All Forum Posts by: Monty Lopez

@Milo Milosovic Thanks for the info. I think it is starting to come together now. I have just been getting different info from different sources and I am getting confused as to who to rely on. This is definitely giving me clarity.

Who would you recommend as the go-to accountant/lenders for investors in the Edmonton area? 

Got it! Thanks for the response! 

First of all, thanks for the reply, I did not think this would get any attention haha.

Anyway, can I turn my parents in there, including the cosigner, to tenants? Or is that not a good idea? What is stopping me from doing that, if there is any? Does my cosigner have to give up his title first hand? Pardon the ignorance, I just can't seem to wrap my head around this situation and how I can turn it around for the better.

Thanks again!

Hello everyone,

Stupid question.

Newbie here, I think I got myself in a pickle. I currently have my first home cosigned with a parent. Its a detached 3 bed 2 bath bungalow in Calgary, Alberta. Long story short: they live there and I do not.

What are my courses of action here?

I got it when I was younger and did not know about real estate. I am currently renting in Edmonton but I am also paying a portion of the mortgage there. I have had a discussion with them and they were fine with me turning it to a rental. I am just not sure if I could still get tax benefits from it. Because I really want to take advantage of the fact that I have something to start with for cashflow. 

I called the bank about it and I could not really get a clear answer.

Any input would be greatly appreciated.

Thanks everyone!