May 2008

The Easiest Way To Get Started Investing In Real Estate

This question was sent to me through our Toronto Loft Living website.
So what is the easiest way to get started as a real estate investor? There is a dearth of information on investing in real estate in the media and on the internet, much of it confusing.

You keep hearing about how you can buy all these great deals with no money down or very little down and do quick flips pocketing a ton of cash.

If you live in southern Ontario most folks find that the banks are not that amenable and that they seem to need large amounts of cash to do anything. Plus if you are in the Toronto area, which is the best rental area prices may seem very high to you. Read more

Seven Deadly Sins of Small Time Investing

We’ve all heard rumors & discussion about the inherent issues of owning income producing properties. These are the Seven Deadly Sins of Small Time Investing that that you will need to watch out for.

1/Buying outside the Bell Curve The Bell curve is in the middle it’s what most people in a city can afford.
If the middle of the market in your city is about $300,000. don’t buy a million dollar property or you will be come a don’t wanter owner very fast.. as soon as the big mortgage payments kick in.
People don’t want to live in crime ridden areas but most people cannot afford to buy in the prime areas.
Buy the type of house most people can afford. Usually a 3 bedroom one or two bath house.
Three bedroom, 1 or 2 bath. Just remember that… geared to the average wage earner. This is always salable.

2/ Buy based on emotion. Many folks buy on emotion. They forget to analyze the numbers. Or folk get caught up in how it looks or smells. Don’t worry about these issues. Read more

Toronto Commercial Real Estate & Real Estate Investing

Interested in Investing in Toronto Commercial Real Estate or Investment Properties. This page has a number of articles and resources to further your knowledge.

The Easiest Way To Get Started As A Real Estate Investor

This question was sent to me through our Toronto Loft Living website. There is an excess of information on investing in real estate in the media and on the internet, much of it confusing.

You keep hearing about how you can buy all these great deals with no money down or very little down and do quick flips pocketing a ton of cash.

If you live in southern Ontario most folks find that the banks are not that amenable and that they seem to need large amounts of cash to do anything. Read more

Florida Home Estate and Tax Planning For Canadians

When planning your Florida purchase you want to also plan for the eventuality of a personal disaster, death; or necessary disposition of your home. Plus the obvious Tax implications.

Probate

When a property is owned by the deceased alone, the property will be subject to Florida probate. This is a legal process which allows for a property to be transferred to an owners beneficiary.

Probate is costly, time consuming and freezes your estate. Probate can cost up to 3 percent of the market value of the property at time of death. And can take between six to 12 months.

How to Avoid Probate

To avoid probate you will need the deed to be in the name of a Cross Border Revocable Living Trust (CBRLT).. This works if you are in the process of buying or if you have already purchased the property. Read more

Closing a Florida Home

Living In Florida Without Losing Your OHIP Coverage

First bit of info is knowing about occupancy.

If you are Canadian you can stay in your Florida home for up to and 1 day less than 6 months without incurring a need for permission from the U.S. authorities and without both tax and health care ramifications in Canada.

One day more than 6 months and you could lose your OHIP benefit if it was discovered you were out of the country. Pretty easy to do when you know that your comings and goings are recorded at the border.

To purchase a Florida property you will need to write an offer and give your deposit money, called earnest money in the U.S. when you cross the border to an escrow agent (usually a lawyer)or a Realtor. Read more

Time To Buy Florida Real Estate

You’ve probably been hearing all about the serious mess in the U.S. real estate market due to the sub prime mortgage debacle. Thousands and thousands of people are losing their homes. There are new home subdivisions sitting vacant completely built and ready to go. It is definitely time to Buy Florida Real Estate.

If you have ever considered escaping Canadian winters and I am sure we all have especially after this past winter with it’s 5 months of snow; this may be your time to consider buying a Florida getaway.

Given a 10 year time frame from now to say 2018 this will most likely be your best price opportunity ever. If you can see yourself doing business on the patio in shorts and a polo shirt with a cool drink in your hand greeting your business associates or family and friends then it’s time to learn about Florida real estate. Read more

Question About Loft Maintenance Fees

I was wondering if there any way you can send me a listing of Lofts that are for sale in the GTA which don’t have any maintenance fees.

Thank you for your help and I look forward to your reply.

Paola Z.

No, there is no such thing Paola. Lofts come under the category of condominiums which means there are common areas with shared hallways, heating systems, roofing systems, plumbing, underground parking spots etc etc. you get the picture. Common expenses pay for the maintenance of these many items. Plus each common expense has a portion called Reserve Fund. The reserve fund is a percentage that is designated by Law which must be put aside for long term repairs. If you are in the price range you may consider free hold townhomes instead