All Forum Posts by: Roy Cleeves

Hi @Joe Brown

I can help in Kitchener Waterloo. 

This is where most of my rentals are located. 

If you do not already have a company then I would recommend that you incorporate and use that company for that and so much more.  You can use it for other Real Estate items and write-offs.  If you accumulate money in that company then you can use it to buy your next vehicle and thereby saving the taxes that you would have paid personally.  There are more bookkeeping and accounting costs yet it seems to be worth it as long as you use it to make purchases, etc.  And I also think there is some Capital Gains allowance for each corporation as well so you might even use it to buy Real Estate in the future.   I am only providing an opinion here, you are still best to check with your accountant to understand the advantages and disadvantages.  Either way - Good Luck!

I think you are best to call the city and find out how helpful they are or are not and that will help you determine a course of action. 

Good Luck

If you have shared space in your primary home then you can kick the tenant out anytime with short notice. 

If a separate unit then it is under the landlord and tenant board rules. 

The advantage is the cash flow  the disadvantage is having someone living in your home.  

As others have said, screen the tenants well. 

Good luck

I am nit sure if the specifics of the application.  It was looked after by our commercial mortgage company.  

Agreed.  Need to be creative. 

Cashflow is King yet it is best to get a balanced property where you will also get the appreciation that you seek.

I would recommend you consider house hacking.  That means you buy a duplex or triplex or even a Single Family home that you can duplex.  You live in one unit and then rent out the rest of the units.  The other rents pay for all of your overhead and you live for free.  This helps you get the investment property and a home for you.  

Then as your income and equity grow, you move out to your own single-family home.

@Leon Doucette

Hi Leon, you can use a General Real Estate Partnership Agreement to protect your interest.  I have one to share if you want to add me as a colleague and then we can email directly.

The percentage to offer that would be fair is really up to you and your partner.  Best to talk that one out and find out what your partner's expectations are.

Good Luck.

@Nigel L. It is hard to find that 1% rule without it being very old and needing a lot of work.  What we have available now is Cashflow positive properties and price appreciation.   I still live in Kitchener-Waterloo and I agree, the rents in the Halifax area are a little lower than KW yet very close and prices are still hundreds of thousands less which makes it possible for the positive cash flow.  And appreciation is similar and in some cases higher than Halifax.