TV Prep

 

1)  Canada is immigration based country; Visitors     Students             Skilled         Entrepreneur   

I'm licensed realtor in Toronto, ON. My expertise is in Toronto, GTA and Ontario. 

RECO (Real Estate Council of Ontario) regulates license

For other provinces, we have friends to guide. 

Due to internet, now it is easy to find professionals but at the same time in some cases you need more authenticity                   

1A) Two credit cards = use not more than 50%; build, use

Bank looks into credit score, credit history, employment history, employment income.

2) High interest rate – 5 year fix, one residential property, more than one property, rent hike, assignment sale, proper contingency plan (group) – international uncertainties and other factors (COVID), new comers need 3 years

Bank sales, more than 100 in GTA in last 30 days

Prices affordable

Bidding: Inspection, mortgage, visits

3) On Closing: after legally binding contract, Domino effect

So it is not only loss of deposit. The consequences are much more.

Deposit is absolutely at risk. This is not automatic. There is legal process for it. Is it worth legal fees, time and effort? Deposit is significant / sufficient amount and difference of price (if significant).

It's paid within 24 hours after offer (firm / conditional) acceptance up to 5% of listing price.

When market is changing / shifting, prices are dropped. Not necessarily, the seller goes after deposit but he can go and also can claim the difference of price or any encumbrance he proves.

Deposit amount must be readily available, not tied to any stock or RRSP.

4) Try to get approval of mortgage a little bit higher than purchase price to ease the payment of monthly mortgage cost and reno cost.

5) Importance of platform 22-25 years

 

6) Real Estate             Age of children, down payment, credit build / use; 18 youth

7) Business Development;  Hotels,      restaurants,     flea market,         accounting      tax mortgage          bank loans (personal, business)      health,   legal matters      Insurance

8) Use social media to express yourself

9)  Entertainment      Recreation trips              Lunch and Learn                    Camping

Emotional and physical health                   Cultural difference     Alone / group = energy level 

10) Potential            Credit excellent            Investment        Time        Networking  

11) Experts / professional; updates - informed decisions              Calculated Risk

Blind spots (unexpected issues),          opportunities,           Suitable sales

Peace of mind, contributing, helping

Professional can explain short-term and long-term options with broad vision

You have to carefully move to look after your plan. Balance insanity (craziness, emotional) with rationality. Mother of Thomas Edison and an old lady begging on street.

13) Pre-Construction investment area, assignment sale. Market price difference when purchased and now. Not affording, some circumstances changed, builder allow and timeline.

Houses (multiple units) vs Condo; Entry cost for Condo is less. Easily affordable. 

Try to get in loop keeping in view the budget and affordability. 

14) Renting vs owning; monthly mortgage payment is often cheaper than a monthly rent payment. Building your own equity and paying down your own mortgage instead of someone else's.

15) Home Renovation to enjoy or to sell. Experts help to save money and time.

16) Market is all the time shifting sellers’ buyers balanced

17) Steps for buyers; get preapproval before start shopping. Save yourself the disappointment of missing out on a home you love because you’re not preapproved.

18) BRRR Method; Buy, Renovate, Rent, Refinance, Repeat

19) Renovate, make more livable space, or wait for more time  

20) Commission and services are related, no compromise on the more money coming to your pocket

With quality service and eventually you'll save more, community service. Protect $5 or $100,000

 

12) FTHB (first time home buyers) location sometimes is less important, mind the layout especially when you have young children

Save for your down payment, closing cost, get pre-approval; Purchase your 1st house. Live in it for few years; build equity with rising house prices or renovate it. Get it re-assessed at a higher value because of the renovations then use that equity. Youth: Purchase your 1st house and don’t move in. Stay with your parents. Buy a multi-unit property; live for free.

FTHB Don’t purchase a brand new car or lease right before right before looking a property. In one year or few years before buying a property affect badly your mortgage approval. If you have good income, why not, go for both but wait after you have closed on your new house. NOT on preapproval or acceptance of offer.

Wait for finances complete until closing. Any new debt from the time you got approved for financing can be an issue that could hurt your closing.            5, 10, 15, 20, 25% down payment

Location and balance between wish and reality. 

Buying a house has two components; down payment and mortgage. 

Without PR we need 20% down payment but then you also save on mortgage insurance (no need).

Less down payment increases monthly payment but benefit is that you can have some money in your possession. 

With high down payment bank give you more amortization period from 25 to 30 years. 

This option of low down payment is up to $1M property. For property above $1M down payment is 20%.                                                               Upsize, downsize

21) Mortgage Shopping: time of high / low interest rate, your plan flipping / 5 years keeping, penalty (ratio)

22)      North                    Barrie     1 hr              Huntsville  2 hr            North Bay 3 hr

62 rooms hotel, custom luxury residential estate house, 100 rooms, 74 acres TransCanada Hwy, 54 acres senior and assisted living facility

Growth / slow           Cash flow / higher (we provide property mgmt service)

 

23)  22-25 years - Cultural and religious gatherings, community centers

Professional and productive style = Conscious application

Once one learns skill then easy to learn importance of skills, faculties

Conflict resolution, locally, Sulha Solutions

Trust Building on Community Professionals

24) Conscious = 10% of lungs

25) [Negative thoughts = activate left side half portion of brain

Positive thoughts = activate right side half portion of brain

Right side when activated can access left side of brain and not vice versa]

26) International Student Guidance and Supervision

27) We have special guidance partnership and independent business development packages for people from Middle East, Gulf and other parts of the world.

Mujahid Hussain [Realtor, Business Development Coach, Toronto, Canada]

416 829 7875