All Forum Posts by: Paul MacInnis

@Roy N. - as usual - great advice!  I will ask her......she's very honest with me!   

@Roy N.@Account Closed - this is an fascinating thread.......thank you for the thoughts.  I have wondered about how to get into the whole idea of lending.  I love the broker i work with - so I'm going to speak to her.

I had a triplex where all units were on oil. I rewired the bottom 2 units for electric heat and added 2 new metres so that tenants all paid their own. It was 11k to do the job but I'm beyond happy that I did it. Tenants all pay their own utilities now and the upgrades will soon pay for themselves (I was getting destroyed by the oil bills). The value add was also reflected in a recent appraisal.

would you try and sell the lot or just hold onto it?

Roy,

Really interesting.  I love that you know the properties in Windsor!!!

Actually, I'm trying to close a deal on another 5-unit place (without the insurance $ involved) on Gray (not the Dr house).

Perhaps I should just use the insurance money for that.

I agree with your costing as well - in fact I've looked at almost as high as $140 per sq ft.

The zoning varies - my lot is R2 but the 4-units that weren't there were grand fathered in and I can replace the 4 units.  You certainly have me thinking else wise now!

Hi Roy. Thanks for the thoughts! I was leaning towards building simply because I wanted to 'max out' what the insurance company would give. The markets aren't hot per se, well Falmouth is to be honest....but I haven't yet been presented with the options of how much insurance is willing to pay out for A. The rebuild and B. The cash out. So you would simply take the money and put towards something else? Roy N.

Hi all,

I recently had one of my properties burn down.   No people were hurt (thank God) but the house is pegged for demoliton.

Now, i'm in an interesting spot.  I can decide to rebuild or to 'cash out' and just own the land.  It was a 4-unit building and i'm allowed to put back a 4-unit building.

I have started discussions with the Nova Scotia Housing Authority regarding getting grants for building affordable housing.   

4 units is as low as they'll go but they'll fund up to 25k per unit.   

I have to agree to rent the units at slightly below market value........FOR 15 YEARS.   

Has anynone ever gone through this process?  Used these types of affordable housing grants - and specifically for new developments?

Thanks in advance!

welcome Tony!!   I'm from the east coast but my folks live in Milton!   That's a hot market these days!  

Welcome!! Great resource here at BP! Where are you from in Canada? How did you decide to start investing in KC?

@Myles Strong - welcome to BP!!  Great place with great people and info!!!

I'm from Nova Scotia!