Property Rental Question

[ExtraSlow]

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This...... Why he no ask family member.

[Disoblige]

Lol damn, your buddy is kind of a POS for asking you to do that, especially when you own a home yourself.
So sketchy.

[ThePenIsMightier]

Meh. It's massive consequence and arbitrarily close to zero probability on the risk matrix.

[ercchry]

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This...... Why he no ask family member.

Because family member tenants don’t count, need 3rd party

[90_Shelby]

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in theory you could put your name on a lease for a timeline that starts after he takes possession of his new place and then claim you changed your mind if anything goes sideways.

I’m with this response. It’s just a rental agreement, sign it, he gets to buy another property then sign another one stating you ended the lease. If it goes bad, you’re not liable for anything, it’s on him.

[88CRX]

Why wouldn’t the friend just make a fake lease agreement with a made up person then? If he’s gonna lie might as well go all out.

[ExtraSlow]

Let buddy write his own fraudulent documents.
MS Word has a fake signature feature, which is handy.

[Manhattan]

You're probably doing your 'buddy' a favor by not forging lease docs. Sounds like he has little understanding of risk and math in general. It's not even remotely attractive to buy rental property in Calgary or most cities in Canada right now.

If its a close friend tell him its a dumb idea. If its not tell him to beat it.

[dirtsniffer]

For my most recent mortgage I had to print off my last 3-6 months of bank statements to see the cash flow

[Twin_Cam_Turbo]

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For my most recent mortgage I had to print off my last 3-6 months of bank statements to see the cash flow

Same, plus all my investment accounts etc.

[arcticcat522]

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Same, plus all my investment accounts etc.

Same as both above. Way more hoops than the previous couple.

[suntan]

Beyond mortgage fraud meet?

[ExtraSlow]

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Beyond mortgage fraud meet?

In.

[ThePenIsMightier]

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In.

I'll sign my friend up.

[Buster]

I'm switching my opinion.

i think he should do it.

[ercchry]

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For my most recent mortgage I had to print off my last 3-6 months of bank statements to see the cash flow

Existing rentals is a PITA… converting is easy

[Pauly Boy]

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It's not even remotely attractive to buy rental property in Calgary or most cities in Canada right now.

This. Who does this at a time when prices are spiraling out of control...? Like there are reasons to still do it, but if you're having to commit mortgage fraud in the process, that's not one of them.

[mr2mike]

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I'll sign my friend up.

Haha

[S-FLY]

The real issue here is that your buddy is using a broker that didn't offer him the correct way to do this. That, or your buddy just didn't understand and chose this route instead.

[Misterman]

Holy christ I'm glad I have better friends than the guys replying to this thread. lol. Zero risk to me, why would I get in the way of my buddy's real estate investing? My friends would do the same for me. Only reason not to is because it's not an actual buddy, and just more of an acquaintance. To each their own, if you're not understanding your risks in the matter(or lack thereof), then maybe best to steer clear and let a friend more knowledgeable help him out.