All Forum Posts by: Ryan Kenneth

Hey all,

Does anyone out there have a good accountant familiar with buy and hold investment properties? Bonus points if they are familiar with cash damming as well!

Ryan

Hey all,

A few months ago I bought a 3 unit out of province which means I'm now using a PM for the first time. They set me up with Buildium which shows a ledger with all the maintenance items they performed and how much it costed. As you can imagine deducting these maintenance and improvement items for my taxes is important. For my local rental house I have hard copies of all receipts in case CRA ever audits me.

Is this PM ledger sufficient enough for CRA? This is probably a question for an accountant but I've always filed my own taxes and thought I'd see what you guys are doing.

Hi Shiv,

I recently bought a 3 unit in Moncton and have GroundFloor to manage it. So far so good. I'd be happy to share insight from the purchase and market research I've done on the area.

Ryan

Hey Christopher, 

Making that first leap can be daunting,  I found the best way to minimize *some* of the mistakes is to analyze numerous properties before you pull the trigger.  I'd often find small details in the expense reports of properties that I was not offering on that would add context or help me ball park expenses that I couldn't track down exact numbers for on the property I eventually offered on. You have an advantage in that it sounds like you plan on investing in your backyard so you will be somewhat familiar with things there. Best of luck.

I understand your plight as I went through the same exercise trying to invest again in BC. I ended up going out of province and it has been liberating. More cash flow opportunities as well as provinces that are more landlord friendly. It takes some time to build out contacts, yes, but a good PM allows the investment to be a bit more passive for yourself. Good luck.

Hey all,

I've just bought a building in Moncton, NB that is heated by propane. There's a few different propane providers there and each one charges a different price per litre. I've found MPS and Superior so far. MPS seems to have a better rate. Does anyone out there have another provider they like with a good price?

Thanks

Ryan

Originally posted by @Mark Monro:

Hi Ryan, I just closed on triplex and Moncton and was looking for a property manager. I can across Sherry Lynn at Unique rental  management. She was very responsive and their prices seemed reasonable .

website

Thanks for the contact Mark!

@Chris Baxter, thank you! I will reach out to you message asap!
@Joseph Funk, thank you for asking your realtor for me!

Hey guys,

I've just bought a 2-2-2 triplex in Moncton NB. I live near Vancouver BC. The building needs work. Roof, some windows and one of the units needs some love. Ideally the PM I find could help manage and help me through a reno like this. Organizing subs from across the country is not an efficient use of my time so if a PM could help put together a reno plan with me that is ideal.

I'm looking to buy more buildings with more units there over the years so I'd really like to build a bridge with someone long term. Anyone have someone you think would be helpful here?

Thanks all!

Ryan

Guys,

This is my first post and I am over the moon to join this community so thank you for having me!

So, we rent out a 4 bedroom detached house about 45 mins outside of Vancouver, BC, Canada. It has two suites, an upper and a lower. We have 43% equity in it. Before it was a rental we lived there ourselves. During those years we gave it a lot of TLC. We didnt always plan for it to be an eventual rental so every improvement we made was done with the thinking that this may be our forever house and we wanted it to last.

When it was converted to a rental it cash flowed negative by $200 a month but I was ok with this because properties seem to appreciate endlessly in this market and the tenants would be paying down principal and honestly I was just so happy to be able to hold an investment property like this. In the 4 years since its become a rental house we've gotten it to cash flowing neutral and its value has appreciated at 4% per year. I know the house inside and out and have great tenants. Managing it could not be easier. The house is also centrally located and the lot is now zoned for two houses if a developer bought it for that purpose.

However, the rent is about $250 under market for the lower suite and there is a cap on how much it can increase per year to the point where we could never get that number up to where it should be unless that tenant moved out which they likely wont.

The more I hear about opening up new investment opportunities with cash flowing properties the more I'm considering selling it and using the profit to buy something that does actually cash flow. When I ran the numbers we could use the profit from the house sale to buy three, 2 bed, 2 bath condo's nearby. Each would cash flow about 4% ($400) per month. What scares me with condo's is the lack of control over choosing when to sink money into large building upgrades like roof and exterior as that is controlled by the strata (I think thats the same as HOA fees in the States). As well if the monthly strata fee rises due to insurance then my cash flow gets reduced a lot. Alternatively I've considered doing a refi on the house to pull out 100k to buy just one cash flowing condo but the cash flow I'd gain with the condo would only go to subsidizing the increased mortgage on the house and I'd be back to cash flow neutral again.

In short, the house is great for the safe long game but it seems to limit what we can do to really grow in the short term.

I'm very interested in what you guys think!

Ryan