Posted by Steve on January 12, 2001 at 24:46:14:
I have the same question.I live in the Calgary area, and find it hard to get this type of information on Canadian real estate.
Any Canadains using No Money Down?? - Posted by jman
Posted by jman on January 10, 2001 at 08:56:39:
I AM CANADIAN… HEY… lol… Anybody from Canada can give me an advice which real estate programs will work for Canadians? I need to know the basics then later on the advance methods on how to invest with no money down? Can I buy real estate from the U.S.? Is anybody willing to help me out to start this real estate investing?? Maybe getting people together buy a home with no money down?? Do I need a licence(s) to sell/buy homes? Need help…
Re: Any Canadains using No Money Down?? - Posted by Mike-BC
Posted by Mike-BC on January 12, 2001 at 22:20:49:
I AM CANADIAN! Local joke for the US readers of this post, Molson Canadian Beer commercial.
To Jman and Steve - because of the differences in real estates laws, one does get confused but… no money techniques such as those espoused by Sheets, et al… do work. The principle of finding a motivated seller willing and able to carry financing is true no matter where you are.
The other principle I refer to as “using none of your own money down” also works. This is where you use a line of credit from the bank or credit line available from a credit card to assist in the financing. I have used both - in the same deal!
I bought a commercial building using money from a line of credit, as well as seller financing for the down payment to obtain a conventional bank mortgage and thus avoid the CMHC (Canadian Housing and Mortgage Corp.) charges on a high ratio mortgage.
Steve - your area may seem to be tough to buy property through a no money down deal as the Calgary market is active… but people who bought property 3, 4, or 5 years ago have made good mark up of their property through inflation. This “paper equity” is only realized when they sell, thus it becomes a leveraging point as a buyer to get sellers to carry financing.
Mike from Prince George, B.C.
Re: Any Canadains using No Money Down?? - Posted by valdis
Posted by valdis on January 12, 2001 at 14:20:00:
Get a copy of the “Real Estate and Business Brokers Act” from your local library…Look in the reference section under the Statutes…or ask your librarian.
This Statute is a necessity if you intend to buy and sell real estate…you need to know all of the laws …not just some of the laws,
Best Regards.
Canadian contacts - Posted by Jeanne
Posted by Jeanne on January 12, 2001 at 11:01:46:
We have a age dedicated to listing local REI clubs. Here is the link to the Canadian Clubs. Maybe they would have some suggestions for you.
http://www.creonline.com/clubs/clubs-cn.htm
Jeanne