Tag Archives: AsIsWhereIs

Becoming a Successful Full Time Real Estate Investor

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Becoming a Successful Full Time Real Estate Investor

This is  a continuation of “Becoming a successful Full Time Real Estate Investor.”

Becoming a full time real estate investor means creating opportunities for ourselves on a regular basis to build massive and passive income for ourselves, just like a regular business would. We need to set it up so we can get paid on a regular basis.

We need to do things differently than what amateur “conventional” minded real estate investors do. From my experience, the average real estate investor uses his/her own money for every stage of a property purchase. They continue to put money into a property that is being used for the typical uses such as flipping that property or holding that property for appreciation. Both these “strategies” end up buying us a job in becoming a landlord or a renovator, and both take way too much time!

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Ontario Seniors get 10K Tax Credit for Renovations

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Ontario Senior $1500 renovation tax incentive. Healthy Homes Renovation Tax Credit

Your success is our Passion!  Ten thousand dollars in Tax credit will be available for Ontario seniors to renovate and improve accessibility. The Ontario government bill passed in the minority legislature by a vote of 68 to 36.

This was promised to seniors in Ontario by Premier McGuinty during the election campaign. “The tax credit is worth up to $10,000 in eligible home renovation expenses and $1,500 each year, or 15 per cent” Navtaj Chandhoke, founder of World Wealth Builders, a Canadian Real Estate investment training educational and mentoring center in Toronto, Ontario.

The wheelchair ramps, elevators, non-slip bathroom flooring, hands-free taps, automatic garage door owners and motion-activated lighting qualify for this tax credit including grab bars, walk-in bathtubs, Home security and housekeeping, regular house repairs and wheelchairs/

walkers services are not covered under the Healthy Homes Renovation Tax Credit.  Navtaj Chandhoke, founder of Professional Real Estate Investors Group (PREIG) Canada says It can be claimed by Ontario senior homeowners, tenants and people who share a home with a relative who’s a Ontario senior. Tax Credit for Renovations Continue reading→

Becoming a Successful Full Time Real Estate Investor

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Becoming a Successful Full Time Real Estate Investor

 

This is a continuation of  Becoming a Successful  Full Time Real Estate Investor – Setting goals

In order to be successful, both the rookie real estate investor as well as the veteran needs to continue to implement strategies to improve their business. There is always a way to sharpen your skills to create more success.  One of those necessary implementations is goal setting.

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Three Tips for Millionaire Networking

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Three Tips for Millionaire Networking

As a full-time Canadian real estate investor we must do all we can in order to drive business towards us. This goes far beyond waiting for a realtor to bring us a list of properties that are deemed “good deals” in their mind. As an entrepreneur, we must be making massive and passive income in order to create a  successful  full time real estate investing business.

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Mortgage Investment Corporation (MIC) – Part II

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 Mortgage Investment Corporation – Further to our previous article, we like to explain more details as follows:

Mortgage Investment Corporation

Can a shareholder borrow money from Mortgage Investment Corporation (MIC)?

Now, this is a tricky question. We would like to explain it to you as follows:
1)    Yes you can borrow money from the Mortgage Investment Corporation (MIC), provided that you have purchased your shares in the form of hard cash, subject to all the qualifications, rules, and regulations set up by the corporation
2)    No, you cannot borrow money if you have purchased your shares of the Mortgage Investment Corporation (MIC) inside of your Registered Retirement Savings Plan (RRSP), Registered Retirement Income Funds (RRIF), or Registered Education Savings Plan (RESP), because of the Income Tax Act.

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The Suicide Clause

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The Suicide Clause

As a full-time Canadian real estate investor, we must be very aware of the types of mortgages that we take. During our time as an investor, we will  do deals where we do not take the mortgage ourselves. In other words, we may joint venture with someone who does the qualifying. We will, however, be doing deals where we do have to get a mortgage.

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Mortgage Jargon – Part 5

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Mortgage Jargon – Part 5

If you missed the previous article – Mortgage Jargon – Part 4

We will continue in our series of Mortgage jargon. As full time Canadian real estate investors, we need to utilize the following definitions as part of our everyday language.

Estopple Certificate

This is a document that outlines the legal and financial state of a condominium corporation. When a condominium corporation is formed, and goes on for a period of years, they have certain legal outlines and an annual (if not monthly) financial statement that is created by its members. If you are getting into purchasing a condominium project, you must understand the state of it financially and legally by getting an Estopple certificate.

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Becoming a Full Time Real Estate Investor

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This article is a continuation in the series “Becoming a full time real estate investor“

As a full time Canadian real estate investor, we need to everything we can to create  business for ourselves that is outside of the conventional method of buying a property. This typically is purchasing property with our own money witch includes an exit strategy of either becoming a landlord or fixing property up and selling it. This is buying yourself a part time job which usually includes a full time job time requirement.

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