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All Forum Posts by: Account Closed

Account Closed has started 1 posts and replied 302 times.

Post: Should "war zone" neighborhoods be avoided for first rental?

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233
If the goal is to save the princess, would you set off on your journey wearing flip flops and a t-shirt and plié straight through to the dragons lair and knock on the door or would you let Princess Kashmir sleep a little longer while you saved up for some armour and a sword? It’s a marathon, not a sprint. Chess, not checkers. Adopt an end game mentality.

Post: The idea of starting a low-cost Property Management Company

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233
I suspect the first time you work out your pay check to $3/ hr you’ll understand better

Post: rent out detached garage with separate lease.

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233
I do it all the time. I’m not allowed to legally in my area but everyone does. What I do: - NO driveway access for garage tenant. I give this to the house folks -UNplug the powered overhead door. -NO overhead remote given out (see previous) - digital deadbolt to man door - NONlocking knob for man door - manual sliding lock for overhead door My garages aren’t heated. It’s rented for storage only. Throw a LED bulb in there. look for someone storing a car or similar. No businesses. I get $125/ month for a dumpy single car. In the last 9 years I’ve had 0% vacancy for all 3 garages. Use a storage agreement, not a residential lease.

Post: How do I handle a rude neighbor?

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233
Sounds fair. I’ve said it before: there’s a continuum from Ned Flanders to Tony Soprano, begin accordingly,

Post: How do I handle a rude neighbor?

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233
Is the neighbour the owner or a tenant? Talk to the owner. “Hi there, I’m _____ your next door neighbour. Just wanted to let you know I’ll need the driveway left accessible for myself or my tenants in the future. Not even sure you knew that spot right over there wasn’t yours! Anyway, mistakes happen, I’m sure you understand where I’m coming from and it won’t happen again. Take care. Bye.” Done Don’t start off with a complaint. If all you got was “ok”... that’s not a conversation.

Post: Canada - 3 offer Strategy -

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233

If it's a low mortgage situation currently, why not see if he'd like to defer his capital gains a while and do some seller financing? maybe he doesn't need the full lump & would like some interest payments as opposed to giving half to CRA?

Lower number now, or higher number deferred. Two offers. Of course they're likely to come back at your high number and early close... There's a book by Russell Westcott that has a chapter about the benefits to the seller of owner financing.  I'd be tempted to just photocopy it or else summarize it (it's actually pretty concise) and present with the offer(s).  Don't count on a realtor knowing anything about it, and most likely, they'll think it's "shady" or similar if they're even remotely green. Do your own advocating, out west here 99% of realtors do 1% of the effort. 

Post: Canada - 3 offer Strategy -

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233
Did your break even numbers include the increased rent after renovation? I wouldn’t pay post renovated price if I had to fund the renovation myself and it was only break even after that. And I would absolutely use leverage.

Post: pet fee vs pet deposit - or both?

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233
Some jurisdictions allow one or the other, some both. Fee = income. No returns. (I add it to rent amount so there can be no arguments about “but my Fido didn’t even eat the baseboards!”) Deposit = might be kept, might not. Might get argued if it’s kept. The other benefit of just adding it to rent is that if the 4 ledger dies... it’s just rent. Doesn’t change.

Post: should I rent to a family with 4 dogs?

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233
Joe, thanks for the response, i think I may have been unclear when I responded to you. I wasn’t indicating breed x,y or z was killing as many (or more) humans than breed a,b, c. As you know, there are stats on that (some gathered from CNN/FOX, some from academic studies). I was indicating that academic studies have shown, there are breeds noticeably (enough to draw that conclusion by scientific evaluation,... not estimation or similar based off anecdotal evidence) more likely to bite (violence). Is a shitzu/ jack Russell likely to kill simply because it is likely to bite? Of course not. Again that’s just physics.

Post: should I rent to a family with 4 dogs?

Account ClosedPosted
  • Investor
  • Saskatchewan , Saskatchewan
  • Posts 311
  • Votes 233
Hi @ThomasS, Did you notice the method for the single stat source you’ve produced...? I’m guessing you didn’t dig that deep. They’ve stated: “U.S. dog bite fatality citations are primarily gathered through news reports at the time of the attack.” A brief poll of the 6 o’clock news is not even remotely scientific data. I’m hoping you knew that and just didn’t notice your source was an anti pitbull advocate group gathering date via embarrassingly non-scientific means. Have a read through Ryan Holiday’s book “Trust me, I’m Lying” sometime if you’d like to find out why! Please, continue if you’re able to produce legitimate research suggesting your point. I’m open to reading it!