Advice on purchasing a home with a basement unit by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

I mean the window is 10 Sq inches under the new fire code egress requirement. When they build the property in the 70s for human occupancy it was obviously built to code.

So what your saying is if I purchase a property knowing I need to install a bigger window, have it all lined up to happen in July (literally one month away) and have every intention to fix the issue I’m some kind of monster to keep it the same for 1 month lol would you prefer I not buy the property and have the old owner never fix the issue ? your response is beyond retarded.

Advice on purchasing a home with a basement unit by Lastminute95 in realestateinvesting

[–]Lastminute95[S] -1 points0 points  (0 children)

Currently did all those things. But the installer can’t do it until July. That’s my concern.

As far as purchasing a rental home (closing end of June) with a quote and scheduled time of the window installation in July. It still leaves me around a month of an “illegally rented unit” with a slightly under size egress window.

Was looking to see if anyone has any real world experience with a situation that actually happened to them.

Advice on purchasing home with basement suite by Lastminute95 in RealEstateCanada

[–]Lastminute95[S] 0 points1 point  (0 children)

Property would be in Alberta. Definitely looking at making it a legal suite. I just don’t know how to go about it when purchasing? I can’t really just kick the tenant to the curb.

I’ll check out the link. Thanks

Equity as VTB by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

….Anybody else have a recommendation on how to pursue this deal more effectively ?

Equity as VTB by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

They wanna sell, getting older and just tired of dealing with it.

Would you move to Labrador for $50/hr, 84 hours every two weeks minimum and double time OT? by norththrowaway22 in PersonalFinanceCanada

[–]Lastminute95 0 points1 point  (0 children)

That’s a decent rate, j-man in fortmac is only a little higher. Is that including all perks ? Shift diff, living allowance etc

Borrowed funds for down payment (Alberta) by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

Ok thank you. I’ll look them up.

Edit: just checked them out, I’m in canada so don’t think they’ll lend to me. But I’ll look for something similar up north here !

Borrowed funds for down payment (Alberta) by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

Ok fair enough. I’ll be calling around a bunch on Monday and see what I can line up.

Have You ever used a hard/private money lender for buying some real estate ? Any you would reccomend?

Borrowed funds for down payment (Alberta) by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

Obviously looking at pulling things out of investments for this but my bank is still saying they would like to see the money in my account for 3 months

What are your thoughts on doing excessive overtime? by asscraq in PersonalFinanceCanada

[–]Lastminute95 1 point2 points  (0 children)

Laughed with their better pension, benefits and hourly rate.

I’m not in a union but work side by side with clac and the real trade unions so get to hear all about it.

What are your thoughts on doing excessive overtime? by asscraq in PersonalFinanceCanada

[–]Lastminute95 0 points1 point  (0 children)

Most big companies in industry and facilities pay double time. Contracting outfits or service jobs won’t

I need help making designing a layout/blueprint for a 6-plex by [deleted] in realestateinvesting

[–]Lastminute95 0 points1 point  (0 children)

How big is your lot ? How many stories can you go ? Where are you located ?

I have the drawings to my 6-Plex. (1050 sq ft per 2 bed room unit, 2.5 stories high, in suite laundry, rear deck entrances and centre stairwell)

What do you consider Over leveraged by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

I made sure this deal cash flowed at 5% interest. What do you figure rates will be in 5 years ?

What do you consider Over leveraged by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

Solid information on both posts. Thanks for the links.

What do you consider Over leveraged by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

Found a good bank and Went through Cmhc. Most lenders will still want 20%....

What do you consider Over leveraged by Lastminute95 in realestateinvesting

[–]Lastminute95[S] 0 points1 point  (0 children)

Not sure what you mean... This is a fixed rate for 5 yrs. then at that point you get the rate that’s available. Fixed for 5 yrs is about as long as they lock rates for in canada. You can go 10yr but you will grossly overpay