All Forum Posts by: Anton Watt

@Account Closed The only way to deal with this is to be disciplined. Serve a notice every 21st if rent is not paid. Is there a way of getting an order for costs so that the tenant has to pay for this inconvenience? Is there a provision that repeated late payment constitutes grounds for an eviction? There is supposed to be something along these lines in Ontario but I have heard it takes some pretty extreme behavior before the Landlord and Tenant Board will authorise an eviction for this alone.

You could just try cash for keys. Offer a few hundred towards moving costs and say that their payment practices are no longer welcome at your property. This tenant is a headache and your time is better spent growing your business, not chasing irritants.

In Ontario you can serve a tenant with an N4 eviction notice but you do not have to pay the LTB until you file for an application to evict, and at that stage you have to pay $190. Is it a similar process in Quebec or do you have to pay even if just handing the tenant a form? This is worth thinking about.

When it's my wheelhouse (in Jax, and even moreso in one of the neighborhoods I know well) then definitely a total gut and rehab is ideal. Generally will allow for the most profit and no waste. I hate replacing things that are in good working condition but don't fit the style/quality of rehab. 

For investing long distance I can definitely see the benefit to minimal reno. 

@Anton Watt I agree with what @Jim Shepard has said here.  You really need to make sure she knows that you are looking out for her best interests and that you don't want her to bite off more than she can chew right now.  The last thing you want is for her to turn to other agents who may not be looking out for her interests and just looking at the dollar signs.

How long did it take for the first deal to close from when you started looking?  Maybe she is thinking a closing 3 months or so down the road for when the first one is wrapping up?

Best of luck.

Anton Watt I think you should be commended for thinking of your client and not just your commissions! That seems to be rare in the business world. I would suggest that you sit down with the investor and tell her you are trying to look out for her best interest. Let's get the first one rehabbed / rented and THEN consider the next investment. You want her to grow her business profitably with as few hassles as possible. Problems are going to occur so let's not compound them with multiple properties until you have the processes in place. Then tell her it is ultimately her decision and you will find her additional properties if that is what she decides.

rents go by market value, not rehab cost/size. The large rehab just allows me to buy at a deeper discount.

 a 4/2 in my area can rent for 900/month. I have found luck in buying 3/2 homes with a great room and converting them to a 4/2. 

I focus on single family rentals. 

The homes I have bought were all distress d properties. They have all been purchased to hold as rentals. I'm not sure the distinction between your two categories but rehab on my part has been focused on functionality and durability as opposed to looks. That's not to say repairs don't make a house look better but thick paint, cabinets, and flooring can make any house look great.

Anton Watt I prefer the larger rehabs as it weeds out the competition. To answer your question on financing, most fixers unless strictly cosmetic will not qualify for conventional financing. When using a hard money lender they'll lean on your experience and expertise with the larger projects.