Thursday, January 14, 2016 / by Robert Fyfe
Five Critical Documents That You'll Need to Have Ready Before Applying for a Mortgage
If not done properly applying for a mortgage can be stressful and time consuming, but with the right preparation the entire process can be seamless. Here are five crucial pieces of information that almost any lender will require before approving a mortgage.
Tax Information From The Previous Two Years
One of the most important documents a borrower will be asked for is their tax return along with a signed T-4, which will allow the lender to contact the CRA directly for their version of the federal tax return to compare to the ones provided. This allows them to examine the documents for any sign of fraud.
Documentation On All Owned Assets
The mortgage lender will require proof of every current asset owned by the borrower. This will include any current real estate titles along with bank and mutual fund statements and documentation on current investments. Don't be shy, every asset owned is a better si ...
Monday, August 24, 2015 / by Robert Fyfe
How to Become a LANDLORD.
Fixing up a basement suite or buying a duplex to rent out may seem like an easy way to make money - but it’s harder to be a successful landlord than you think.
5 Things you need to consider :
1. Is it a money maker?
general rule for the strategic real estate investor = Rate of Return of 8%
Cash flows in any market.
2. Get your Legal Issues in order.
Understand the law and your legal obligations. Write good Leases.
3. Find the right Tenants.
Advertise is becoming easier with online sites. Due your due diligence ; credit report, employment verification and call reference landlords.
4. Keep your Tenants happy!
Be responsive when you have any issues. Upgrade things when you can. Be fair.
5. Take Prompt action on Bad Tenants
A quick and aggressive response to bad tenants is necessary to minimizing damage or loss income.
Thanks for reading.
Wednesday, August 5, 2015 / by Robert Fyfe
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Saturday, May 9, 2015 / by Robert Fyfe