All Forum Posts by: Moe Ahmed

Personally if I were you I wouldn't do it . I know the interest is great but you're tying up so much capital in that property that you wouldn't have access to for atleast apparently 2 years. This is an opportunity cost that you should consider. Where I live properties are appreciating 15-20% year over year so what you're suggesting would be a losing proposition here in Toronto. You might want to see how much properties in your neighbourhood appreciate to calculate whether this is truly beneficial to you Also FYI now that I think of it 7.5% isn't that great atleast where I'm from. Investors here can invest in Mortgage Investment Corporations that on average pay out 7-8% net on your investment without any head aches. If you are passive and just looking to make money off a mortgage then at the very lease I would ask for more than 10% from the buyer. If that's not possible then you should vet the buyer's financials and credit at the bear minimum

I wouldn't leave my first deal to others. If things go south it's going to leave a bad taste in your month and it'll put you off from investing. There's a lot of stress in a first deal and trust issues from dealing with your agent, banker and lawyer for the first time I know it seems really easy and I know I've bought properties without seeing them but only after having a couple deals under my belt and doing it for a while If I were you I'd buy a ticket and close your deal in person

Do you have the right of assignment in your contract? If you do you should be able to do so. If you are unsure you should ask your real estate agent. If you don't have an agent representing you and you're uncertain then you might want to speak to a lawyer or paralegal who could review your contract fairly quickly and tell you whether you can assign it. The lawyer (or real estate agent) can also draft a assignment agreement that releases you from the contract in favour of the new buyer It's a fairly simple and common process and 10 days is more than enough but judging where you are at I'd spend a day and get it done sooner than later