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Edmonton Real Estate Investors Association Message Board › Edmonton Revenue Property Investors Assoc - meeting Minutes April 13, 2010

Edmonton Revenue Property Investors Assoc - meeting Minutes April 13, 2010

Kathy C.
Sherwood Park, AB
Post #: 13
Edmonton Revenue Property Investors Association –April 13, 2010

The April 13, 2010 meeting of the Edmonton Revenue Property Investors Association was held upstairs at Rosie’s south side bar at 7:05 p.m. Michael introduced Les Michaelson our president.

Les talked about the various books that were brought in for the draws at the end of the meeting. Les is very conservative with his real estate investing and prefers to put 25% down to avoid CMHC fees.

Our first impromptu speaker was Peter from “the Mortgage girl”. He says fixed rates will increase very soon – maybe to-morrow. Prime rate is still at 2.25%, but will also increase soon. Opinions vary on how much rates will increase. Mortgage rates and rules were discussed. Many mortgage companies still add back 50% of the rent in calculating ones eligibility to get another mortgage. Some mortgages are still below prime with no premium for rental properties.

All guests were given the opportunity to take the mike and tell their worst and best stories in being a landlord, or doing real estate deals. The stories were fascinating and educational.

Mr. Jan Lusk has a company called Master & Master. They have many condos and commercial properties for sale and they offer a free course in acquiring Real estate starting April 24. Phone 780 469 5637

Les says there is a big push on now to secure a property and mortgage before the new guidelines come into effect April 19, 2010. Many will no longer qualify after that date.
Stats: Single family homes up 11% year over year. Condos are up 10.5% and Row houses are up 10.4% year over year. Sales are up and inventory has dropped.

Walter talked about a recent event in Edmonton where he listened to Ozzie Jurrock from Vancouver, B.C.

Les has had some challenges in attempting to get a basement suite switched to a legal basement suite. After securing both the development permit and the building permit on a suite that is already a suite, the city decided the parking available for numerous cars was insufficient.

A form is available from the police that can be used to have potential tenants sign that they agree there will be “no illegal activities" on the premises.
If a tenant wants to bring a wad of cash and move in right away, take it as a red flag.
Many books were given away at the draws.

Katherine Callfas
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