All Forum Posts by: Brendon McNaughton

I am curious to learn more about buying and developing Ontario Tax Sale properties. 

Has anyone here successfully bought a Tax Sale property in Ontario? 

Are there any other websites or resources beyond these to find Tax Sale properties? https://www.ontariotaxsales.ca https://surplusproperty.ca/ 

Are these websites legit? 

Should I have my lawyer do a title search prior to bidding? 

Outside of not winning the bid, what are some other challenges or considerations to keep in mind when purchasing Tax Sale properties? 

Thanks in advance to anyone who answers or shares their experience! 

Hey Matt, 

I run a vacation rental property management company. I use Hostaway for my PMS and am transitioning to Guesty currently. Even with a highly automated PMS I still see a need for a VA. It looks like you've found a good VA service that checks a lot of boxes for STRs. You are definitely on the right track with looking to build the team so you can continue to grow. Test them out, if they aren't good try another option until you find the right fit.

Thanks! 

Update, I reached out to a handful of insurance brokers and found one that could provide insurance for the property while doing short term rentals. 

Insurance problem solved! 

Hey Vince! 

I haven't worked with this property management group but I've heard them come up in a lot of BP forms and have chatted with some investors that work with them and liked them. I was in Moncton NB last week driving by properties and their signs were everywhere. Covers most Southern NB and apparently are pushing into NS. Canada Homes For Rent.

Website:

https://chfr.ca/

Podcast with owner: 

https://sarahlarbi.com/tag/can...

Hey BPers,

I am managing vacation rental / Air Bnb properties in Muskoka, Ontario. One property has the $1m damage and $1m liability provided through Air Bnb and the basic property insurance. The owner let their insurance company know about them starting to do rentals. The insurance provider said they won't cover them if they do short term rentals. 

Should the owner expect that insurance for a vacation rental property will be more expensive relative to the insurance they had on the property when it wasn't being rented? Do insurance companies consider Air Bnb provides $1m liability and $1m damage coverage when renters are there? 

Can anyone recommend a good insurance broker or company that will insure Air Bnb/ vacation rental properties in Muskoka, Ontario? 

Thanks in advance!

Best,

Brendon

@Melanie Dupuis thanks for the tip! I was keeping my numbers to myself... I realize that I should have shared them with the seller, asked for a VTB, and tried to line up private capital to make up the difference. Learning lots. 

Do you mind sharing the name of the Property Management company you worked with? 

@Melanie Dupuis I was hitting a dead end trying to finance a STR deal through my mortgage broker. I thought JVs might be a path forward.