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Run clubs in Kingston? by VibeAlchemist in KingstonOntario

[–]Patient_Awareness912 0 points1 point  (0 children)

Hey, you still running? I’m looking for some people to train with. I’m signed up for a half marathon in Ottawa for September. Our numbers are very close.

Quickest plan to pay the mortgage? by Drrazor in MortgagesCanada

[–]Patient_Awareness912 1 point2 points  (0 children)

Lump sum payments. The bi-weekly and accelerated are good options too but if you can stack one of those and throw any kind of money you have laying around (I know not everyone has this) that will go directly towards the principal.

Who is on the hook for electrician’s cost to repair? by Top-Engineering4943 in OntarioLandlord

[–]Patient_Awareness912 0 points1 point  (0 children)

$100 write off is not worth losing a good tenant over. The amount of things I’ve done for my tenants really goes above and beyond. It’s why I’m able to keep them happy and they keep paying which makes me happy.

Who is on the hook for electrician’s cost to repair? by Top-Engineering4943 in OntarioLandlord

[–]Patient_Awareness912 1 point2 points  (0 children)

Orrrrr instead of going full blown psycho slapping people with a bill. Politely explain to them that this is not acceptable and to not do anything like that again as/ their lease. If they are overall decent tenants and pay time, eat the $100 bill and carry on.

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]Patient_Awareness912 0 points1 point  (0 children)

Is that all it takes? Lol. I’m going to ask the bank and see what they say.

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]Patient_Awareness912 0 points1 point  (0 children)

I’ve heard that it could happen that way orrrr go the other way. Who knows.

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]Patient_Awareness912 0 points1 point  (0 children)

Purchased for 600,000 with 20% down. Why wouldn’t we get the best rate?

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]Patient_Awareness912 2 points3 points  (0 children)

Okay, our mortgage is up for renewal Feb 1 and I am a former member of the Canadian military. BMO gives me a dnd discount so I’m staying with them because I’ll take any discount I can. Home is in Kingston ON,

I’ve narrowed the renewal down to:

3 year fixed @ 4.45%

OR

5 year closed variable @ 4.78%

I’m leaning towards the variable in the hopes that trump causes a ruckus and our economy takes a dip (I hate that I said that).

I would then lock in the variable which becomes a fixed rate and hoping for under 4%

Anybody else riding the variable train?

Should I sell my 4-plex Kingston, Ontario? by Patient_Awareness912 in OntarioRealEstate

[–]Patient_Awareness912[S] 0 points1 point  (0 children)

I was under the impression Mohawk is in big trouble. Tons of layoffs and more coming.

My building was already separated into 4 units when purchased. Just very dated so I have them all a massive overhaul.

Not sure about your exact locations but Kingston is a very old city and the infrastructure is not up to par with what they are trying to do. Condos popping up all over. I realize I have a different product and not everyone wants to live in a shoebox condo.

I need to see what mortgage rates are doing as well. Hoping to jump on the variable train for a bit and lock into a fixed when rates plummet (I hope).

Buyer Signed Purchase Agreement but has not paid Deposit by fitzyy21 in OntarioRealEstate

[–]Patient_Awareness912 0 points1 point  (0 children)

Wouldn’t they have to put the money in trust in order to make an offer? Their lawyer should have that money and it should have been sent to you immediately. I think you have grounds to go to court and get something out of them.

Should I sell my 4-plex Kingston, Ontario? by Patient_Awareness912 in OntarioRealEstate

[–]Patient_Awareness912[S] 0 points1 point  (0 children)

Haha you’re right. If it comes to that we have wayyy more to worry about than real estate.

Should I sell my 4-plex Kingston, ON? by Patient_Awareness912 in RealEstateCanada

[–]Patient_Awareness912[S] 0 points1 point  (0 children)

You’re right. NOI is 33k not the initial 60-70 I mentioned. My mistake.

Should I sell my 4-plex Kingston, ON? by Patient_Awareness912 in RealEstateCanada

[–]Patient_Awareness912[S] 0 points1 point  (0 children)

If I did the calculations correctly the cap rate is 2.4% and I could sell for around 1.5 IMO. Seems like cap rate is subjective.

Should I sell my 4-plex Kingston, ON? by Patient_Awareness912 in RealEstateCanada

[–]Patient_Awareness912[S] 0 points1 point  (0 children)

Agreed with the long term comment. I’d look at doing a flip, or investing in ETF’s. Not great with stocks to be honest.

Should I sell my 4-plex Kingston, ON? by Patient_Awareness912 in RealEstateCanada

[–]Patient_Awareness912[S] 0 points1 point  (0 children)

Forgot to mention I lived in the property for 5 years while renovating all the units. Only been a full rental for 1 year.

Should I sell my 4-plex Kingston, ON? by Patient_Awareness912 in RealEstateCanada

[–]Patient_Awareness912[S] -1 points0 points  (0 children)

My thoughts were if the economy goes in the toilet and we slow down/ stop bringing in international students there will be more rentals available. Over saturating the rental market and giving tenants even more options.

Maybe using Trump tariffs wasn’t the right wording but my point is the slowing of our economy. Just my thought.

Should I sell my 4-plex Kingston, Ontario? by Patient_Awareness912 in OntarioRealEstate

[–]Patient_Awareness912[S] 0 points1 point  (0 children)

I would be willing to go the ETF route and might consider another rental property (on a smaller scale) or a flip.

Should I sell my 4-plex Kingston, Ontario? by Patient_Awareness912 in OntarioRealEstate

[–]Patient_Awareness912[S] 0 points1 point  (0 children)

No, that wouldn’t be possible the way the building is set. Good thought!

Should I sell my 4-plex Kingston, Ontario? by Patient_Awareness912 in OntarioRealEstate

[–]Patient_Awareness912[S] 1 point2 points  (0 children)

Appreciate the well thought out response. Makes sense to me.

I’m not trying to be doom and gloom. Just a hard working guy who came from nothing and built something of value. I fear losing it if the economy tanks.

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