Edmonton Real Estate Investors Association Message Board › Edmonton Revenue Property Investors Association - July 12, 2011 meeting minutes
Sherwood Park, AB
Edmonton Revenue Properties Investors Association - Meeting Minutes July 12, 2011
Our meeting was held in Rosies southside restaurant in the upper meeting room. At 7 p.m. Lillian introduced our president Les.
New guests introduced themselves. Our first guest speaker was Jon Bissel from Alberta Treasury Branch. Jon gave us an overview of items required when searching for a new mortgage. He reviewed debt service ratios. You need the following;
1) A rental agreement
2) Down payment
3) Acceptable credit rating.
You can use a Home Equity line of credit for your down payment, and you may require an appraisal. If you have 3 or 4 rentals they will do a full review of all rentals especially looking at the cash flow. He talked about the advantages and disadvantages of using the heloc. It makes the bank rich, but drops your cost as you can make interest only payments.
Les gave us the latest stats and he suggested we check the Edmonton Real estate Board website as part of our research.< EREB.com>
Our second speakers were Jim Sicotte & Ryan Sales of Pinnacle Wealth Brokers. They deal in private placements using an offering memorandum ( OM). They gave us guidelines on character traits to look for in choosing a business partner. Their web site is www.JimSicotte.com.
Les reminded us to do our due diligence. Even face book can give hints in your search for info. Book and other draws completed the evening at 9 p.m.