September 21, 2017

Selling? What About The Tenant?

tenantThe big question is always: “Can you evict a tenant before you sell a home so that you can fix it up?”  In short, the answer is no.  The first issue is whether the tenant has a lease.  For arguments sake, lets say there is a lease and the tenant has 8 months remaining.  They cannot be evicted before the end of their lease just because you want to sell.  You can sell but the buyer must agree to let the tenant stay.  Also, if the tenant has the right to renew their lease then you and any buyer will have to honour that as well.

If the tenant is on a monthly tenancy, the only way to evict them is if the buyer is moving into the house on closing.  Therefore, you must sign an agreement with the buyer before you can start the eviction process.  Then you must give the tenant at least 60 days notice before the end of a month.  If there are any concerns that the tenant will not leave, a hearing should be scheduled before the landlord and the tenant board ASAP so that an order for eviction can be obtained.  Tenants are often suspicious that the buyer will not move in and merely find a new tenant who will pay more rent.  If a seller or buyer is caught tricking the tenant into leaving early, then the penalty can be as high as $25,000.  You must also give a tenant 24 hours written notice before you can show the property to a potential buyer and must occur between 8 a.m. to 8 p.m.

If you want to evict the tenant before you put the house up for sale, the only way is to reach an agreement with the tenant.  You may be able to accomplish this by assisting the tenant in finding another place to live and paying part or all of the moving costs.  This will avoid any worries about eviction notices.

When all parties are properly prepared and informed, selling properties with tenants becomes a less stressful process for buyers, sellers and tenants.

Toronto Star, Moneyville Article
 
Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Where To Begin To Start Your Savings

the-best-time-to-start-saving-short2-960x576Possibly you don’t own a home but you would now like to start saving towards a down payment to purchase a home.  The first thing you need to do is eliminate your debts to start your savings.

Here are 10 ways to take control of your debts:

  1. Assess Your Situation:  Take an honest look at what you owe, the interest rates and the terms of repayment and document everything
  2. Set Goals:  Take some time to work out your short, medium and long-term financial goals i.e. in 1 year you may want to pay off all your debts, in 2 years you may want to buy a car, in 3 years you may want to purchase a house.  Without solid goals, you won’t be motivated to pay off your debts
  3. Create a Household Budget:  Once you have determined how much you owe, you need to identify all your monthly expenditures.  Create a household budget to determine how much you have to spend on basic living costs and subtract that from your monthly income.  Then see what’s left over to pay off your debts
  4. Curb Your Spending:  Determine where you have been wasting money and what changes you could make to amp up your debt repayment.  Maybe you don’t have to buy your lunch or you could take advantage of free coffee at work plus you could put all your change in a jar, then use it to pay down your debts
  5. Stow Your Credit Cards:  Since it was your credit cards that got you into trouble in the first place, you need to stop using them.  You must cut them up except maybe one for emergencies.  Remove the temptation
  6. Learn How To Say No:  Creating a budget is the easy part, sticking to it is something else.  Set yourself a challenge for example, go 30, then 60 then 90 days without shopping.  You have to learn how to say no and stick to your plan because it is so easy to fall back into your old spending habits
  7. Snowball Your Debt Payments:  Tackle your highest interest rate debt first because this is the one that is costing you the most.  You could also pay off the smallest debt first to give you some success to stay motivated.  Once the small debts are gone, you can use that money to snowball the payments on the other cards
  8. Find Extra Sources Of Income:  In order to repay debt as fast as possible, consider other sources of income.  Take a look at your assets to see if you can part with them.  Or, you could look at getting a second job
  9. Consolidate Your Debt:  One way to reduce your payments is to approach your Bank for a consolidation loan or line of credit.  Make sure you don’t then go out and use your credit cards again.  As the payment on the loan seems small, people feel like they are back in control, so start using their cards again.  If you start feeling that way, remember the big master plan and increase the loan payment and pay the debts off faster
  10. Get Some Help:  If your debt situation is too overwhelming to deal with alone, contact a non-profit credit counselling service that can help you with your strategies.  Credit Counsellors can contact your creditors and get them to either reduce or eliminate the interest you are paying.  Do be aware that under this arrangement your credit rating may be affected however you will be able to eliminate your debts a lot faster.  If you can’t manage that, the next step is to see a bankruptcy trustee.  

If you own a home, we could look at a 2nd mortgage to consolidate your debts.  I offer a totally confidential complimentary 45 minute Financial Consultation to provide you with alternatives and options available to you to reduce your monthly payments.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Oprah Winfrey’s 10 Rules For Success

oprahI recently watched Oprah’s video on her 10 rules for success.  Oprah is such a powerful woman, so I have summarized for your enjoyment:

  1. Understand the next right move: Get still and ask “what is the next right move “ and then the next right move. Your life is bigger than that one moment and you are not defined by what someone has told you is a failure because you know that failure is just an opportunity to point you in a different direction
  1. Seize your opportunity: Oprah is not lucky, there has been a lot of grace, blessings and divine order but she doesn’t believe in luck. It is all about preparation in meeting the moment of opportunity. Every single thing that has happened in your life is preparing you for that moment that is to come
  1. Everyone makes mistakes: Everyone makes mistakes, you don’t have to hold yourself hostage to who you used to be or what you used to do. You didn’t know any better but now that you know better, you know you don’t have to do that again. It is one of the most powerful lessons any of us can ever know
  1. Work on yourself: The real work is to figure out where your power base is and to work on the alignment of your personality. Your gifts that you have to give, with the real reason why you are really here. That is #1 thing you have to do, work on yourself and keep your cup full. Honour yourself
  1. Run the race as hard as you can: Step up your game, don’t worry about the other guy, you can’t control the other guy, you only have control over yourself. The energy it takes to keep looking over your shoulder at where the other guy is and if they get too close, it scares you. Its not about the other guy, do it for yourself
  1. Believe: Oprah had a dream and a belief for herself. She had the intuition to know she could achieve more than was expected of her, which was being a maid. She believed that there was something bigger, greater, there was more for her.
  1. We are all seeking the same thing: At the core of what really matters, we are all the same. We are all seeking the same thing. Everyone wants to fulfill the highest, truest expression of self as a human being. Her understanding of this has enabled her to reach everyone
  1. Find your purpose: If you don’t know your purpose, your immediate goal is to figure that out otherwise, you are just wandering here. What are you supposed to being doing
  1. Stay grounded: Her life is fuelled by her being and the being fuels the doing. She comes from a centred place. Her gifts are compassion, willingness to understand and being understood which comes from wanting to connect and people could see themselves in Oprah. She is grounded in her own self and keeps her feet on the ground. She still does the consciousness work and works at staying awake
  1. Relax, it’s going to be okay: When she looks back at a photo when she was 20, she sees the life and hope in her eyes. Even though she looked calm and happy, she knows how scared she was. If she could say anything to her younger self, it would be relax, it’s going to be okay girl!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

To watch the full video:  https://www.youtube.com/watch?v=7a8ncSBU-Eg

Emotional Intelligence For Your Business

emotional intelligenceYou hear people talking about Emotional Intelligence but how does that relate to your business?  It’s being tuned into your emotions of those around you.  It’s about good communication and by understanding what triggers the people so you can forecast other people’s behaviours and prevent our feelings from getting the best of us. By better understanding ourselves and our reactions to those around us, we can choose how we behave.

It makes for a better working environment by having employees that have good self-awareness, self-management, and the ability to maintain good relationships.  It’s very disruptive to your company to have an employee who has little emotional intelligence.

A few key points to increase your emotional intelligence:

1. Know your strengths and weaknesses.

Some people are overly confident and don’t like to show weakness. Others constantly underestimate their areas of expertise and strength. The perfect balance is to accurately know your strengths and weaknesses.  Play to your strengths and outsource the weaknesses.

2. Stay cool under fire.

When life gets to be overwhelming and stressful, do you take your frustrations out on the first person that walks into your office?  “It’s not the stressor itself but our perception of the stressor that affects how we handle stress.”  The ability to manage stress is something an employer values greatly – a bad attitude can poison an office environment.

3. Practice resilience.

With every knockdown or difficult situation, the ability bounce back and be resilient is crucial to EQ. It’s imperative to understand that failure is only final if we stop trying. Failure is simply an opportunity to learn, better prepare ourselves and come out the gate stronger next time.

4. Be more flexible and receptive to change.

Being emotionally intelligent involves knowing when to stick to routines that work, and when to adapt to new trends.  Author Steven J. Stein says, “When it’s time to move on, people high in emotional intelligence can make that adjustment. Although you might find it uncomfortable to try new things, most people find the short-term pain worth the long-term gain. Part of growing as a person involves learning new skills and approaches and experiencing new relationships and places.”

5. Practice responding rather than reacting.

Is there that person in your office who REACTS, rather than RESPONDS? How do others perceive them?

“Reacting is an unconscious process where we experience an emotional trigger, and behave in an unconscious way that expresses or relieves that emotion. Responding is a conscious process that involves noticing how you feel, then deciding how you want to behave.

You can clearly see how people with high emotional intelligence can be as asset to your business.

https://youinc.com/content/leadership/the-importance-of-emotional-intelligence?utm_campaign=EB16-7-1&utm_medium=email&utm_source=Body&utm_content=Article3

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

Great Ideas To Reduce Escalating House Prices

Rising-House-Prices

Canadians are sick and tired of ridiculously over priced housing in particularly Toronto and Vancouver markets.  The ability for our children to ever afford owning a home in the future is a grave concern.  So, how do you cool off 2 Canadian housing markets without tanking the markets that are already struggling?

We need a planned policy-driven house price correction.  I think they have come up with a couple of great ideas.  First of all, with so many rounds of mortgage-rule tightening, house-price growth isn’t cooling: it’s been accelerating.  Don’t punish the new homebuyers.  Punish the house flippers and foreign investors!

Investors are buying and quickly selling homes at a much higher price and this has become a major problem in Toronto and Vancouver.  This drives up house prices and creates an artificial demand for housing that disappears when prices fall and sets us up for a market crash.  So, stop flipping before it gets any worse.  Implement a sales tax on homes sold within 1-2 years.

Move towards a vacant home tax to discourage foreigners from parking their cash in our city’s real estate and then leave these same properties untended.  We need to institute a freeze on the existing foreign-owned housing market.  We also need to tax the rich foreigners who are hiding income from their governments by sinking funds into Canadian real estate.  They can afford it but at least it would take some pressure off our taxpayers.

I believe this would be a great start!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Mississauga, Burlington, Oakville and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

http://www.huffingtonpost.ca/daniel-tencer/canada-house-prices-decline_b_10635308.html