Using Joint Ventures to Close on More Property

Using Joint Ventures to Close on More Property. Professional real estate investors use leverage.

 

As a professional, full time Canadian real estate investor, we must be growing our business continually. In order to do that, we must be looking at, and closing deals on a regular basis. To accomplish this we must always be acquiring more property or using the cornucopia of exit strategies taught in our trainings to create massive and passive income for ourselves…all the while using zero of our own money and with zero liability.

For example, you may find a property that  looks like a  great deal. The numbers work and it will be a money maker for sure. This would be perfect to close on, but as an educated real estate investor you do not want to put any of your own money into the property.

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Power of Sale in Ontario

Power of Sale in Ontario :The power of sale proceedings will be started by the bank  or lender when the property owner is behind mortgage payments, or the mortgage is due in full.

The lender can also exercise power of sale in many other cases. The property can be sold at a fair market value if the lender wants to recover their investment.

Multiple listing services (MLS) are usually where power of sale properties are listed, then they are sold by licensed realtors in Ontario. They are not considered a bargain price, or at a discount. But the lender and bank will sell power of sale properties in Ontario “ as is” and “where is” with no warranties.

What to do when you are facing power of sale? The options are very limited but the rights of property owner and the lender are protected by Ontario mortgage act. Options the property owner has when facing power of sale.

Sale by Property OwnerSale by property owner

The property can be sold by the property owner themselves or they can hire a realtor to sell it for them. Usually the property owner will be able to sell and save money if the property is marketed at fair market value.

Selling the Property to an InvestorSelling the property to a investor:

TThe property owner can call investors and sell it for cash with fast closing.

This works if the professional real estate investor is able to come up with the cash and close the deal really fast. Sometimes the Ontario lawyers require more time. But the property owner can assist them to gather all information required to close it swiftly.

Lenders Proceedings too QuicklyLenders proceedings too quickly

If the Lender or bank issued a Notice of Sale too quickly, the proceedings may be a nullity. This could arise if demands for full payment were made and the time limit in the demand had not expired. In such cases, the mortgagee would require a Court Order allowing the power of sale proceedings to take place.

Pay up arrears and costsPay up Arrears and Costs:

Most of the time, the Lender or bank will require payment of the entire balance outstanding. Under the Act, the property owner can simply pay up the arrears and costs. If that takes place, then the mortgage is back in good standing. The enforcement proceedings of power of sale are at an end.

Pay arrears an d costs in courtPay arrears & costs in  court:

In some cases, the Lender or bank will have instituted legal proceedings including an action for recovery of possession of the property. If that is the case, the property owner still has the right to pay up the arrears and costs as well as $100 for security, and the proceedings will be stayed.

The accelerated principal need not be paid. If judgment is not been recovered, the action will be dismissed. If judgment has been recovered, the proceedings in the action will be stayed provided that “no sale or recovery of possession of the land or final foreclosure of the equity of redemption has taken place.”

RefinancingRefinancing

This is very common recommendation by Ontario mortgage brokers and their agents. Low income/credit score/arrears/equity can be challenging to refinance. Banks and other lenders may not consider since the property owners are facing power of sale in Ontario.

Canadian hard money lendersCanadian hard money lenders

There are handful Canadian hard money lenders who might be able to assist the property owner who is facing power of sale in Ontario. Their rates and fees can be quite hefty. They can be a short term solution.

Findinf a Partner Joint VentureFinding a partner/Joint venture:

The property owner who is going through the proceedings of power of sale in Ontario can find a joint venture partner. The joint venture partner can inject some cash for partial ownership. This strategy requires expertise and great amount of knowledge.

Request for InformationRequest for Information:

The property owner is entitled to certain information from the lender or bank including the amount of the accelerated principal. Upon receipt of the request, the lender or bank is obligated to respond within 15 days, failing which no further proceedings may be taken.

If the lender or bank fails to respond without a reasonable excuse or, if the response is incomplete or incorrect, any rights that the lender or bank may have to enforce the mortgage shall be suspended until the lender or bank has complied.

Requisition an assignmentRequisition an Assignment:

The property owner as well as all other creditors is entitled to an assignment of the mortgage upon payment in full of the principal, interest and expenses. The right in favor of each party is separate and independent of one another. The lender or bank is obligated to reply and comply with such requests.

Technical IssuesTechnical Issues:

The power of sale notice must comply with the contract and the Act. If there are any technical or legal issues they should be raised at once and rectified by the lender or bank. Courts will usually respond to such issues and deal with the matter equitably. The property owner might be awarded costs and additional time to pay.

Injunction by CourtsInjunction by courts:

On fair and equitable grounds the property owner will be awarded an injunction by the courts. This stops the proceedings of power of sale. One condition is the mortgage payments must be kept up to date until final disposition. This will not work if the property owner has no hope of refinancing.

Partial PaymentPartial Payments:

In many cases, the property owner will have made a partial payment. This frequently occurs without the active participation of either party. The lender or bank issues the Notice, and the mortgagor’s regular cheque is cashed. This means that the proceedings will have to start over again unless the lender or bank specifically indicates that it will accept the cheque as a “partial payment only”, without staying its proceedings.

Cost of Power of sale proceedingsCost of Power of sale proceedings:

The Act requires the lender or bank to set out its costs being claimed in the power of sale proceedings. Failure to do so can result in delay, or the Court failing to award costs. These are some of the steps that might be taken by the property owner can exercise their right to protect.

Seek legal opinion in writingSeek legal opinion in writing

The property owner shall always seek the legal help. When a property owner is facing power of sale in Ontario, one of the best options is seek legal advice in writing from a competent Ontario real estate lawyer.

Power of Sale in Ontario

Self Directed RRSP Mortgages

Self Directed RRSP Mortgages are another way of investing your own money for higher return. They are regulated by rules of Canada Revenue Agency.

Professional real estate investors use Self Directed RRSP Mortgages for their investment portfolio.They have all kind of advantages compare to conventional mortgages. It can be bit expensive but one can justify since you write off against income.

Self Directed RRSP Mortgages

Would you like to invest your self directed RRSP into mortgages?

With minimum of 3-5 year term, we can offer you 6-8% return annually.

Ask us about “how to invest Self directed RRSP  and TFSA into  syndicated mortgages in Ontario, Canada @ 8% for 3 years”?

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Rent to Own

Rent to Own is becoming very common in Canada due to current market trends. Rent to own have benefits for both the investor and tenant buyer as long as the market is stable. Learn more at www.Flipping4Profit.ca

The perfect rent-to-own home for you in Canada

Many people will love to buy their own home, but they believe it  something that is to far to reach, for many reasons, bad credit, not enough down payment, or perhaps the type of house they live in, Or because of the expensive conventional mortgage.

The problem can be answered with a rent to own option.

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Stop help Canadian Foreclosure and Power of Sales

Stop help Canadian Foreclosure and Power of Sales. Professional real estate angel investors have multiple solutions.One of the best one is to provide you cash.

Most of the Canadian home owners do not understand their rights. We are pleased to HELP them at no cost, no obligation basis. All we want to make sure that Canadian home owners who are  facing foreclosure or power of sale are treated fairly.

We might suggest them multiple solutions which can create win/win situation for banks and the home owners. We are known as PROBLEM SOLVERS at minimum inconvenience. It is fast.

We have the knowledge and experience to assist.

Avoid,stop or delay Foreclosure or power of sales in Canada

We are a professional network of Professional Real Estate Investors Group (PREIG) Canada specializing in helping fellow Canadians who are facing foreclosures or power of sale online.Foreclosure

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Plan of Action For Each Deal

Plan of Action For Each Deal requires very critical steps.

Continuing in the series “Becoming a Successful Real Estate Investor

s discussed in a previous article, we have established the fact that as a real estate investor, we need goals, both long term and short term. To become successful, we also need to have a lot of discipline. With discipline comes success. We need to create written goals for ourselves that give us the incentive to get off the couch and get busy doing whatever it is that we need to do in a particular day, week, month, or year to be able to propel ourselves towards our ultimate goals.

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Bird Dog Training

Bird Dog Training is for those who want to work with professional real estate investors. Bird  Dog training is to refer deep discounted real estate leads to a investor for exchange of  a reward.

Bird Dog Training Make quick cash by becoming a Bird Dog!

What is a Bird Dog ?

Bird Dog Training is a chance for those who interested in become real estate investors, but may need to gather capital; and at the same time, acquire real estate knowledge.

Understand various techniques which involve searching properties, looking for buyers and building databases that not only will offer you a life long career skills as a real estate investor, but will also create your passive income.

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Let’s Stay in Touch  with each other

Let's Stay in Touch Hello fellow investors,

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Advance Real Estate Investments Training & Coaching

Canadian Wealth Builders offer practical and interactive solutions to the common “fear factors” that keep most Canadian Real Estate  investors feeling trapped rather than forging ahead with confidenceAdvance Real Estate Investments Training & Coaching

Canadian Wealth Builders offer practical and interactive solutions to the common “fear factors” that keep most Canadian Real Estate  investors feeling trapped rather than forging ahead with confidenceAdvance Real Estate Investments Training & Coaching