All Forum Posts by: Ryan Kirk

Jacob Perez is right - a lot of US advice does not apply. For example, you can't legally collect a damage deposit in Ontario. I also filter heavily using kijiji. I tell people that job letter, income verification & credit checks will be done. That prevents a lot of people from even contacting me. I also ask the same questions as Jacob, and it's incredible how the need to answer a handful of questions filters 70% of those who inquire. Creditkarma is a simple website where anyone can get a credit check in minutes, and for free. No excuse not to require this anymore. A more thorough service is available for a reasonable fee (can be passed on to tenants) through naborly.com You also need a solid lease, and a working knowledge of the Landlord & Tenants board procedures. Best tip for problem tenants...Act Fast. Time is not on your side as an Ontario landlord, so don't delay any steps in the process. Good luck!

@Dallin D. Hutchinson - I lived on the Sunny Coast for 7 years!  Amazing country.  

I've got the same question as you...I've wondered about scaling, but so far have been content to just grow very slowly.  But I'd also like to have a nice passive cash flow built up to make the transition back 'home' smoother.  

I'll be following this thread to see if anyone has some wisdom to share!  

One of the benefits of investing from overseas is that it FORCES you to value your time.  I was visiting Canada this summer and dropped by one of our latest projects to check the progress...ended up making 2 trips to the hardware store, installing a blind, kitchen cabinet hardware, weeding the garden, mopping floors...I was there for hours!  While it's great to get to know the contractor and to chip in with a mild amount of sweat equity - I can see how easy it would be to use a LOT of time on tasks that don't really affect the bottom line much.  

Living abroad has forced me to rely on contractors & property managers, and to work ON the business, rather than just IN the business.  

I'm from Canada and invest there, (bought 1 SFH the last 3 years in a row & converted them to duplexes), but I do it all from Morocco! Never miss a podcast & enjoy the blogs & forums too. If there's a meet up in Seoul, maybe I should start one in Casablanca!?

Congrats Jacob Perez - that arrest may have saved your bacon! And bonus she didn't leave the place a pig sty! (See what I did there?)

Which payment option will have the greatest impact on your relationship (whether positive or negative): $/hr or % of profits? Relationships are more important than money. I'd go with the %. The hourly rate can lead to micromanagement and tension. If you go by the job site and things look the same as 2 weeks ago, yet your Dad invoices you for 40 hrs...you may be skeptical, or question whether he's efficient. This can damage the rel'p. The % also aligns your interests, whereas hourly rates can reward inefficiency. And as you said, he doesn't need an income.

Thanks Kendra P. ! Do you find it difficult to explain what you are contributing to the deal? Do money partners value the 'managing the manager' enough to give up 50% of the profits? What have you done to educate money partners on the value you, as the real estate expert, bring to the table?

Is it common to have management fees as an EXPENSE in a joint venture, or is it common for one partner to put up the money, and the other to oversee the management 'for free'? I'm working on JVs that require a big renovation to get the property into rental shape, but after the property is cash-flowing & the renos done...am I expected to just keep managing things myself as my contribution to the deal, or can it be hired out, leaving me to 'manage the manager' and communicate with the money partner?

Just an update...I'm working with Paul Engelman & Clinton Dochuk to get the permits with the plans Clinton drew up. So far so good

I'm organizing a joint venture with 5 partners to purchase a single-family home outside the GTA. 2 will qualify for the mortgage (personally) and have their names on title. The rest of us will sign a trust agreement that outlines our interest in the property. Anyone in Canada done a deal that was structured like this? My lawyer & mortgage broker assure me this is commonplace & secure, but it's a brand new concept to me. Any advice, tips, warnings, resources? Thanks!