All Forum Posts by: Aaron Xie

Thanks for all the inputs. I will email my property management with all these questions, and ask for the tenant's application and the credit report. I will keep this post updated!

I have been looking at York Mills, Laurence Park, and Richmond Hill. Here is an update.

Absolutely love York Mills. The best neighborhood among the three in my opinion. But it's way over my budget. 

Laurence Park is above my budget as well. Compared to York Mills, Laurence Park is more crowded with smaller lots and older houses. What I find ridiculous in Laurence Park is that most houses there have no garage! How do people handle with snow there?

Richmond hill has more new buildings, but houses there are almost identical. It's hard to believe Richmond hill has experienced the highest house price growth last year: there are many vacant lands there! Builders can easily build many more new homes on these vacant lands and bring the house price down. 

Bottomline: Looks like none of these three places are within my budget. Should I look at other areas instead? Any chance to find a great buy in York Mills and Laurance Park?

Thanks for the replies!

@ Shar Day I can ask the property manager for the information. But how does it make a difference?

@Robert Melcher Do you mean that I should have a separate agreement for the improvements? As to the mechanics lien, that is a good point, but how can I protect myself from that issue?

@Mike Hanneman Do you mean that the tenant is responsible for any revision/correction if the improvement is not satisfied? But satisfaction is quite subjective, what if the tenant disagrees with me on the qualify of work? 

Thanks again for the thoughts. 

I recently received an application from a potential tenant, who wants the following:

(1) Rent for three years (maximum allowed by my state) and pay the first year up front

(2) The first right of refusal to purchase the property should I decide to sell

(3) Ppermission at their sole cost and expense to repair drywall, paint, replace carpet, seal deck and install a hot tub

This the first time I have such a potential tenant. I think this is not bad, but would like to get more opinions here as to any potential risks or issues. Thanks in advance. 

@Claude Boiron I heard that in downtown, one street could be so different from another nearby. That's the reason Downtown is not on my short list now. And I don't know if downtown has a high price appreciation rate?

@Jane Fung Thanks a lot for the input. I also want to take this opportunity to answer questions from @Claude Boiron as well. My budget is flexible, but say $1m CAD. I prefer single-family houses with the following criteria:

(1) fast house price growth

(2) great school district (public schools)

(3) close to public transit, and within 45 minutes communication to downtown

I have heard about Richmond hill,  Markham, and Vaughan. But these areas are so big, and I am open to learn about other areas as well. Are there any specific areas I should avoid and areas I really should buy in, given my criteria? Any specific neighborhoods in these areas? Thanks for any further input :)

@Justin B. Thanks for the thoughts.

Thanks for all the valuable suggestions! It's good to know the ways and strategies owners can use to protect themselves :)

Hi, BPers, I have a potential tenant with a small dog -- a 14 year old yorkie. I am wondering if the pet is a concern? And what I should put in the contract if I rent to this family. Thanks a lot :)

About to close on a rental property located in Southern Burnaby, BC. I appreciate any recommendation on good property managers in Burnaby, BC. Thanks in advance! :)