Tom and Nick Karadza are real estate professionals that are focused on helping real estate investors in the Greater Toronto and Golden Horseshoe areas create income to live life on their terms. They are active real estate investors and in 2008 they launched Rock Star Real Estate Inc., a Canadian real estate brokerage focused exclusively on real estate investments. Together with their team of professionals based in Oakville, ON, Tom and Nick have worked with investors to help acquire over 2 Billion dollars of investment in real estate and implement profitable investing strategies across southern Ontario.
Thanks for the info, Tom! Now what about credit lines with existing balances - can they force you to pay those off in a credit crisis?
what about a credit line that is fully used already before financial crisis, can the banks ask you to pay up your open credit lines?
Hey Kelly, for the guys we were speaking to any existing balances were just left as is and paid on the regular schedule. So for example, if they had a $100K credit line with a balance of $20K on it they got a letter saying the remaining $80K that was available is now gone. So they were left with the $20K they owed and just continued to make regular payments on it. We don't claim to know if the Canadian banks would remove access to credit like this but in a "credit crisis" anything is possible and we like to be as prepared as possible. Hope that helps!
Hi Mayur, we don't claim to know everything around this but no, we've never heard of that happening. See our response to Kelly for for some more detail.