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Recent content by Mike Milovick

  1. Mike Milovick

    Hi Dhalia; Hopefully this email finds you well! I tried to sign up for your apartment...

    Hi Dhalia; Hopefully this email finds you well! I tried to sign up for your apartment building webinar - but I did not receive link from REIN :( :( :( :( If the webinar is being taped, can you send me link? Or can you send me the slides? Thanks! Mike
  2. Mike Milovick

    Getting a residential mortgage for a 6plex

    Email me direct - [email protected] and I will make an outreach to the mortgage specialist. Cheers, Mike
  3. Mike Milovick

    Getting a residential mortgage for a 6plex

    Yes. One lender in Ontario to my knowledge. Everyone else treats above fourplex as commerical. Is your REALTOR helping you with your purchase? Mike
  4. Mike Milovick

    JV Partner Wanted for Multi-Res Acquisition in Ontario

    Hello, REIN Members! I have a great, past, repeat client seeking a like-minded buyer for joint venture. Here are some details: We are looking for a joint venture partner(s) willing to acquire a multi residential property. Some items of interest and general terms would be: Property value in...
  5. Mike Milovick

    House Purchase Triggers GST?

    Also, just further clarification. HST can even be applicable on residential resale. I am aware of situation of a cottage deal where, based on short term rentals, it was deemed that HST WAS applicable. Devin makes reference to substantial renovation. I *believe* the percentage is 85%. I have...
  6. Mike Milovick

    House Purchase Triggers GST?

    Take the approach that HST is applicable to EVERY good and service in Canada. And that there are a few cases where it is exempt - such as residential re-sale. The seller is to provide a certificate regarding HST on sale. HST has a nasty time of cropping up on you every now and then - if you...
  7. Mike Milovick

    Investing in private mortgages

    I hold several private mortgages. They can be very lucrative and a nice way to provide diversification to an established portfolio. My thoughts: 1. Have a solid understanding of the market that you are investing in. REIN Gold Mine Score Card is a good starter. 2. Don't be awed by the optics...
  8. Mike Milovick

    Private Money Avg Rates

    Some great information here. Based on my own experience, I would also make sure there is a renewal fee. So if it's a two year commitment, at end of two years, borrower pays an additional charge for privilege of renewing. Tied into that, after the initial term, I would re-set the interest rate...
  9. Mike Milovick

    First time renting basement

    For a lease, join your local landlord association. They will have the clauses that are relevant to your province. Sent from my BBB100-1 using myREINspace mobile app
  10. Mike Milovick

    Multifamily Realtor Commission

    Hi Cory; With all due respect, if a property is listed on MLS, the buyer agent sees what is offered to him from a co-op broker perspective. So the public sees only one part of the commission available. The listing agent commission is never known - unless you are the seller. It would be a...
  11. Mike Milovick

    Multifamily Realtor Commission

    I think you get what you pay for. You pay peanuts, you get monkeys. You pay a reasonable commission, every multi-res apartment expert in Ontario makes an effort to sell the listing. Seller paid me $300k and won an additional $625K over list. Thomas: you may disagree, but if I was seller, I...
  12. Mike Milovick

    Multifamily Realtor Commission

    I think it depends on how much interest you want to generate from the estate community. I listed a $7.9 MM property in April in Kitchener, Ontario. Commission was 4 percent with half offered to the co-operating Broker. In the 30 days, we had over 60 showings - with 13 offers - and the...
  13. Mike Milovick

    Marijuana

    Do you have a "no smoking" clause in your lease? Perhaps try to enforce that clause? If it's a shared heating/ventilating system, file for affecting reasonable enjoyment of premises Sent from my BBB100-1 using myREINspace mobile app
  14. Mike Milovick

    KWC - Waterloo - Student Duplex in Prime Location - $699,900

    Nothing is better than Ezra! This home is situated on perhaps the best student street in all of Canada! Seconds to WLU and 15,000+ students. This building comes fully rented until at least April, 2018 for large $$$. On a street with properties that are mostly owned by Wilfrid Laurier University...
  15. Mike Milovick

    KWC - Waterloo - 5-Bed Student Condo With Mega Cool Factor $33,000+ Gross! $314,900

    $33,000+ Potential Gross Income Available Here! Turn key ! Suite was developed in 2002 utilizing industrial era (1900's) building shell. Beam and Brick construction - uber cool factor with true loft feel. Bare naked brick, exposed post and beam, high ceilings. Character abounds! This suite is an...
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