All Forum Posts by: Andrei Opal

Hi everyone, looking for a professional opinion on purchase of 10plex in Kitchener. 

Sold History:

- March 2018 - Listed for $1.4M - property didn't sell, listing was terminated. 

- July 17, 2017 - $1.15M

- Aug 03, 2016 - $0.86M

- Listing information is below.

Owner cannot provide lease agreements, instead she gave rental applications (Trying to confirm those numbers);

- Gross income: ~$7000/months

2 commercial units and one residential unit are still vacant. 

Expenses: $37000/year. Which I think a bit low for that type of property. 

All units in a rough shape and need reno. No structural issues. 

My concern is that 3 of 7 tenants are ODSP and they live there for ever. I think the property is selling for the discount price because the landlord has a hard time to evict tenants for non payment which are financially covered under the government program. Also after 

My questions are:

- How difficult it would be to evict ODSP tenants for non payment?

- What other due diligence you would do before waiving the condition? 

- Is there a way to improve quality of the tenants in short term of 1-2years? 

- Is that a common practice to payoff tenants to move out? 

- Is anybody considered to purchase this property but decided to stay away? What was your concern? 

Thanks 

We are looking to develop a new apartment complex in Ontario. If you have any kind of experience to accomplish these type of project, please share. What was the most challenging during the process? What CAP rate you were looking to get (Difference above AVG in the area)? What step did you do to make sure the project has potential? Thank you

Has anybody used paid mentoring from Mike Ferry team? How was your experience? 

@Angela Russo Are you using FB to find motivated sellers (wholesaling)? 

hi everyone, how do you filter potential sellers? What information sellers should provide so you are interested in investing your time into a possible deal? Thanks

@Nick Ovington you just have to start to learn the business, don't overanalyze. Put a list of priorities and stick to it. And don't forget to be patient while investing in RE. 

@Claude Boiron, I didn't read your second book, but I read the first one, very informative. You are absolutely right about other factors which should be considered. Could you please PM your contact info and when is the best time for a phone call? 

Hi everyone! Can you please share your experience and thoughts on finding a brokerage to start a career as a new RE agent? Getting my license in a couple of month and now would like to find a great company to work for. Thanks

Hi Grame. You can rise rents only ones in 12 month. Today's cap, I believe, is 1.8%. If you want to go above that rate you should get an approval from landlord and tenan board (for example if your maintenance or property taxes go up). This all info is related to your existing tenant. If you have a vacant property you can market at any price you want. 

@Luc Boiron, @Sergey S. Thank you guys for clarification!