All Forum Posts by: James Ma

Ugh really sad to see these pics and sorry this happened to you. COVID definitely was a tough bad luck situation to deal with too... Does your PM not inspect the property? It's usually easy to catch when you have druggies living in your places or something doesn't feel right if someone checks up on the place and looks into each room.

I usually inspect my properties once a quarter and the month after the tenants first move-in. COVID had changed that though since we aren't allowed access now where I live, but I'm hopeful my tenants are still looking after the place

You chose to rent to someone and you don't have a right to tell them what to do with their home. You don't have to teach them your air bnb tactics if you dont want to. It sounds like you're really more concerned about them being competition to you and not listing on your account either.

In my view, you're a bit offside by getting annoyed that they are competing with you in the air bnb market when it really doesn't have anything to do with you choosing to rent a property to someone. They don't have to disclose that information to you when renting nor do they need to inform you of their business ventures

Great to see so many fellow BC investors here! It's definitely hard to find good cashflow properties in BC and Ont but there are some close to the major cities where people typically like to buy - just look maybe an hour drive out from the major cities and you can usually find some cashflowing properties which I like the best since it mitigates your risk. They may not bring in too much cashflow though compared to US properties, but at least will cover mortgages and expenses when occupied so even if the value of the home drops, there isn't much concern as long as rents stay up (which they have even in COVID and a slowed recent market).

I also like there's much greater appreciation potential in these provinces than in other provincess

It was a stupid publicity stunt. To be pretend bankrupt after laying off his own employees and when he has investors that probably were stressed out about it... also pretty insensitive considering many business owners and citizens are struggling with their own financial troubles and makes light of it a bit by saying just kiddin I am still rich!

Scummy tactic and wouldn't invest with him to make him more money. Plenty of other people or ways to get rich without working with people who like to dip into the unethical side of things.

Yes received all (6/6)! b properties in bc,canada 

Canadian banks have indicated to reach out if impacted by COVID-19 and they can provide up to 6 months of mortgage payment relief. Hope you all get the same treatment in the US soon

I played high stakes poker for a long time, did well over the years before getting into a regular lifestyle and real estate investing and I see a lot of similarities to poker strategy with real estate. Some players play every hand they can where they think they have an edge and capitalize by pushing thin edges in poker which leads to more risk and volatility but should yield more returns in the long run. Other players will play more conservative and pick and choose their spots to play in and grind out a steady profit albeit a likely lesser return.

Same principles go into real estate - there are people that are leveraged to the max (and lets assume they're making good investments which is a big if), they're pushing thinner edges with more risk to get the maximum returns. Others are happy to make more conservative plays and make a tidy return with less volatility but likely not maximizing their potential gains. Neither strategy is wrong, both have their pros and cons, and just depends on the person.

There is one famous lesson that always stuck out from my poker days which was to always leave yourself with outs - that is having a way to win even in a non-ideal situation.

I don't think you need to disclose that you're looking to flip, you just need to select the mortgage that is appropriate for a flip. It really shouldn't be financed as a primary residence if its an investment property.

As long as your income and the property value supports the mortgage amount, the lender should be comfortable. Downpayment doesn't usually mean a lot as banks are more focused on income although a larger than 20% downpayment does help. You haven't really disclosed any numbers but I'm guessing your income doesn't justify the amount you're looking to get from the lender or you disclosed information that turned the bank off from offering a loan.

If its the first time the rent has been delayed, I would just send a friendly text or email whichever way you normally communicate and remind them politely.

" Hi I understand that you're having a new baby congrats! I'm sure things are probably crazy but just wanted to remind you that the rent has not been paid for this month. Are you able to please find some time to send it tomorrow?"

Maybe they just forgot and will pay you. If they're unable to due to the baby expenses, then I would follow through with the same procedures as any other tenant who is not paying rent.