All Forum Posts by: Aditya Soma

Thank you very much friends (@Max T.  @Daniel Massicotte @Melissa McGuire  @Matt Geerts  @Thomas S.) 

After reading all your suggestions, I replied her back with confidence. here's how conversation went between us.

Me: According to Landlord Tenant act you have to give me 60 days written notice (N9 form) saying you want to end the lease, which means that you will need to pay June month rent and then will use the last month rent for next month (July).    

Tenant: She replied me back saying yes I went through the Ontario Landlord Tenant act, there it says if landlord willing to agree for ending the lease I can do that, so can you use the last month rent for June and we will move out on July 1st? 

Me: I know you guys are nice people, I will do my best to help you, let do this send me the written notice to end lease before end of the month, you have to pay me the next month(June) rent, I will return the last month rent on day you vacant the place after inspecting the house. 

Tenant: Thank you very much for willing to help us, I will talk to my husband and will back to you.

I haven't heard back from her yet, but I sure she understood legally she can't leave with out me agreeing. 

Once again, thank you all for taking time to answer, really helped a lot.

Hello Friends,

I encountered with the first tenant problem.

I own a 3bed room unit in Windsor, Ontario, Canada. Rented, tenant moved in on 1st of this month, signed the 1 year lease(have all the papers signed), paid 1st and last month rent. a week after she moved in she complained about cockroaches(fully renovated in April, don't know where they came from), I took an Immediate action(Abell pest control - 1 year premium treatment), they said it will take couple of weeks to kill everything, also had 2nd treatment(Abell) 2 days ago. Now all of sudden today morning I got a text for her saying I want to move out immediate feeling unsafe in this area(saying someone cursed her husband, calling names and saw some drug dealer in the corner of the street which she never said/complained anything till now), asking how will pay me the last month rent?

I haven’t replied her anything, can anyone please suggest me how to proceed with this problem.

In advance, thank you very much for taking time to answer my question 

Thank you @Tim Puffer for sure more to come

Thank you @Neil Da Silva

Hello @Neil Da Silva

I would say Windsor ON because you can still find many properties which can cashflow, ROI 8 - 12%, Good Appreciation(just this year 6 10%), very low vacancy rate(currently I would 0%) and finally, currently windsor is one of the fast growing cities in Canada

Just to give you an Idea of number in Windsor 

I purchased a duplex on march 1st 2017 for 102k, after renovation 125k

Current ARV 160k+

Total per month (unit 1: 1000 + & unit 2: 650+)

Cashflow: after all expenses 300 - 400$ 

ROI: 10%

Rented with in 3 days after posting a kijiji ad(ad viewers 600+, 30+ replies) which shows there's high demand for rental

Hello Friends,

I'm proud to announce that successfully finished my first renovation with in budget.

All credit goes to BP community. you guys Inspired me, you guys gave me all the right tools to play the game confidently, So I feel it's my responsibility to share my experience, which might help someone out there.

I will try to keep it short.

My project details:

Side by side duplex Here in Windsor, ON Canada 

Buying price: 102k

Got mortgage: 124.5k (including renovation costs)

Down payment: 8200(5% down + closing cost)

So I got 22.5k for reno from lender 

Being a first time buyer I was very scared inside, but the education from BP articles/success stories/books/podcass I took a leap faith and I moved forward.

What helped me to finish the project with in budget:

1. Having a clear goal like what work todo and how much to spend on (I had a clear thought  that I don't want to spend more than 22.5k and want to fix all basic things which can attract decent tenants)

2. Hustling(I asked many co-investors, my agent, my mortgage broker and friends for suggestions about contractors)

3. Got quote from multiple contractors and in the meanwhile interviewed  them about their previous experience(after talking to 3 - 4 contractors, I got a feeling who can do want I want)

4. Ask/listen and then make a decision(I never stayed in a house in North America till now, so I have no Idea about what Materials needed, for everything I asked many people who knows about them and finally I made decisions based on suggestions)

5. Respect everyone in a way how you want them to treat you(skills I learned from "how to win friends and influence people" helped me alot, couple of tips, On the first meeting I remembered names of all people who're working on the site, I complimented them, I talked enthusiastically every time, at least once or twice in a week I took coffee and donuts for them)

6. Think before you talk(some times I felt they're delaying the work, which pissed me off, but I kept quiet because back of my mind I always recollected my main goal and made sure they(contractor & his team) liked me.

7. Documented each and every details/expenditure(opened a new account on gmail just for this project and downloaded google drive on phone, created excel/word sheets to input....

8. Inspected the work almost every day.

For sure, I Learned many things which needed to move on to next level, here're couple of major one:

1. Have a timeline

I didn't communicated clearly about timeline with contractor before they started the work (because I didn't know how much time it takes for the work needed, I should have learned little more on this subject) 

2. I could have learned more about renovation work(this duplex actually needed more work like redoing plumbing, removing knob&tube...  I should admit it luckily my contractor is a very nice guy didn't charge for many small things, because he liked me)

Couldn't think of many mistakes just because of this wonderful BP Community.

Thank you all for making first step of my project success 

Cheers

Happy investing 

I'm glad to hear that @Tony Wooldridge. Thank you

Thank you @Bhekizwe M.

Thank you very much @Cassidy Logsdon, for help me not just as a Agent but also as a Mentor. 

 Thank you @Igor Tomic 

Thank you very much for all your warm wishes.  @Shell W.

Thank you all 

@Darryl Zuber, sure I love to talk more, I will send you a private message.

 @Luc Boiron  

Yes it's becoming tough to find. because many people looking for cash flow && Turn-Key ppty's. I made many offers little over asking price, still not accepted, bcz of multiple offers 20 -30K+ more than asking price. 

But the good news is there are still many cash ppty's in the Windsor market, if we can follow @Brandon Turner BRRR strategy

As I mentioned it's a Duplex 1 - 1 Bedroom , 1- 3 Bedroom

When I made an offer, Its was fully rented for 425 + utilities & 650 + utilities( as per current market it can be rented for at least 600+ & 950+)

at the time of closing 3BHK unit is vacant, where I'm planing for following improvements 

1. whole flooring

2. full kitchen & bath room 

3. Replace furnace 

4. And other cosmetic work like paining, bulbs.. 

expecting nearly 20K Reno on 1 - 3 bedroom unit, I know it sound crazy to spend 20k on 1 unit, but I planned for it bcz of 2 reasons 1 - I want to hold the ppty long term and 2- numbers work, got mortgage including Improvement(22k), cash flow will be 200+ after all exp.   

Cheers

Hello co-investors, 

I hope every one is doing fantastic. 

Very very excited to share my story, might be helpful for some newbies out there like me.

I came to Canada 4 years back from INDIA, currently working as Software Developer, till few months ago I have ZERO KNOWLEDGE about RE, only thing I know is some of my relatives who became rich because of Lands in India.

My RE journey started in August 2016, when I was searching for Investment options/resources in Canada, luckily landed on a Book (Rental Property Investment -by Turner) on Amazon, bought it and started to read, in that book many places Turner mention about a social media called BIGGER POCKETS which meant for RE investors ONLY, this is where I started to know more about RE and type of investments/strategies/niches and so on, still learning every day.

Fast forward, few months later on Jan 07 2017, finally I got an offer accepted for a SIDE BY SIDE Duplex, age: Old, location: Windsor, Ontario, Canada

(Note: before this analysed 150+, viewed 80+ and I made offers on 30+ ppty’s,).

Before I started looking houses, I did 2 important things

1. Analysed my financial status and got a pre-approval from mortgage broker.

2. And decided my nitch(small multifamily houses(2 - 4 units)), reading books, blogs and attending webinars on BIGGER POCKETS helped me a lot to make decision.

Steps followed after OFFER accepted

• House inspection on Jan 10 2017, cost $325
• Removed the Conditions after making sure that there are no RED FLAGS in the house, and confirmed with mortgage broker as well, to make sure I get qualified for this house.
• Immediately, contacted a lawyer to start the legal process
• Then, got quotes from 3 different local contractors to renovate.
• Contacted multiple insurance companies(who insure knob & tube), finally got for 144 per month with THE COOPERATORS (http://www.cooperators.ca/).
• Closed on March 1st, couple of hours ago i got the key for the house. Superrr excited for finally being able to take the first step for RE journey.

Very Thank full for each and every one in BP Community, who’re taking time to answer every question and share their knowledge and wisdom.

My Special Thanks to @Cassidy Logsdon And @Matt Andrews my RE Agent/Mortgage Broker, for helping me in every move. I’m glad I met you guys.

Any suggestions/comments very much appreciated.

Future Goals: Aiming for at least 10+ units in total by end of this years.

Always happy/excited to talk about RE

Always Looking for Small multi-families and partners

For Numbers Please Inbox me.

Cheers

Aditya Soma