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Making Money in Real Estate:the Essential Canadian Guide to Investing in Residential Property, 3rd Edition


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Table of Contents

Preface xi Acknowledgments xiii Chapter 1: Understanding Real Estate Investment 1 Why Consider Investing in Real Estate? 2 Understanding the Real Estate Market 10 Establishing Your Investment Strategies 14 Key Investment Strategies to Consider 15 Buying with Partners 17 Summary 29 Chapter 2: Types of Residential Real Estate 31 Condominium 31 Single-Family House 45 Property for Renovation 54 Recreational Property 57 Multi-unit Dwelling 63 Apartment Building 63 Raw Land 66 Summary 68 Chapter 3: Finding and Evaluating the Right Property 69 What to Consider When Selecting a Property 69 Where to Find a Property for Sale 83 Determining the Value of the Property 88 Summary 102 Chapter 4: Selecting Your Advisory Team 103 Common Selection Criteria 103 Selecting a Realtor 106 Selecting a Lawyer 110 Selecting an Accountant 114 Selecting a Lender 117 Selecting a Financial Planner 117 Selecting a Mortgage Broker 122 Selecting a Building or Home Inspector 123 Selecting an Insurance Broker 126 Summary 128 Chapter 5: Understanding the Financing Aspects 129 What Is a Mortgage? 129 Types of Mortgages 130 Sources of Mortgages 138 Key Factors to Consider When Selecting a Mortgage 139 General Contents of a Mortgage 144 Determining the Amount of Mortgage Available 148 Applying for a Mortgage 149 Cost of Obtaining a Mortgage 153 Defaulting on Your Mortgage 159 Creative Financing 163 Dealing with Negative Cash Flow 164 Summary 166 Chapter 6: Understanding the Legal Aspects 167 Types of Ownership of Property 167 Understanding the Purchase-and-Sale Agreement 170 Services Provided by the Purchaser?s Lawyer 180 Services Provided by the Vendor?s Lawyer 185 The Listing Agreement 188 Forms of Legal Structure to Hold Investment Property 190 Other Legal Cautions and Protections to Consider 193 Summary 200 Chapter 7: Understanding the Tax Aspects 201 Local and Regional Taxes 201 Provincial Taxes 202 Federal Taxes 202 Income Tax 210 Tax Implications of the Purchase Structure When Buying an Apartment Building 226 Summary 233 Chapter 8: Understanding the Insurance Aspects 235 Organizing Your Insurance Program 235 Types of Property Coverage 237 Types of General Insurance 244 Summary 248 Chapter 9: Buying Your Property 249 Selecting the Right Real Estate Agent 249 Determining a Property?s Value 252 Preparing the Offer 255 Presenting the Offer 256 Giving a Deposit 261 Making a Deal 262 Using a Lawyer 263 Insuring Gain 263 Closing the Deal 264 Summary 266 Chapter 10: Managing Your Property 267 Types of Management 267 Keeping Records 272 Finding the Right Tenant 275 Maintaining Rental Properties 285 Avoiding Common Fire Hazards 291 Improving the Bottom Line 293 Saving on Expenses 297 Summary 298 Chapter 11: Selling Your Property 299 Determining When to Sell 299 Determining How to Sell 301 Preparing to Sell 306 Preparing the Property 309 Closing the Sale 312 Moving On 314 Summary 315 Chapter 12: Understanding Financial and Estate Planning 317 An Introduction to Financial Planning 317 An Introduction to Estate Planning 317 Summary 331 Appendix 333 Form 1: Personal Cost-of-Living Budget 333 Form 2: Personal Net-Worth Statement 336 Form 3: Calculating Your Gross Debt-Service (GDS) Ratio 341 Form 4: Calculating Your Total Debt-Service (TDS) Ratio 342 Form 5: Projected Cash Flow 344 Form 6: Projected Income and Expense Statement 346 Form 7: Projected Balance Sheet 347 Form 8: Income Approach Worksheet 348 Form 9: Investment Property Analysis Checklist 350 Chart 1: Criteria for Determining Real Estate Cycle 352 Chart 2: Recovery on Renovation Costs 352 Chart 3: Amortization Period in Year 353 Chart 4: Interest Payments 353 Chart 5: Prepayment or Increased Payment Savings 354 Chart 6: Mortgage Amortization Chart 354 Chart 7: Monthly Mortgage Payments for Principal Plus Interest 355 Checklist 1: Real Estate Assessment Checklist 356 Checklist 2: Mortgage Checklist 364 Checklist 3: Real Estate Purchase Expenses Checklist 368 Checklist 4: Business Deductions Checklist 370 Checklist 5: Landlord and Tenant Suite-Inspection Checklist 372 Checklist 6: Master Checklist for Successful Real Estate Investing 376 Glossary 383 Further Education and Information 395 Index 397

About the Author

DOUGLAS GRAY, B.A., LL.B., formerly a practicing lawyer, has extensive experience in all aspects of real estate and mortgage financing. He has acted on behalf of buyers, sellers, developers, investors, lenders and borrowers. In addition, he has over 35 years of personal experience investing in real estate. He is the author of 26 best-selling real estate, business and personal finance books, and is as well a consultant and columnist. Mr. Gray is president of the Canadian Enterprise Development Group Inc. and lives in Vancouver, BC. His website is

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