All Forum Posts by: Account Closed

@Anthony Wick

Not through the ORT for my area yet. Where I’m at, I’m responsible to advertise and TRY to re-rent. I do not have to accept just any applicant. That’s what I have done, advertise and if it take 6-8 weeks before I’m satisfied with an applicant they are legally required to pay rent until I do. And if for some reason that took 6 months, same story. Though again, if it were challenged the ORT which is highly biased towards tenants would likely say that was unreasonable and let them out of their legal obligation early no matter what the reason was that they broke the agreement. Essentially, where I am, if they goes to a hearing, I assume $0 coming my way... anything on top of that is gravy. The wording of the clause gives me the chance to be the “good guy” and relax the lease agreement IF a suitable candidate can be found.

For my 30th birthday I designed a “retirement” plan for myself through real estate. Approaching 39 I’ve exceeded my target by a few years. (Keeping in mind that my “retirement” just means I’ll work at doing whatever I want for as long as I want until I don’t enjoy it anymore)

@Zaher Muhareb

I do suited bilevel/ splits 3 up 2 down double detached garage on subdivisible lots. I buy under maintained/ under renovated but not abused properties in areas that have already started the upswing. Then I get rid of the ugly. I target pet owners specifically and renovate accordingly. My target demographic is last 3 years of undergrad -> grad school -> first 3 years of working life while they save for a downpayment. That’s what I do. And I do it really damn well. And that’s all I do.

@Michael King

Definitely not all take. Just think of it this way: if everyone stays 2/3 the lease your turnover costs just went up 1/3. While I don’t lack compassion, I also don’t run a charity. If they choose to break a legal agreement I choose to pass those costs on to them and part ways as “friends”.

I openly tax people for a pain in my rear. I explain all those scenarios up front. $500 for REQUEST to end lease before agreed upon time. That’s how my clause reads. You ask, you pay. I may or may not grant it. In all cases so far I have listed it for rent, told them to keep the place spotless, showed it and rented it fairly quickly. Assess damage deposit as normal. And I don’t even get it online until they pay me the $500.. I learned that after one tenant decided to stay after I’d already had showings and started qualifying people.

Start with this:

Real Estate Investing in Canada: Creating Wealth with the ACRE System https://www.amazon.ca/dp/0470158891/ref=cm_sw_r_cp_api_i_WRqKDbQ5GMJV0

Then this:

97 Tips for Canadian Real Estate Investors 2.0 https://www.amazon.ca/dp/0470963638/ref=cm_sw_r_cp_api_i_tSqKDbS75RAZT

Then go absorb everything you can on the myreinspace forum. It’s Canadian based. I hold a silver pin from them it am in no way associated with the organization.

Lots of CO’s doing this locally where I am. However it’s in smaller towns where the local admin is much more apt to be accepting of ugly crap. Half mile from me there are ~50. And basically every single boat / rv storage facility has added these in my area. Local guy I know ran a contract worker “hotel” with ~60 units (30 cans/2) for a couple years during a $4B power plant project. I’ve thought of adding it to the back of my lot at one place but just a single 40’ can divided into 4 (10x10) units with the roll up doors facing the alley along the fence line. I’m positive I would get shut down but I suspect it would’ve more than paid for itself before I did.

In some cases it may be a quick way to build out a mini storage property that has yet to be optimized.

@Adam Vadnais

Buy and hold is actually entirely favourable in certain pockets in Canada, not so much cold lake at the moment but Edmonton and Saskatoon are earning 18%+ roi annually regularly for investors including myself.

That said, pop over to the myreinspace forum and check out BDO’s blog on investing down south, lots of good info in both places.

@Navroze Phiroz

As long as the reminders and notices state exactly what is going to happen you may be fine. Something along the lines of “you will be deemed to have abandoned the unit and any/all items may be sold or disposed of immediately at your expense..” etc

@Navroze Phiroz

Document contact attempts very well. If you have a mailing address send them something signature required with a deadline.