All Forum Posts by: Chris Dittrick
Chris Dittrick has started 2 posts and replied 26 times.
Post: Tenant Payment Issues
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
Quote from @Tobi Ayanleke:
Quote from @Chris Dittrick:
What does your tenancy agreement specify regarding evictions due to non-payment? I would say something to the effect of "please note that the tenancy agreement requires payment in full, including late payment fees, by the x day of each month, otherwise eviction proceedings will be initiated." With that said I would call a lawyer for advisement first, and have them draft the letter.
Post: Tenant Payment Issues
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
What does your tenancy agreement specify regarding evictions due to non-payment? I would say something to the effect of "please note that the tenancy agreement requires payment in full, including late payment fees, by the x day of each month, otherwise eviction proceedings will be initiated." With that said I would call a lawyer for advisement first, and have them draft the letter.
Post: My first BRRRRR project
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
Originally posted by @Stevo Sun:
That's an amazing deal by Calgary standards. I purchased a property in 2021 for 295k and put about 30k into it (roof was 7k alone). It's only about 600 sqft and house was built in the 1940s. It required new flooring, paint, electrical, etc. It was a lot of work haha. I got a 5yr fixed mortgage on that thing and was wondering how I can unlock some equity. Have never done the refinance part before, can you get some equity out prior to mortgage term?Y
Yes you can but you will have to pay a fee which can be a few thousand dollars, depending on the specifics of your mortgage. You will also need an appraisal by your broker or bank and a lawyer to register the new mortgage on title.
Post: My first BRRRRR project
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
Congrats! Looks really great!
Post: Calgary Multi Family / Investor focused Realtor
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
NW and SW are generally "best" for property values and schools and such, but there are lots of good neighborhoods in all quadrants. I've lived in SE, SW, and NW and prefer the NW for access to amenities, traffic, access to the mountains, and parks. But there's a good chance people will tell you that their quadrant is the best, so take it with a grain of salt! (my recommendation included!)
BTW - you will be able to find duplexes in most areas, 3-4 units a little less commonly.
Post: Building in Joshua Tree
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
Originally posted by @Prasun Prakash:
Hello All,
I'm new to real estate investing. I had a question around building a short term rental. I have property in Joshua Tree and would like to build a place. My plan is to build a pre-fab and use is as a short term rental. Curious if anyone has any experience in building out short term rentals and if anyone has built in Joshua Tree. So far I have an idea of what I want to build and reached out to some architects to help me work through the process.
Thanks in advance,
Prasun
Hey Prasun, the Robuilt Youtube channel might be a good resource for you.
Post: Simple excel or cloud software
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
Originally posted by @Adam Wigdorski:
Someone will have the answer.
I own 32 units spread across 5 buildings
Some are in my name and some are in 2 llc’s
Was prepping for my taxes and the single spread sheet for each building is becoming a pain in the butt. Looking for cloud software but it’s a big fee because there’s so many add-ins I will never need. Anyone know of a single excel spreadsheet or cloud software where you can literally just type income or expense and the program does the rest and puts it in the right place on the summary sheet? Example
Rent on building 2 unit 2 was paid on 12/1. It auto adds to the gross income of that month to the right place on the summary page.
Same for expenses.
Paid 493 for building x on 12/1.
Hey Adam, DM me your email address and I'll send you the sheet I use to send to my accountant. Sounds very similar to what you are looking for.
Post: Looking to Appraise Multifamily Residential Edmonton Alberta
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
Wish I had something like that to help out! Good luck. I have found working with appraisers to be the biggest wild card, glad there are some investor friendly folks like yourself near by. :)
Post: Alberta Investing (calgary?)
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
If out of town, I'd follow the normal rules of thumb. Stick close to Universities (UofC, SAIT, Mt.Royal, Ambrose) and transit, or other specific attractions/amenities. If you want new construction, perhaps look at the new University District condos. They are cool and desireable, good location and new. There are a few other new build buildings around the schools, but you'd have to look at them individually for condo rules etc. For older properties that could use work, there are lots of options. Depends on your strategy.
Post: Garbage Bins for Secondary Suite
- Rental Property Investor
- Calgary, AB
- Posts 31
- Votes 10
I am not sure about Edmonton, but in Calgary I was able to by calling 311 and requesting a second set. With that said, my suites are legal and registered.
If it is not a legal suite I would certainly understand the city not providing a 2nd set.