It does sound very scary! The reality is we can't afford to live on our own without roommates. And I need help with the reno if we want to build equity from property improvement. This is the reason why I propose to split the reno cost so that if one party wants to go crazy with materials...

Thomas, I am writing my propose to my Couple B friend. I think the toughest scenario will be when the market value doesn't result in a net positive position for both parties after our 18-month committment to the Joint Venture contract. Since Couple B is responsible for half of the...

Yeah we should talk about what could possibly go wrong before we get excited for the potential gain. Since Couple B is not bringing any down payment to the table, technically they don't own the property. So they wouldn't be on "title" except a joint venture agreement as a caveat to protect...

Thank you Thomas! I love how you ask these "tough" questions. They really make me think about where I should be investing and how to protect my own investment and also create a win-win situation with my joint venture partners. I have one joint venture newbie question. Say if I am going...

Hi, I am seeking a referral to a realtor who has knowledge of fixer uppers in Vancouver East, South, Burnaby area. Please contact me at kubchaser@yahoo.com Thank you! Tommy

Hi Thomas, I knew I could count on you to give me some wisdom!!! My target purchase price is $750K. It will be my "max" limit (as I am putting down 35% of that amount!). I would love to expect the profit to be around 120-150K range and the hours required to fix up the property...

Hi Matt, Thank you for raising your questions. Yes, I have and will consider the consequences when their "expertise" do not meet the expectation. I am entertaining that reno material cost to be 50/50 split. I don't want to pay it all by myself then there's no real "push" on my...

Hello REIN experts. First of all, I want to thank REIN for giving me the know-how and courage to begin my real estate investment back in 2008. I was lucky and invested 4 properties in Edmonton between 2008-2009. Since the investment has already been 5-years, I recently sold two properties...

Hi, I am an ex-Rein member from a couple years ago. Recently my tenants have given me the notice to leave and I am considering selling an older 2-bedroom apartment style condo by Clareview LRT area. This particular condo has been under-performing and I am debating if I want to keep renting...

Hi Fellow REIN.I am looking for a trustworthy reno guy/team to help me renovate my own bathroom. I am looking to install a bigger tub and ceramic tiles. Does anyone have a good reno person/team? I am looking to do this fairly soon (if it is possible). Please call my cell 780.710.7933...

QUOTE (ZuzanaHaska @ Mar 7 2009, 10:34 AM) Hi, we have first hand experience with this. We were audited in year 2006 and 2007 and REIN fees, Calgary Apartment Association fees were deemed non eligible for the deduction from Rental Income. Our accountant fought all the way to the Appeal board...

QUOTE (mponte @ Mar 6 2009, 12:18 PM) I haven`t heard anything from Scotiabank as of yet but I guess it`s just a matter of time. I recently got a rate from TD on a 4 year Fixed at 3.98%. There are some fantastic rates out there. That is a fantastic rate for revenue properties. 3.98% 4-year...

QUOTE (selewis @ Mar 6 2009, 10:57 PM) all you have to do is ask. i received the word that TD was upping my LOC from prime plus 3 to prime plus 3.5. i called them and asked if they could do anything, and less than one minute later the lady came back to me with prime plus 2.75. all i did was...

QUOTE (Tammy @ Mar 6 2009, 02:01 PM) Hi Tommy, The tuition and education deduction (line 323) is generally meant for courses taken from a post-secondary institution. There are specific rules that must be met and REIN does not qualify under the rules. The professional dues deduction (line 212)...

Hi fellow REIN members!It`s the tax season. I know some of you have mentioned it before, but what should I write off REIN membership fee under? education? professional association fee? Can REIN fee considered an expense under Statement of Rental Income? (under professional fee) I work...