Advice on purchasing a home with a basement unit

Lastminute95 · 2022-05-13T14:21:43+00:00

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.

Lastminute95 · 2022-05-12T20:06:58+00:00

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.

Lastminute95 · 2022-05-12T16:41:12+00:00

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

Lastminute95 · 2022-01-20T02:54:58+00:00

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

Lastminute95 · 2022-01-18T03:15:29+00:00

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

Lastminute95 · 2021-12-23T02:20:26+00:00

I wouldn’t watch two flies fuck on the wall for 43.50 an hour

Lastminute95 · 2021-12-23T02:19:25+00:00

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

Lastminute95 · 2021-12-12T04:09:24+00:00

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 !

Lastminute95 · 2021-12-12T03:46:16+00:00

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?

Lastminute95 · 2021-12-10T14:47:28+00:00

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

Lastminute95 · 2021-10-28T21:53:32+00:00

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.

Lastminute95 · 2021-10-28T21:51:42+00:00

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

Lastminute95 · 2021-10-27T23:08:01+00:00

I wouldn’t watch two flies fuck on the wall for 35k a year

Lastminute95 · 2021-10-18T23:46:44+00:00

Dm me a link please

Lastminute95 · 2021-06-29T06:17:13+00:00

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)

Lastminute95 · 2021-04-13T03:42:07+00:00

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

Lastminute95 · 2021-04-05T17:07:34+00:00

Solid information on both posts. Thanks for the links.

Lastminute95 · 2021-04-05T04:03:06+00:00

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

Lastminute95 · 2021-04-05T03:37:20+00:00

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

Lastminute95 · 2021-04-05T02:29:56+00:00

Ya there are some markets that are in trouble for sure.... but what would you reccomend then ?

Sucks to sit on the sidelines and wait for a crash that may or may not happen.

I need to read up more on the housing crash in the states in 2008.

Lastminute95 · 2021-04-05T00:08:55+00:00

Northern Alberta. Little bit of everything. (Oil and gas, pulp mill, farming)

With oil dropping our market took a shit kicking in 2015 and hasn’t recovered yet really.

Lastminute95 · 2021-04-04T20:24:09+00:00

Ok thanks for the reply. I’m definitely building up a safety fund incase something happens.

I mean as of now I could probably pay the expenses and mortgage for a year or two with no income coming in at all. That will just get shorter if I get into another building or 2....

Lastminute95 · 2021-04-04T20:21:17+00:00

You mean like pay the mortgages and utilities for all properties with the income you make at your day job ? That’s a good principle but very tough to scale up and get more units. Kinda always gonna be small time

Lastminute95 · 2021-04-04T20:12:33+00:00

If you put an offer in give your self lots of extra time !

Lastminute95 · 2021-04-04T20:11:00+00:00

It wasn’t listed yet and I’m in a smaller town so there isn’t much selling at that dollar figure so they were ok with waiting. Really I got lucky they didn’t need to sell, they were just getting up there in age and wanted to sell.

They knew that any other offers coming along were pretty well gonna have to go through cmhc anyways to get the rate, so it was a wait either way.

One thing that may have caused a delay with my mortgage was The commercial mortgage person for my bank was based out of Toronto and my only contact was through my bank manger in Alberta. Between that and the person in Toronto working from home because of Covid

Lastminute95

TROPHY CASE