All Forum Posts by: Laura Harris
Laura Harris has started 5 posts and replied 11 times.
Post: Selling property In a year
- Posts 11
- Votes 0
The lease ends Dec 2024 and no I am not exiting completely, just this property, flippers before me did a lot of damage to the property that was well hidden and poorly patched.However, I know what to look out for, for the next.
Post: Selling property In a year
- Posts 11
- Votes 0
Thank you Kiernan, I am going to organize a visit to the house probably mid year, but start budgeting from now for some of these items. Do you think I should start making the repairs starting this year or wait for once the tenants have left ?
Post: Selling property In a year
- Posts 11
- Votes 0
Hi All,
I am gearing up to sell my rental property at the beginning of 2025. To preface, this is my first rental property purchase and unfortunately, I realized halfway into owning the home, that the home is way too old, with many problems left behind by the flipper who tried to cheaply fix a lot of the issues. So the home is costing me way and the returns can't even cover the expenses. I currently have tenants but during this year I would like to start making small improvements and gearing up for the sale. What advice can anyone give on what can be done? during this time and also next year once my tenants move out ?
Post: Permits to turn a basement into a legal suite in Windsor Ontario
- Posts 11
- Votes 0
Hi All,
I was wondering how difficult it is to get permits in the city of Windsor to convert a basement into a legal basement suite to put up for rent. Overall all the properties I have seen have basement suites but none are legal suites and are all being rented out. Is the city of Windsor more relaxed with this law? Any advice would be helpful. There is one property right now that I want to put an offer down for that has a renovated basement with 6 ft ceilings however there are sections that are under the required height limit for some duct work. I am not looking to do any underpinning as it will be very costly. Any advice would be helpful
Post: How to make a Legal Basement Suite in Windsor,Ontario
- Posts 11
- Votes 0
Hi All,
I was wondering how difficult it is to get permits in the city of Windsor to convert a basement into a legal basement suite to put up for rent. Overall all the properties I have seen have basement suites but none are legal suites and are all being rented out. Is the city of Windsor more relaxed with this law? Any advice would be helpful. There is one property right now that I want to put an offer down for that has a renovated basement with 6 ft ceilings however there are sections that are under the required for very very small portions of the house. I am not looking to do any underpinning as it will be very costly. Any advise would be helpful
Post: Searching for Mentor who specializes in multi-family investments
- Posts 11
- Votes 0
Thank you Leo for the advice. I will definitely take some time to evaluate what kind of advantages I could bring to the table for another seasoned Investor as I go through my learning journey. I had not thought about those questions you posed and will definitely put more things into perspective.
Post: Tips for purchasing Investment property in Montreal ?
- Posts 11
- Votes 0
Quote from @Alex Fajardo:
Hi, we've only lived here for 3 years and only have a Triplex on the island. But in my experience, most plexes, and even some condos, are very old, with minimal renovations, often foundational issues, and not really up to code. So I'd be particularly pessimistic about your renovation numbers so that you have room for unexpected expenses. I believe some areas still have a lot of potential for appreciation. As far as I can see, cash flowing is only possible with optimization. If you have no previous experience doing renovations, I'd try to find a place that feels a bit safer in that regard. There are other cities near Montreal where a cash flow positive is possible, but they have other risks. Rental rights strongly favor the renter, so I'd really try to learn as much about it as possible, to understand the risks and opportunities, and to better prepare for them. That being said, Montreal is a great city with a lot of students and young professionals, so it's relatively easy to find good tenants provided you're well connected to a subway.
Hmm yeah that's what I was observing when I was trying to study the market and looked at property. I am not very well experienced with renovations so maybe that's not the right market at this time.I was considering maybe switching over to Quebec city.Where the prices are much lower for the properties and I have more room for renovation and positive cash flow.
Post: Searching for Mentor who specializes in multi-family investments
- Posts 11
- Votes 0
Quote from @Nathan Gesner:
Quote from @Laura Harris:
Sarita is correct. You need to network with investors in our local area, build relationships, and then seek a mentorship from someone you know, like, and trust.
Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.
Post: Searching for Mentor who specializes in multi-family investments
- Posts 11
- Votes 0
Quote from @Sarita Scherpereel:
Hi @Laura Harris I always recommend that anyone getting started attend in person meet ups. It's a great way to become more knowledgeable on your local investors and create your team while you're getting started. You get to meet a lot of people at once....which is wonderful for finding the RIGHT mentor! BiggerPockets has a section just for this, Under the NETWORK tab- Meet up. https://www.biggerpockets.com/...
Best of luck!
Thank you for the advise will definitely check it out! Looks like I might have to do some external searches since I'm not seeing much out there on that link specific to Canada.
Post: Searching for Mentor who specializes in multi-family investments
- Posts 11
- Votes 0
Hi All,
I am currently a first-time home buyer/investor and I am looking for someone who would be willing to mentor or provide general advice towards getting me into the multi-family market( Maybe meet once a month). Unfortunately, I do not have anyone in the space to who I can ask general questions or concerns and family is out of the question sadly.
Some information:
1. I myself have been doing a lot of research and have been reading through the forums and the guides on bigger pockets.
2. I have general target prices in mind and have filled out a rental analysis and deal evaluation spreadsheet I found on this forum.
3. I am located in Canada and looking to purchase my first property within Canada.
4. Mentor can be located anywhere not too picky.