All Forum Posts by: Cory Lucas

@Michael Plante good stuff, much appreciated! Thanks for taking the time

Just had an offer accepted on a new property that I will be implementing the BRRRR strategy on. I'm curious what everyone else does to help try and keep their property secure while you're working on it? I'm thinking on getting some trail cameras? Thoughts or other strategies are appreciated 

Congrats on looking to get going, I think you're in just about the best place possible to get going. 

~Podcasts are invaluable, I haven't listened to the Rookie Podcast personally, but that is a new podcast BP has going that would likely be a great place to "start." 

~Here on the website the forums are great for getting questions answered, under the education tab they have a ton of stuff, from webinars, to videos, to reading material. 

~I highly encourage the Guides section under there. Pick up books on the topic as well, realize it's a process and look to educate the crap out of yourself, I recommend a year to educate and while you're doing so you can start implementing processes and putting things in place to where once you're ready you can hit the ground running! Best of luck and happy investing

@John Alosio most definitely agreed. We just had our appointment with our tax guy this past week, so we’ll see. He came highly recommended from a mutual friend who’s in the landlord game herself

Anyone else have any other input? I’d really like some other insight on the wood everyone else does.

@Stephen Schoon from everything you said it sounds like you will have much less headaches if you receive the property vacant. To me you are questioning too many things with having it occupied and it sounds like it’s just creating more headaches for you in my opinion.

@John Alosio definitely appreciate the help and insight. Great tips, thanks for taking the time to respond

Hey BP, curious how others handle their appliances?

I have 3 units total, started last March and have now had 2 refrigerator issues, costing me $730 total. First refrigerator broke down and was such a foreign brand no one would service it, so I just bought another used one for $175. Second one was used when I bought it as well to move into the 3rd unit I have when I finished the rehab on it and now 3 months later the control board went out and a fan, costing me $555

So my thoughts are, lesson learned, but what’s my solution to keep tenants happy yet not bankrupt myself on appliance repairs?

~Buy new when I need to replace and/or when I rehab a property

~Put something in my lease for repairs to appliances? First $100 is on the tenant or they’re able to use the appliances provided, but if they breakdown it’s up to them to fix or replace?

I do have a clause that says damage or neglect I’m not responsible, but nothing really speaking specifically to general wear and tear breakdowns like I had

Thank you in advance for feedback

@Kate Pasinelli congrats! I use Cozy, only have 3 doors at the moment myself, but Cozy is free to Landlords and reports to credit companies for your tenants benefit, helps build their credit score. I’m unfamiliar with Canada though as to their economics as to if our credit agencies are the same or not.

As for first things you should do, did you inherit tenants? If so make sure to reach out to them as soon as possible. Hope that little bit is helpful, happy Landlording! Happy to help however I can

@Chris Herrera good advice. Really appreciate the insight