What is included with this book?
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 www.homebuyer.ca.
Preface | p. xi |
Acknowledgments | p. xiii |
Understanding Real Estate Investment | p. 1 |
Why Consider Investing in Real Estate? | p. 2 |
Understanding the Real Estate Market | p. 10 |
Establishing Your Investment Strategies | p. 14 |
Key Investment Strategies to Consider | p. 15 |
Buying with Partners | p. 17 |
Summary | p. 29 |
Types of Residential Real Estate | p. 31 |
Condominium | p. 31 |
Single-Family House | p. 45 |
Property for Renovation | p. 54 |
Recreational Property | p. 57 |
Multi-unit Dwelling | p. 63 |
Apartment Building | p. 63 |
Raw Land | p. 66 |
Summary | p. 68 |
Finding and Evaluating the Right Property | p. 69 |
What to Consider When Selecting a Property | p. 69 |
Where to Find a Property for Sale | p. 83 |
Determining the Value of the Property | p. 88 |
Summary | p. 102 |
Selecting Your Advisory Team | p. 103 |
Common Selection Criteria | p. 103 |
Selecting a Realtor | p. 106 |
Selecting a Lawyer | p. 110 |
Selecting an Accountant | p. 114 |
Selecting a Lender | p. 117 |
Selecting a Financial Planner | p. 117 |
Selecting a Mortgage Broker | p. 122 |
Selecting a Building or Home Inspector | p. 123 |
Selecting an Insurance Broker | p. 126 |
Summary | p. 128 |
Understanding the Financing Aspects | p. 129 |
What Is a Mortgage? | p. 129 |
Types of Mortgages | p. 130 |
Sources of Mortgages | p. 133 |
Key Factors to Consider When Selecting a Mortgage | p. 139 |
General Contents of a Mortgage | p. 144 |
Determining the Amount of Mortgage Available | p. 148 |
Applying for a Mortgage | p. 149 |
Cost of Obtaining a Mortgage | p. 153 |
Defaulting on Your Mortgage | p. 159 |
Creative Financing | p. 153 |
Dealing with Negative Cash Flow | p. 164 |
Summary | p. 166 |
Understanding the Legal Aspects | p. 167 |
Types of Ownership of Property | p. 167 |
Understanding the Purchase-and-Sale Agreement | p. 170 |
Services Provided by the Purchaser's Lawyer | p. 180 |
Services Provided by the Vendor's Lawyer | p. 185 |
The Listing Agreement | p. 188 |
Forms of Legal Structure to Hold Investment Property | p. 190 |
Other Legal Cautions and Protections to Consider | p. 193 |
Summary | p. 200 |
Understanding the Tax Aspects | p. 201 |
Local and Regional Taxes | p. 201 |
Provincial Taxes | p. 202 |
Federal Taxes | p. 202 |
Income Tax | p. 210 |
Tax Implications of the Purchase Structure When Buying an Apartment Blinding | p. 226 |
Summary | p. 233 |
Understanding the Insurance Aspects | p. 235 |
Organizing Your Insurance Program | p. 235 |
Types of Property Coverage | p. 237 |
Types of General Insurance | p. 244 |
Summary | p. 248 |
Buying Your Property | p. 249 |
Selecting the Right Real Estate Agent | p. 249 |
Determining a Property's Value | p. 252 |
Preparing the Offer | p. 255 |
Presenting the Offer | p. 256 |
Giving a Deposit | p. 261 |
Making a Deal | p. 262 |
Using a Lawyer | p. 263 |
Insuring Gain | p. 263 |
Closing the Deal | p. 264 |
Summary | p. 266 |
Managing Your Property | p. 267 |
Types of Management | p. 267 |
Keeping Records | p. 272 |
Finding the Right Tenant | p. 275 |
Maintaining Rental Properties | p. 285 |
Avoiding Common Fire Hazards | p. 291 |
Improving the Bottom Line | p. 293 |
Saving on Expenses | p. 297 |
Summary | p. 298 |
Selling Your Property | p. 299 |
Determining When to Sell | p. 299 |
Determining How to Sell | p. 301 |
Preparing to Sell | p. 306 |
Preparing the Property | p. 309 |
Closing the Sale | p. 312 |
Moving On | p. 314 |
Summary | p. 315 |
Understanding Financial and Estate Planning | p. 317 |
An Introduction to Financial Planning | p. 317 |
An Introduction to Estate Planning | p. 317 |
Summary | p. 331 |
Appendix | p. 333 |
Form 1: Personal Cost-of-Living Budget | p. 333 |
Form 2: Personal Net-Worth Statement | p. 336 |
Form 3: Calculating Your Gross Debt-Service (GDS) Ratio | p. 341 |
Form 4: Calculating Your Total Debt-Service (TDS) Ratio | p. 342 |
Form 5: Projected Cash Flow | p. 344 |
Form 6: Projected Income and Expense Statement | p. 346 |
Form 7: Projected Balance Sheet | p. 347 |
Form 8: Income Approach Worksheet | p. 348 |
Form 9: Investment Property Analysis Checklist | p. 350 |
Chart 1: Criteria for Determining Real Estate Cycle | p. 352 |
Chart 2: Recovery on Renovation Costs | p. 352 |
Chart 3: Amortization Period in Year | p. 353 |
Chart 4: Interest Payments | p. 353 |
Chart 5: Prepayment or Increased Payment Savings | p. 354 |
Chart 6: Mortgage Amortization Chart | p. 354 |
Chart 7: Monthly Mortgage Payments for Principal Plus Interest | p. 355 |
Checklist 1: Real Estate Assessment Checklist | p. 356 |
Checklist 2: Mortgage Checklist | p. 364 |
Checklist 3: Real Estate Purchase Expenses Checklist | p. 368 |
Checklist 4: Business Deductions Checklist | p. 370 |
Checklist 5: Landlord and Tenant Suite-Inspection Checklist | p. 372 |
Checklist 6: Master Checklist for Successful Real Estate Investing | p. 376 |
Glossary | p. 383 |
Further Education and Information | p. 395 |
Index | p. 397 |
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