anyone have any tips to get the most CAD out of the USD? It's enough that it's worth saving $0.01 on the exchange rate.
Post: Bulletproof Base Boards? What should I use

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
It's a more expensive, but HD sells some trim that is made out of vinyl and meant for exterior use. If it's an area where water is a concern for the baseboards, these are fully waterproof.
Post: Toronto/GTA Market Correction - Ripple Effects

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
@Matthew Davis The long term market in the GTA will almost definitely go up, If you are buying for the long term, buy a property that cash flows well, and fluctuations in the market value won't matter as much. As long as you're making good cash flow, it doesn't matter as much if the value goes down a little. And if that correction happens a few years from now, prices at the bottom may be higher than the current prices.
Post: Creative Financing

- Specialist
- Toronto, Ontario
- Posts 564
- Votes 425
@Jared Arsenault His name is Roy, not Ron.
I imagine it is the same in Alberta, the banks are usually not willing to accept loans as the source of downpayment for real estate. However, it seems most banks simply look in your account for the past 3 months, so if your money has been there 3 months or more, they don't really ask where it came from. Like @Roy N. said, this would technically be mortgage fraud.
The other big issue will be qualifying for your loan. You said you are working,but you would need to make sure you could qualify for a loan. You may want to speak to a mortgage broker first.