All Forum Posts by: Paul H.

Hopefully ill have a success story soon :)

Our good friends have had very good success in the western outlying towns.  We are hoping to close our first deal on Friday in Cornwall.  We have been actively looking since December... Pribably ran over three hundred calcs, gone to almost every multi family property from renfrew to smithfalls to alexandria and many in Cornwall before we started putting offers out

Gatineau, and oulying towns.  Renfrew, Arnprior, Smithfalls, cornwall, Limoges, Casselman, Alexandria and Hawkesbury arr all great places to start and each area has pros and cons.

Also the Ottawa OREIO group is a good spot for newbies and seasoned investors. 

Identify an area that works for you, and build your relationships with people you need to succeed.  Then start running your calcs and go to showings as soon as they go to market.  

Cheers

Your lawyer at closing should be guiding you through this.  My understanding if you owned the home and sold, even if it was given to you, you aren't eligible.

https://www.fin.gov.on.ca/en/bulletins/ltt/1_2008.html

Requirements to qualify for the refund

To qualify for a refund:

• The purchaser must be at least 18 years old.
• The purchaser must occupy the home as their principal residence within nine months of the date of transfer.
• The purchaser cannot have ever owned an eligible home, or an interest in an eligible home, anywhere in the world, at any time.
• If the purchaser entered into an agreement of purchase and sale before December 14, 2007, the home must be a newly constructed home and the purchaser must be eligible for the Tarion New Home Warranty.
• If the purchaser has a spouse, the spouse cannot have owned an eligible home, or had any ownership interest in an eligible home, anywhere in the world, while he or she was the purchaser's spouse. If this is the case, no refund is available to either spouse.

@Rob Calder They meet once a month.  you just register on the website, pay the admittance fee.  The biggest value you get is the people you will meet and talk to.   https://www.oreio.org/ Best of luck Rob!

Oreio is going on right bow as you post this.  Thats the monthly rei meet up in Ottawa.  Good too!

Hello BP,

I'm looking for Ontario specific information.  There is a property I am interested in but the sale price is too high and the rents are way too low.  

Is cash for Keys legal in Ontario and can I ask the seller to do it before buying a property? If so how would you recommend I approach this?

Could I do two offers?   One price if I inherited the tenants and another if I get the building vacant?

Thanks in advanced.

Hi Erik, the bigger pockets book on Long Distance Real Estate investing is a great read, the book applies to Canada very well. I'll also echo @Roy Cleeves , those are the key personnel you will need.  

@Jay Hinrichs, @Trenton Miller Thanks Guys, I'll just do my thing and not over think it.

The Calculator Also 2 Garage/Storage Units are Vacant at time of purchase.