All Forum Posts by: Account Closed

Is the building within a 20 minute drive?  Is it in a good enough location to attract decent tenants?  

If yes I would say self manage. I currently manage 15 SFH and don't find it difficult at all. With a good screening process, a good lease, and knowing your local tenancy laws you should be ok. You need to treat it like a business and take your responsibility seriously. It might not make sense if you have a high paying job and your time is worth $100/hour plus. Or if you get stressed easily and might neglect your tenants or property.

Good luck!

 Sorry I don't know what cap rate they use.  I would advise you to call them and ask how they calculate property value and how they use the rent roll.  Hopefully they are willing to help.

I own 6 mobile homes.  They make great rentals!  There are a few things I would watch out for though.  Personally, I don't really want to own anything older then 1990.  In my area, older houses just aren't built well.  You can end up spending a ton of money trying to extend there lifespan.  Newer Mobiles(modulars) in my area are build almost identical to regular houses.  They will have a similar lifespan, potentially longer if they are placed on steel piles.  I also wouldn't buy one where you don't own the land.  I know how they are built, which makes repairs really easy.  Location is still important.  If you can't find tenants it will be difficult. 

Good luck!

I know in our area, tax assessors can use an income based approach to value a property.  It's typically used for commercial properties.  They might be using it to assess the value of the Adu.  

I think everyone feels that way at some point.  Do you think owning the rentals will help you spend more time with your family in the future?  I go months without a day off and actually enjoy it.  I know what I am working towards.  The sacrifice now will pay off in the future.  Start by getting organized and trying to automate some of your payments.  It gets easier!

 I do work full time.  Fortunately I have flexible hours.  But I really only need that if there's something urgent which doesn't happen often.   What part is causing you the most headaches?

Try to take small steps to make things easier.  Set up automatic mortgage payments.  Make your utility payments automatic.   Make it easy for your tenants to send you money directly.  I manage 15 properties at the moment and find it fairly easy.  I do all the repairs and maintenance as well.  You don't need expensive programs or property managers to manage rentals.  All I use is a computer, printer, and my phone.  Try to keep everything organized.  Have a binder or folder for each property.   Put a copy of every expense and rent payment in the right folder.  I've been managing for almost 10 years.  It gets easier the longer you do it.  You'll find better systems.   Good luck!

It will be almost impossible to find a property that passes the 1% rule near Toronto.  I can get close in Alberta but the houses I buy are about 1/6 the average cost in Toronto.  

A lot of investors buy for appreciation in markets like Toronto or Vancouver.  You might be lucky just to find something that cashflows.  Good luck in your search!

That's really unfortunate.  Going to court can be time consuming and stressful.  It might not be worth your time to go to court.  If I was in this position I would keep the deposit, make the repairs, rent the house, and move on.  It could be a great learning experience going forward.  You might need to tweak your tenant screening process. 

Being a landlord isn't always easy.  Hopefully this doesn't make you stop investing in real estate.  Good luck!

I am buying in Edmonton and area.  High wages, high population growth, low housing costs compared to the rest of the country.  I think Alberta is a perfect place to be investing.  

I like to get at least a 10% return but I am willing to do renovations.  Turnkey houses typically get lower returns.  Go make some low offers at a price you'd be happy with.

Good luck!