Hi everyone - I thought I`d pop back in here and share an update. I ended up walking away from this property; it stayed on the market for almost a year, and after it finally sold, at least one of the unts stayed vacant for almost another whole year. I think that at least one is still vacant...

QUOTE (GarthChapman @ Sep 9 2008, 12:33 PM) Corporations come with significant costs and complexity regarding tax filing and record keeping. It adds a whole new layer to your life. I would only go down that route if the operation is getting pretty large and if the tax savings are sufficient to...

Hi everyone, I was advised that I should buy rental properties through a corporation, primarily for liability reasons. Do any/most/all/none of you do this? I`d love to hear pros and cons. Thanks J

QUOTE (thomasbeyer2000 @ Sep 8 2008, 11:04 AM) use the one offered by the landlord-tenant board .. they are different in each province ! Hi Thomas - do you by any chance have a link handy for Ontario? I checked the site (http://www.ltb.gov.on.ca/en/Forms/STEL01_079132.html) and couldn`t find a...

QUOTE (b18bgone @ Aug 1 2008, 12:44 AM) I agree with Thomas, Write another offer, or ask for the owner to carry back a note @ zero % for 5years, or a note with no payments for 3 years. Some times owners are just hell bent on their number, and if thats the case move on. Thanks - I'm...

QUOTE (housingrental @ Jul 31 2008, 01:00 PM) I`m not certain what you meant re gross rent but I think your idea is rent/price ? If so i`d look for at minimum (if value can`t be added) 9.5% of gross rent to purchase price yearly (assuming no/minimal (exterior lights, etc..) utility costs...

QUOTE (investmart @ Jul 31 2008, 12:15 AM) To compensate for separate meters let`s add 5% to the 50% income estimate ---> CAP =~ 55% * 12 * $3,720 / $597,875 = 4.1% that`s bad, really bad! How about looking for a CAP double that % say around 8% elsewhere, outside the GTA. Good luck, Neil...

QUOTE (investmart @ Jul 30 2008, 11:47 PM) Thank you JSB and Jason, However, isn`t it much less critical for the bank that you have employment income when you offer/agree to put down above certain percent, say 35%? The reason is it minimizes the bank`s risk significantly because even in the...

QUOTE (housingrental @ Jul 30 2008, 07:27 PM) Include in your expense % : Thanks - this at least gives me some idea where the 50% comes from. In looking at the items you`ve listed, the ones of major concern are big ones that for the most part can be either prevented/minimized by thorough...

QUOTE (thomasbeyer2000 @ Jul 30 2008, 12:03 PM) Utilities can only be shared with a new tenant as you canNOT force utilities onto existing tenants ! Welcome to ON .. a land tilting more and more to the left and into economic abyss .. so why move as a tenant if rents are 30-50% below market ...

QUOTE (invst4profit @ Jul 30 2008, 09:13 AM) Assuming you read the first response to the question on that link you now do know where all the expenses come from. The problem you are facing is you do not accept the fact that expenses will be in that range. Many before you have had the same...

If you`re looking to borrow money, everybody is going to worry about your income, because that shows your ability to repay the loan. If you put 50% down but have no way to pay pack the other 50%, then it`s not a very worthwhile risk. If you`re looking at buying an investment property, then a...

QUOTE (invst4profit @ Jul 29 2008, 03:21 PM) http://forums.biggerpocket.com/about19967...;highlight=rule This forum discussion pretty well covers the topic. The first time I clicked the link I got the forum, but now all I get is a generic search screen. Anyway, the reading that I did do was...

Thanks Ethan.

I`ll give my advice based more on life experience than on landlord experience. It sounds like Dan is quickly degrading from a functioning alcoholic to a non-functioning alcoholic. From your post, it seems implied that his drinking may be a reason he is unable to keep a job. This solution WILL...