Canadian Real Estate Blog Carnaval #3

by Mike Holman

I’m proud to be hosting only the third ever Canadian real estate blog carnival. This carnival was started by Rachelle from Landlord Rescue and contains posts relating to real estate.

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{ 3 comments… read them below or add one }

1 Arjun @ InvestingThesis.com

Thanks for including us, Mike.

2 Julie Broad

Thanks for the shout out about my Bigger Pockets post.

Not sure what high fees you are referring to with regards to lending money from your RRSP as a mortgage. As a borrower of the funds we paid the fees on behalf of our lender(s). There are definitely quite a few fees involved as the borrower but as the lender there were very few fees if you negotiate with your borrower for them to pay those fees. For example, there was a mortgage set up and discharge fee and monthly account admin fees. They only add up to about $350 over about 2 years and typically the borrower will pay this. There are also legal fees to set up a mortgage, but again, the borrower will pay this. They should be less than $700 or so.

As a borrower, this wasn’t cheap money for us. As a lender it’s a SWEEEEETTTT deal in my opinion. They are getting an 11% return on their money secured by an asset with a ton of equity in it, plus we paid all the fees on their behalf. Since I wrote this article from the perspective of the lender I will leave it at that – because obviously the next question is why would a borrower do this?? But I will have to write about that some other day.

Hopefully that helps clarify things a bit for you!!

Thanks again for the shout out!
Julie

3 Rachelle

Hey Mike,

I forgot to link back ! Thanks for the links…

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