Posted by The Donald on June 21, 2000 at 22:20:50:
Realtors want a downpayment to simply ensure that they have their commission - it’s the easiest way now, isn’t it?
Try L/O’s instead - and you’ll have a whole new perspective on Creative RE.
Canadians taking course - Posted by Robert Weisbloom
Posted by Robert Weisbloom on January 27, 2000 at 16:14:30:
I was wondering if there are any Canadians who are or have taken the course.
If so has anyone had any sucess with it, as things seem different in Canada then in the U.S.
I am in the U.S. on a work permit and my immigration attorny told me I am not allowed to invest in any income producing properities.
I was wondering if anyone else in a position similar to mine has had the same problem.
Thanks in advance.
Re: Canadians taking course - Posted by The Donald
Posted by The Donald on June 21, 2000 at 22:14:36:
Canada, eh? You’ll find that Sheets’ course isn’t of much benefit to you. Try Raymond Aaron - www.aaron.com for a more focused Canadian approach.
Re: Canadians taking course - Posted by GL
Posted by GL on January 29, 2000 at 14:16:54:
I am a Canadian and I have taken several courses. Which one do you have in mind?
General principles of real estate dealing are similar but the details are different. Most of the US gurus’ favorite tricks are illegal or non existant in Canada.
Suffice it to say, you can make twice as much money with half as much work in the US as you can in Canada. I suspect it is the same in your field, that is why you are working there?
I don’t know who told you it is illegal for you to buy property but it sounds wrong to me. Japanese investors bought the Radio City Music Hall and Rockefeller Center . How could they get away with that if it was against the law? It was common knowlege around the world?
How can they stop you from buying or investing when foreigners buy property and invest in the US all the time, with or without work permits? I know retired Canadians who own property in Florida and they don’t have any work permits green cards or anything.
Re: Canadians taking course - Posted by Jennifer Wise
Posted by Jennifer Wise on January 29, 2000 at 16:00:36:
I was refering to Carleton Sheet’s No down payment course.
Which parts do you think are illegal?
The immigration lawyer that works for the company I am on contract for told me. The terms of my visa are that I can only work for that Co. have to check it out with another lawyer and accountant.
Thank for your feedback.
Re: Canadians taking course - Posted by GL
Posted by GL on January 29, 2000 at 17:49:23:
I do not know what Carelton Sheets teaches as I have not taken his course.
I know about Ontario because that is where I live.
Many things commonly done in the US will not work here because of the different laws. Example: Rent control. It is illegal to raise a tenant’s rent more than a small percentage set by the government, usually 2 or 3 percent a year.
Another is foreclosure. There are whole books and courses taught on buying foreclosure properties from the bank cheap. Around here, forget it. Properties are never foreclosed, they are sold under power of sale. There are only 6 banks in Canada plus a handful of mortgage companies and they all follow the same procedure. It is very rigid.They get 2 appraisals and list the property with a real estate company. A sale involves the purchaser making an all cash offer for not less than 90% of the appraised value of the property with no conditions or guarantees whatsoever.And they won’t tell you how much the appraisal is. Anything else, they reject outright. If they sell a property for too low a price, the person who lost it can sue them for damages. You see that person gets any money left over when the property is sold, or has to pay any shortfall. Only after the property has been on the market for 6 months they will reduce the price a little.
The lawyer’s job is to say no to you whatever you ask for. If you said “can I start my own business while working for your employer” no wonder he said no. If you said " Would it be legal for me to buy a house" I think he would have to say yes.
If you asked if it would be OK to invest money in the US he would also have to say yes.
Depending how long you are going to be in that job, would it be wise to buy and hold property if you are leaving in a year or 2?
Re: Canadians taking course - Posted by Charles
Posted by Charles on February 01, 2000 at 15:59:00:
Hi GL,
I am in Toronto, Ontario. Did you do any lease/option or seller finance here in Ontario? For lease option, do you think the rent we get from our tenant/buyer will be restricted by the tenant/landlord act of Ontario? Also, for seller finance, what is the procedure to do it in Ontario?
Thanks a lot.
Charles
Re: Canadians taking course - Posted by Charles
Posted by Charles on January 31, 2000 at 12:21:08:
Hi GL,
I am wondering do you know if Lease/Option, Seller finance and Quick Flip can be done in Ontario, cause i am also in Ontario and actually very interested in REI.
Thanks a lot.
Charles
Re: Canadians taking course - Posted by The Donald
Posted by The Donald on June 21, 2000 at 22:19:07:
I do mostly L/Os - as it’s far easier for me.
The new TPA won’t affect rents from a NEW tenant/buyer - you can set it at whatever rent you wish.
Seller finance is simply a VTB as we call it here - Vendor Take Back mortgage.
What kind of deals or CRE are you currently into here?
Re: Canadians taking course - Posted by Anne Beatson
Posted by Anne Beatson on February 26, 2000 at 01:06:18:
I also purchased the CS course, I live in Alberta, here every mortgage is assumable, but every realtor or broker tells you you have to have a downpayment…I also wanted to know about lease options in Canada, do they work the same here does anyone know?