Doug Pretorius (ON) 9 Report post Posted October 25, 2011 Thought I'd share a problem that my fellow Canadian investors can solve with lease purchasing. If you haven't talked to many motivated sellers yet you probably wouldn't even imagine that this would be much of a motivating factor at all, but it is. So what is it? Mortgage Penalties Most mortgages in Canada are fixed for a certain length of time (eg. 5 years) and again most have an early pay-off penalty. Even though the penalty is usually pretty reasonable (2 months of interest) avoiding paying this has motivated a number of sellers to offer me 3+ year lease option terms. When you combine that with no commissions, no closing costs, no maintenance and no tenants and toilets...it's not that hard work up a nice little SLO deal at today's prices or at the mortgage payoff value. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 25, 2011 I wouldn't think that two months interest would be enough to motivate a homeowner to partake of your Bernie Madoff like scam, Doug. You must be good. Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 25, 2011 PPP baby! Pre Payment Penalty...we have it here in the civilized nation as well...all though it's not much of an issue...normally owner's don't even know if there is a PPP...where I see it more is on non-occupied owner loans... Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted October 25, 2011 Hmm...maybe you're right. MAYBE it has nothing to do with the PPP itself but rather the way I wink at the female seller as I mention it? Share this post Link to post Share on other sites
jakeduvall 5 Report post Posted October 25, 2011 Hmm...maybe you're right. MAYBE it has nothing to do with the PPP itself but rather the way I wink at the female seller as I mention it? Winking? Is that what you call it? Because over here they call it sexual harrasment. Stupid restraining orders...I just use them as wallpaper at this point. Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 25, 2011 Hmm...maybe you're right. MAYBE it has nothing to do with the PPP itself but rather the way I wink at the female seller as I mention it? Winking? Is that what you call it? Because over here they call it sexual harrasment. Stupid restraining orders...I just use them as wallpaper at this point. Share this post Link to post Share on other sites
Doug Pretorius (ON) 9 Report post Posted October 25, 2011 As I'm reading these replies I'm thinking..."You try to offer a little helpful info and what do you get? Nothing but grief!" Share this post Link to post Share on other sites
MichaelC 160 Report post Posted October 25, 2011 As I'm reading these replies I'm thinking..."You try to offer a little helpful info and what do you get? Nothing but grief!"The helpful replies are only for paid subscriptions. Since you haven't upgraded, well, this is what you get. Share this post Link to post Share on other sites
