All Forum Posts by: Dominic A.

Welcome, @Mark Amaral! 

I hate to offer the most boring advice here, but financial knowledge and security are going to be very important on your journey. My first step (which perhaps you've already taken) is to make sure you're "smart with money."

There are lots of different options for financing, and you'll need to find the one that is right for you. Just make sure you know what you plan to do with the money when you have it.

"it's no trick to make a lot of money, if all you want is to make a lot of money...."

If you're not personally budgeting, building an emergency fund (which you can later actually invest (in an intelligent manner) if you'd like/feel lucky) and clearing out "bad debt" you're could run into trouble.

Have a plan, have goals and don't be afraid to ask when you don't know the answer (especially your potential/future tenants, I learn new stuff during property viewings all the time).

Best of luck! I was about your age when I started ramping up to my first investment. Happy to chat if you have any questions or ideas you want to bounce off someone.

Sounds like you're doing great due diligence. If you haven't done it already, I would add an optional "social media accounts" field to the application. Most people won't fill it out, but those who do are often indicating they are serious and professional tenants with a genuine interest in your space.

I agree with @John Teachout that you're not able to turn them down solely based on social media. Particularly if they haven't provided it to you (benefit of the doubt, you never know what kind of fake or unflattering info/accounts are out there). If you believe there is good reason to take a closer look at the application, contact them with follow-up questions or consider other well-qualified applicants; I think you'd be ok to do so.

This is a professional relationship. 

You can't discriminate or base a decision on "hearsay," but you can certainly seek clarification and develop certainty in your ultimate decision.

@Stephen C Gates

Great advice here so far.

Either she is violating her lease terms.

OR

He is trespassing.

So she either takes responsibility and keeps him out of there.

OR

He his banned from the property because he is breaking in and posing a risk to the tenants, your property and himself.

Check with your local laws to be sure, but it should be pretty straightforward in terms of someone is doing something against the rules in your building. It’s either a tenancy violation enforceable with penalty and eviction OR it’s illegal behavior, enforceable by the appropriate authorities.

Really sorry your dealing with this; but I think you’re within your rights to shut it down. Just “be cool” and “firm” about it 😎

@Vanessa S.

Great replies so far 👍

This is a violation of the lease. Have a polite conversation about the violation and hand them a written notice (or follow up with a summary email if your state counts that as valid notice).

I can’t speak to your specific lease, but usually anyone who stays there longer than 3-5 days is technically supposed to be on the lease in some way. This is usually a grey area, and not something landlords enforce unless they have reason to, but you should make it clear (nicely) that the behavior of the guest constitutes reason to enforce such rules.

You are usually within rights to ban someone (who is not on the lease) from your property as well. Particularly if they pose a safety or health threat to other tenants or neighbors.

This doesn’t need to be (and shouldn’t become) a big issue; but proceeded with the knowledge that you have a few options and are within rights.

@Janelle Poushay

Hey Janelle, investor and property manager (mostly) focused on HRM. Primarily Multis, Single Family and Commercial. I spend LOTS of time on the Dartmouth side of the bridge.

Happy to help/chat if you have any questions or need assistance building your portfolio.

You’ve likely already discovered this, but the NS locals on BP are very helpful.

Good luck out there!

I'm in NS, so read the appropriate amount of bias into this. 

I think when you look at what @Chris Baxter has provided as well as the reply from @Roy Cleeves NS is well worth the look. 

• The costs are rising, but still low relative to other spots
• Landlord friendly (seems to be on track to stay that way)
• Huge demand for housing 

I'm optimistic about NL and NB; Saint John and Fredericton NB in particular are really pushing to do something...but it's taking a bit too long to get the engine running. Seems to municipal-level hiccups rather than provincial, but still something to keep an eye out for before investing.
Anecdotally, I managed property in Saint John that we ended up having to demolish as a result of municipal foot-dragging. Still a market I'd love to involved in on a larger scale, but the age of the buildings and population in the downtown there (and much of Atlantic Canada really) means you're making a risker bet. 

This may be a boom time for small-town living with great backyards though. Gotta think you'd find that in SK, QC, AB as well; all great options. 

Kudos to the contributors here! 

@Christopher Bebbington

@Christopher Bebbington

I’ve been investing for years and I’m in the same boat with (and possibly bidding against 😬) you.

I’m averaging about 3 offers a week and still getting beat out at the last minute (...it’s possible I’m too cheap though lol).

I agree with the above notes that waiting it out might be a mistake. I wish the market was going to cool long enough for a few great deals but it might be a long time, maybe never.

My suggestion is decided what your willing and able to offer; and just keep going until it works out. You don’t want to go bust paying more than the property is worth to you (and make no mistake, some investors may have plans for the that make it far more valuable to them..just means it wasn’t the right spot for you).

It can be a lot of work and stressful at times, but the rule I was taught when starting out is “don’t get emotional about real estate.” Just keep going along, keep your head steady and eventually you’ll connect with the right deal.

Reaching out on BiggerPockets is a great first step.

@Hilary Graves I’ve seen a few different approaches, the best option seems to be a free application with consent to run a background check etc. later.

If they’re not willing to apply for free, they’re disqualified; but if the turn down a paid application..they might just be smart/careful with money.

Depends on how hot the market is I suppose, but free application is my vote. Give me a dm if you want some recommendations for great free applications that will actually “convert” (get filled out and submitted).