Home Buying, Selling, and Property Investment Blog
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- Written by Sherilynn Milsom
Overwhelmed and full of gratitude after Monday's Real Estate Investment Network annual awards gala in Edmonton.
Received the Michael Millenaar Memorial Leadership Award, Joint Venture Partner of the Year, and a Top Player Award.
It is wonderful to be appreciated for the time and effort spent helping people not only achieve their goals but also gain financial independence.
Thank you to everyone who has supported and guided me on my adventures in real estate, and thank you to all of my JV partners (past, present, and future).
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- Written by Sherilynn Milsom
A couple of our Tenant Buyers are currently working with a mortgage broker to obtain financing to purchase their lease option property. The mortgage broker convinced the buyers "some banks are hesitant in mortgaging lease to own properties and sometimes in order for the mortgage to take place sometimes you have to be creative in getting it."
Further advice from the mortgage broker regarding proof of down payment had the buyers tell me we need to sign a "gift letter" stating we were gifting the down payment to the buyer. "Also since bank only lets relatives gift money we would have to say you are his cousin."
This is FRAUD! And what is worse - this mortgage broker is convincing buyers they have no other choice but to commit fraud!
Of course, we at QDHomeQuest will have no part in that. We assured the buyers "we have successfully completed many sales to clients without resorting to making untrue statements," and proceeded to explain how we do that. We also suggested: "If that doesn't work for your bank or broker, then we'll work on finding you a different bank or broker." (We work with bankers who understand the service we provide and are able to get mortgages for our clients.)
These are good people, and have been excellent clients, and it irks me a so-called professional had these people convinced their only option was to break the law.
#SayNoToMortgageFraud #renttoown #leaseoption #noGREYareas
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- Written by Sherilynn Milsom
A: In Alberta, an unsigned inspection report does not automatically mean you can't make deductions. If the tenant refuses to sign, fill in the signature section of the inspection report stating the inspection was done with the tenant but the tenant refuses to sign. This is valid in Alberta. Make deductions as required and be sure to send a statement of security deposit and any excess funds to the tenant within 10 days of the move.
If the tenant disputes your deductions, he will have to take you to the RTDRS (Residential Tenancy Dispute Resolution Service). However, if you have a proper move-in inspection signed by the tenant, you did the exit inspection with the tenant, and you have evidence of the damages done by the tenant, then it is possible you will win regardless of whether or not the tenant has signed the report.
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- Written by Sherilynn Milsom
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- Written by Sherilynn Milsom
We'd like to purchase a multi-family building (around 20 suites or less) or a small townhouse complex, preferably with some seller-financing. So if you know of something suitable, please let us know.
- We prefer 3 bedroom suites but can work with large 2 bedroom suites.
- Can be located almost anywhere in Edmonton.
- Must have good access to transit (LRT or bus).