All Forum Posts by: Thomas S.

Return wise, when I do renovations, I expect the additional rent to pay back the reno costs in two years or less. A $5K reno expense would require a rent increase of a minimum $210/month. IF the numbers don't work I don't spend the money.

You need to study your provincial codes for the answers unless someone operating in Quebec responds. In Ontario we can evict if we have a building permit to do extensive work.

You will need to check with the city/building inspector to determine your options first. I personally would only reno to add additional living space and leave the rest as is. You can convert to a third rental down the road if that day ever comes. For now I would not waste the money if you are not renting it out. That day may never come.

I paint the cabinets to bring them into this century and install laminate counters in light colours. I never use solid or granite in a rental, waste of money. Stay with laminate counters, very affordable and quick/easy to replace. Once you paint the cabinets you can do as you please with the floors. I prefer lighter colours

Todd Powell I am in a similar position as you except I retired 10 years ago. My guess is you are not really looking for change. I also flip and 100% self manage 30+ doors. I do 100% of all repair/renovation work. I do it because I am a workaholic and love it. Tenants die, they come and go and there are weeks when I put in very long days. 12-15 hr days are not uncommon. I am not interested in "scaling up" since I have all the income I need already and I am not looking for help or relief. Unlike you I am not interested in pay off my properties. I am hoarding my income and diverting it into passive investments instead. My properties are all highly leveraged. I expect my money to earn it's keep which it can never do locked up in real estate. I will not stop till I sell everything which I plan on doing in the next few years. As long as I own rentals and flip the only way for me, or you, to slow down is to stop cold turkey and enjoy life outside of working. You would benefit from diverting your money away from paying off your properties and put it to work for you. Parking it in real estate is not investing. If you truly want to retire you will need to sell everything.

There are certain breeds of dogs that are very owner protective, others that have a history of being incontrollable. Pits are representative of high risk "breads" of dogs. Regardless of the owner they are a higher risk, not so much from the risk of attack, more for the extent of damage they can inflict. Small dogs are notorious for biting but are unlikely to take you down and rip out your throat. I grew up with German shepherds as pets, had one of my own as a adult. Highly intelligent, easily controllable, great pets. Extremely loyal and protect of their owner/family. I would never trust any of our dogs with strangers. I would never rent to anyone with what is considered a high risk dog for that reason. Pits fall into that category. I do not allow pets. If I did I would discriminate. What I do not understand is why anyone else cares what others do. It's no one else's business who does and does not like pits. If you are a tenant expect to be discriminated against. If you do not like it either don't have pits or find a landlord that likes pits. Personally I think any tenant that owns a pet is placing themselves intentionally in a position to be discriminated against. Get over yourself pit owners.

What is the normal cap rate for commercial in the area.

If there is nothing in the divorce decree forcing you to refinance or sell at her request tell her to pound sand. If you are not forced by the degree tell her no. Second option would be to sell now, split the money, and get her out of your life. There is no logic in giving her 40K and you paying it back, with interest.

With tenants like this my response is always the same, "I'll take a look next time I am at the property. I never respond to any other contact from the tenant on the issue. I do not bother making any special trips to the property and do not hire contractors. Respond to first e-mail, do not respond to any follow up e-mails from the tenant, basically ignore all requests and complaints from that tenant. Complaints always get the same response …. You are free to leave.

Step one is to get a copy of your state landlord tenant regulations. You need to learn the codes and will find most answers. You should be able to find the regulations on line. After you read through them come back for clarification if needed.