All Forum Posts by: Ryan Kenneth

Hey all,  I'm currently shopping for my first business bank account (chequing) in Canada and the first thing I see is that most of them are $20/$30 per month.

Do you guys have accounts you're happy with that are preferably on the cheaper side?  

Fair point Anthony.  Thanks, Bill for the insight also.  I will try track down an ISP provider to find out whos responsibly the service calls fall on and evaluate if it's worth it from there. 

Making service/ house calls could indeed be a pain.  Though wouldn't that be the responsibility of the property manager or the ISP ?

I'm considering providing wifi for the tenants in my 12 unit building in NB. The plan would be to charge a fee that would be cheaper than what the tenant would otherwise pay but with enough margin to make to worth it for me.

I've yet to find anyone whos actually done it successfully, nor did I have much luck finding info online so I wondered if anyone here has. 

Curious to hear your guys experience or thoughts. 

Ryan

Originally posted by @Tyler Stiller:

Anyone looking to invest there should be talking to 

@Jordan Perry he invests there, and can can get funding there. He knows the area, the good deals, and also has a team of property managers and contractors out there. He is a mortgage broker in ontario and out east. 

I second this advice.

@Jordan Perry is easily the most important part of our group. Amazing insight and he brings solutions to solve problems.  

Hey all, 

Up until now our rental properties were held in our name. As I'm scaling to larger buildings (we do buy and hold) I now want to incorporate for the tax savings and protection. I'm still very much a rookie when it comes to understanding how to fully leverage corporations. We'll ideally be acquiring a 10-16 unit building this year which I plan on putting in a corp. My accountant asked me if I also wanted an umbrella corp that houses the 10-16 unit corp.  My filing and monthly accountant retainer fees would nearly double so I wanted to ask you guys is the umbrella corp worth it?

Ryan

Chris, thank you for the insight on this! That helps a whole heckuva lot. 

Huong, that is a very useful formula. I will definitely take note. 

You two are like batman to the bat signal on this forum! Much appreciated.

Hey Canadian BP'ers,
I need help penciling in expenses as a best guess before potentially making an offer on a building in Moncton NB that is larger than I've owned in the past. I have yet to walk the building (I've seen some pics and it looks decent inside) nor do I have details yet that insurance brokers typically ask for.

The building:
-14 unit, brick exterior, 70-80 years old, older wooden windows, hot water rad heating

Expenses I need help with:

Insurance:

Cleaning:

Garbage removal:

Hot water rad heating:

Hoping to leverage your guys and gals experience on this one to get a rough idea.

Thanks!

Ryan

As Roy mentioned, reaching out to a realtor is the best way to start. It shouldn't take much convincing to get them to add you to a weekly auto email showing the last 7 days worth of solds of your ideal property type/ neighborhood. You can get a very detailed idea from that comp data based on bedroom count, square footage etc.

Manitoba may also have an online property assessment page like BC does that shows recent sales.

good luck

@Roy Cleeves, I appreciate this! I had a look at his profile and he seems a great fit. I'll try reach him after the weekend.