Real Estate Blogs

No matter who you are, if you are in the process of a mortgage that has defaulted, you need to know the process of Foreclosure in Alberta. Alberta foreclosure is about the legal steps that a Bank or a lender takes to recover arrears and principal on a mortgage loan that is in default. If you need foreclosure help in Alberta please call 1-403 668 8666. In Alberta the Master in Chambers of the Court of Queen's Bench of Alberta, which isn't the case in the rest of the provinces. They can also decide who the property is sold to and for what price. How does Alberta Foreclosure Process start? Canadians are most likely to default under a non-payment of mortgage payments. After one missed payment, the Alberta foreclosure process can legally begin. But other reasons can cause the Alberta foreclosure process to start as well. Acts of default under a...

Foreclosure Process in Canada, The word “foreclosure” is a nightmare for the property owner as well as for the Lender. It happens all the time, regardless which cycle the market is going through, although the numbers do tend to go up during the Real estate bust cycle. Foreclosure is a legal action that a money-lender can take if the person who borrowed money using a mortgage stops paying back that mortgage. Foreclosure allows the lender to take or sell that person’s house by first getting a Court’s permission to do so. When a property-owner misses a mortgage payment or makes a late payment, the property owner will not automatically lose their property. Lenders don’t want to foreclose if they don’t have to because it is expensive and is a lengthy process. A lender will probably not start to foreclose until two or three months after the borrower has stopped paying. Normally, a lender will first send...

The Property’s Value and the Seller’s Motivation Level At this stage, your best course of action is to take the seller’s word on the value of property with a pinch of salt, so to speak. You don’t have much to go on at this point, unless you know very well the area you’re trying to buy in, or you’ve already made your comparisons with neighboring properties. Consider what the seller is saying with a measure of credibility – they should at least have a fair idea because they live in the area. Plus, their motivation level and knowledge of prices – or lack thereof – should be a good clue to help you decide whether you’re going to be interested in the property or not. After all, what’s the use of continuing a transaction with a seller who’s not even highly motivated about the property he is selling? You may also want to check out sites like www.realtor.ca. It...

Remember that your Power Team is made up of people who profit when you succeed. This isn't a club with official membership; it's people, companies, and organizations with whom you have cultivated a relationship that benefits you both. Knowledge is power You can't be expected to know everything, which is why you need professional advisors on your Power Team. Put together a strong brain trust with these people: CPA who understands real estate. Choose an accountant who is experienced and knowledgeable about real estate investing so that you'll get good advice on record-keeping and tax issues. Attorney. There's room for more than one lawyer on your Power Team. For yourself, you need a real estate attorney to represent you as necessary in your transactions, to review contracts, and perhaps even to handle closings for you. You can also benefit from networking with attorneys whose practices focus on other...

There are many reasons why Canadians are turning to the US market for investment opportunities: a lower capital outlay, competitive interest rates, capital growth potential and global diversification. However, like any investment strategy, investing in south real estate comes with a series of risks-- notably a lack of knowledge of the local property market, a foreign tax system and extra administrative costs. Understand the benefits and drawbacks of investing on US soil before you make a decision. Pros and cons of investing in US property Pros Accessibility. For young investors who have a small deposit, the US is an appealing market due to the perceived affordability of US property. The low entry cost has been achieved due to low demand in distressed markets such as Phoenix, Arizona. Lower interest. US mortgages generally come with interest rates that are lower by 1%-3% compared to those offered in the Canadian market....

Fixer upper houses that you don't want? Here are some examples of what to avoid. Avoid Houses With Small Profits It seems obvious, but then I am remembering that nice couple in the Calgary newspaper that was proud of the $9,000 profit they were going to make on a $400,000 house. That's ridiculous. There has to be some reasonable minimum profit that you need to take on a deal. Too little and you just have a job, not a good investment. More importantly, fixer upper houses are inherently unpredictable. If you ever watch those television shows on flipping homes, you have probably seen the investor go way over budget a number of times. It may be okay to go $18,000 over budget due to surprises if you projected a $35,000 profit. You'll still make $17,000 after all. But if you are trying for just $9,000, and this happens, you just lost all...

The 7 Profit Centers Of Owning Real Estate When most people think of investing in real estate, they think of the obvious, “appreciation”(the increase in value of the property over time). The truth is however, that real estate can bring profits and financial benefits in 7 different ways. This is the foundation of investing in real estate for profit. 1. The first profit center is EQUITY. Equity is defined as the fair market value minus the debt service (mortgage) 2. The second profit center is LEVERAGE. This is the ability to buy more with less money. 3. The third profit center is APPRECIATION. This is the increase of the value of the property over time (as mentioned above). 4. The fourth profit center is PRINCIPAL REDUCTION. This is the reduction of mortgage owing over time through mortgage payments(paydown). 5. The fifth is CASH FLOW. When the income you bring in from...

A Guarantor, when it comes to mortgages, is exactly what it sounds like—they “Guarantee” the mortgage for another person if they are unable to pay back the loan. Guarantor’s or co-signers are often used if someone has Damaged or poor credit Insufficient income In most cases, someone with poor credit and/or insufficient income has a more challenging time securing a mortgage. Adding a guarantor can help get the file approved as the lender is assured that he or she will be paid, should the mortgage holder default. Many people will assume that a co-signer and a guarantor are the same thing. This is not the case though…there are key differences that you should know before becoming a guarantor on a mortgage. ...

A hard money loan is a specific type of asset-based mortgage financing through which a Canadian Real Estate Investors receives money secured by the value of Canadian real estate investment property.hard$$Lenders Canadian hard money loans are typically issued by Canadian private investors for investment properties but they will consider others based upon numbers and circumstances. Canadian Real Estate investors can find more Canadian Real Estate Hard money Lenders at Real Estate investing community https://realestateinvesting.community Interest rates for hard money loans are typically higher than conventional commercial or residential Canadian mortgage rates because of the higher risk is taken by the Canadian hard money lender. Most Canadian hard money loans are used for a short-term basis. Canadian hard money is similar to a bridge loan, which usually has similar criteria for lending as well as a cost to the Canadian Real Estate investors. Canadian hard money loans often refer to not only an asset-based loan with a high...

Wholesaling real estate can be a great way to get into real estate investing without much cash. It is also very low-risk when done right. But contrary to what many real estate gurus say, you can't necessarily do it anywhere. It will work best where there are investors ready to take the properties from you. This generally means it works best in larger towns and cities. To understand this, let's look at what wholesaling real estate means. As you might guess, it essentially is buying cheap to sell for a profit to another investor. This other investor is the one who will then retail the property to the final buyer. Now, if you were to actually buy a house or other real estate and close on it, you would have transactions costs. There would be more transaction costs when you sell to the next investor. Then there would be more transaction...

Of Envelopes and Postcards: Letters and Postcards in More Detail. It’s quite understandable if you’re still not quite sure which one will serve your purpose better, a letter or a postcard. It may even make you more confused to know that there’s no right or wrong answer to this one. You have to make that decision. You alone have the capability to assess what will work best for your work style, preference and, of course, budget, and make that decision accordingly. If you opt for sending out letters, let’s first make sure you have the best possible advantage to begin with. That means doing your envelope right. Advantages • It can be personalized. And, as you know, a personalized mail has better chances of getting opened. • It’s available in a wide array of sizes and colors. You can choose something that reflects your business personality well. Disadvantages • It can’t be stressed enough – it has to...

Sending Out the Mail: Letters and Postcards to Foreclosures Does it seem that letters and postcards are very personal? Well, that’s because they are. They show that you actually took the time to pen your message instead of whipping a quick note on your phone or laptop, and that makes it more meaningful. They’re actually so special that you can utilize them even in advertising to prospect sellers. Like most other things in life, there are always two sides of the coin, so to speak. Letters and postcards are no different. Let’s have a closer look at the former first. In a letter, you can basically write as much as you want, and you can send them out in batches or only one at a time – the choice is yours. The downside is that they’ll cost you more than just shipping out postcards. Just think of the logistics it will involve: the cost of the envelopes, having the...

How You Project Yourself: Whats Your Image? When it comes to your marketing or business approach, you can make use of two different styles to project the image you want to have. They may go by quite a handful of different names in the industry, but in an endeavor to help you remember easily, let’s just call them the corporate image and the mom and pop image. Both of them work quite well, actually. The difference is that you have to decide which one reflects your personality better, which one resonates more with who you are. If you’re not sure yet, just ask yourself this question: are you more comfortable wearing suit and tie, or are you more laidback and the guy (or girl) next door type? If at this point you’re still a bit confused, here’s a bit of sound advice: don’t. The image you choose should come naturally to you – you shouldn’t have to fret over...

Knocking on Doors: Contacting the Homeowners Like a lot of things in life – both personal and professional – there’s a measure of comfort to know that there’s no one fixed way to get in touch with homeowners. You can explore options and then weigh which one works best for you, and which one is the most sensible in a particular situation. For instance, you can try literally knocking on the door, utilizing the phone, or resorting to direct mail. Here’s a quick overview of each. Knocking on the door Advantage It’s very straight forward and clear. If the homeowner expresses interest to sell the house, you can immediately appraise the property on the spot, and even draw up a purchase contract if both parties come to an agreement. Disadvantage Yes, it’s straight forward – to the point that it can be taken as already being invasive. If you don’t like feeling like you’re somehow stepping on the...

Of Envelopes and Postcards: Letters and Postcards in More Detail It’s quite understandable if you’re still not quite sure which one will serve your purpose better, a letter or a postcard. It may even make you more confused to know that there’s no right or wrong answer to this one. You have to make that decision. You alone have the capability to assess what will work best for your work style, preference and, of course, budget, and make that decision accordingly. If you opt for sending out letters, let’s first make sure you have the best possible advantage to begin with. That means doing your envelope right. Advantages • It can be personalized. And, as you know, a personalized mail has better chances of getting opened. • It’s available in a wide array of sizes and colors. You can choose something that reflects your business personality well. Disadvantages • It can’t be stressed enough – it has...