All Forum Posts by: Stevo Sun
Stevo Sun has started 12 posts and replied 319 times.
Post: Seller's Disclosure - Ongoing water issues
- Calgary, AB
- Posts 326
- Votes 175
Quote from @Theresa Harris:
Some of the things they won't be able to see-sewer blockage. You can call the inspector and mention some of the problems and things that they missed. Often there is a disclaimer that they aren't responsible. I had one where they missed mold and the best I could get was my money back for the inspection. Oddly enough I have an inspection this morning and that company does have a warranty.
Now that you know of some of the problems, I'd get them fixed. A slight slope to the house is easy enough to fix. Gutters that aren't working-find out why is it because they weren't cleaned last fall (after you bought the house) or is there a blockage in a down spout? If the house has trees nearby, it doesn't take much for them to get blocked. Also add downspout extensions so the water from the roof hits the ground further away from the house.
For the sewer, ask them to put a camera down it to see if something was flushed down there that shouldn't have been or if there is a break in the pipe.
Post: Finding a property owner in Canada
- Calgary, AB
- Posts 326
- Votes 175
Quote from @Sam Chicquen:
Quote from @Stevo Sun:
Quote from @Anthony Therrien-Bernard:
Quote from @Sam Chicquen:
Quote from @Roy Cleeves:
Hi again
For property titles you will find that Realtors and Mortgage agents have access to websites that they pay for that give Iwner names.
Sometimes these names are company names and that may be harder to get to the actual person that can make the decision.
Best to work with Your Realtor of Choice and or mortgage broker of choice.
Any chance someone without a license can get this information? I'm currently 21 struggling with the same issue.
You can use spin2, no need to a license but it is $10 per land title and not very user friendly
Spin2 is Alberta I believe. Each province has their own system. I have used Spin2 in Calgary a lot but the owner information doesn't give you much other than a name and an address. Some times the property is owned by a company so you don't even get a name.
@Stevo Sun Is there anyway to know in advance if it's a business or corperation that owns the property before payment? I don't mind paying but. if I cant get results it's almost not worth it.
Not that I know of. I usually just bite the bullet and pay the $10 per title.
Post: Alberta Canada - New Home Building Loan/Construction Loan/Draw Mortgage
- Calgary, AB
- Posts 326
- Votes 175
Quote from @Alex So:
Hey Steve,
You may want to try Dominion Credit, out of BC or AB; as well as, I've worked with HSBC on couple occasions. They will lend on construction across Canada. Watch out for terms, e.g., how much you need to put into the project before the construction kick in, for instance, a lot financing gets triggered once you finsh cribbing.
Feel to call or text me with any any questions.
Alex
Post: Alberta Canada - New Home Building Loan/Construction Loan/Draw Mortgage
- Calgary, AB
- Posts 326
- Votes 175
Quote from @Anthony Therrien-Bernard:
Quote from @Stevo Sun:
Hi everyone,
I recently purchased a small 1950s bungalow in Calgary, Alberta, Canada, to renovate the house and downsize my parents. Dad had some health issues, and my mom struggled to keep up with the care and their current house maintenance. The quotes I have gotten for gutting the property and bringing it up to code are over 200-250k. This is more than double my initial budget for bringing the property to livable standards for an 800 sqft home. That said, we are now considering tearing the house down and building our own primary house with a garage suite for my parents.
I talked to the mortgage broker I used to purchase the house, and this sounded like a more novel transaction for her business. As far as I know, the major Canadian banks will not do construction loans/draw mortgages. Does anyone in Alberta or Canada have any experience with this? So far, I found ATB in Alberta will do this type of loan, but any other options would be great.
Any guidance or suggestion would be appreciated. Thanks!
I'm fairly sure National Bank told me will do these kinds of loans, speak with Opal
I would also give a call to Layne Walters, I'm sure he can find a lender to do this:
Thanks Anthony! I will touch base with both of them.
Post: Alberta Canada - New Home Building Loan/Construction Loan/Draw Mortgage
- Calgary, AB
- Posts 326
- Votes 175
Hi everyone,
I recently purchased a small 1950s bungalow in Calgary, Alberta, Canada, to renovate the house and downsize my parents. Dad had some health issues, and my mom struggled to keep up with the care and their current house maintenance. The quotes I have gotten for gutting the property and bringing it up to code are over 200-250k. This is more than double my initial budget for bringing the property to livable standards for an 800 sqft home. That said, we are now considering tearing the house down and building our own primary house with a garage suite for my parents.
I talked to the mortgage broker I used to purchase the house, and this sounded like a more novel transaction for her business. As far as I know, the major Canadian banks will not do construction loans/draw mortgages. Does anyone in Alberta or Canada have any experience with this? So far, I found ATB in Alberta will do this type of loan, but any other options would be great.
Any guidance or suggestion would be appreciated. Thanks!
Post: Finding a property owner in Canada
- Calgary, AB
- Posts 326
- Votes 175
Quote from @Anthony Therrien-Bernard:
Quote from @Sam Chicquen:
Quote from @Roy Cleeves:
Hi again
For property titles you will find that Realtors and Mortgage agents have access to websites that they pay for that give Iwner names.
Sometimes these names are company names and that may be harder to get to the actual person that can make the decision.
Best to work with Your Realtor of Choice and or mortgage broker of choice.
Any chance someone without a license can get this information? I'm currently 21 struggling with the same issue.
You can use spin2, no need to a license but it is $10 per land title and not very user friendly
Spin2 is Alberta I believe. Each province has their own system. I have used Spin2 in Calgary a lot but the owner information doesn't give you much other than a name and an address. Some times the property is owned by a company so you don't even get a name.
Post: Anyone with experience investing in real estate investing platforms?
- Calgary, AB
- Posts 326
- Votes 175
Quote from @Richard Borthwick:
I'm in Canada and looking at a company called Addy Invest, would appreciate anyone's experience with peer-to-peer real estate investing platforms.
The good, the bad and the ugly!
Your mileage may vary though. Good luck!
Post: How to finance/put in an offer on 2 adjacent duplexes
- Calgary, AB
- Posts 326
- Votes 175
Quote from @Meagan Peters:
@Nicholas L. Ohhh that makes sense, I hadn't thought of that haha (I'm still a newbie) but that makes a lot of sense.
I'm waiting to hear back from my agent so we'll see! Do you think is there is something wrong with them I could potentially use that to negotiate a lower purchase price?
I think this is due diligence you will have to do. If this is an older building (pre 1980s) there's likely asbestos and you can get testing done and use that to negotiate. This would require the seller allowing you to take samples of the property though.
Post: General question about inheriting tenants
- Calgary, AB
- Posts 326
- Votes 175
Quote from @David Baye:
I'm looking at purchasing a property with existing tenants. How do I know they are good tenants paying on time? I'm looking in Alberta Canada. I will do the google thing but I was wondering if I could glean some ideas from this forum? Thanks again for everything everyone.
You can ask the seller for a ledger. As to inheriting tenants you have to pay attention to the lease terms and when was the last rent increase. As the buyer you are obligated to carry out the previous lease term if the tenants are on fixed terms. You also can only raise the rent once a year. Alberta does not have rent control as of yet so the only rule is the frequency of rent increase.
Post: Best and cost-effective ways to rent-by-the-room or rent basement legally in Canada
- Calgary, AB
- Posts 326
- Votes 175
Quote from @Semilore Lawal:
Thanks for the reply! Have you had any experience renting by the room or renting a basement legally? if yes, how much did you spend on doing all the upgrades to meet the city's legal code?
I don't rent by the room but I do have legalized secondary suite that's in a basement. That property I purchased already had legalized suite. But quotes I have got for a full legalization of a basement in Calgary is around 70-90k. It depends on how much work it is to meet the legalization requirement.