All Forum Posts by: Theresa Harris

I wouldn't do it unless you want points on the CC and even then, probably not worth the fee.

As others said, blinds can be charged, but those should have been noticeable when you did the move out inspection.  The oven may not have been.  How old is the oven?  that could be normal wear and tear.

 Yes but you have to ask for it and document things. Don't assume that the courts will ask.

Appreciation happens over time and is not guaranteed or consistent, and much lower on cheaper homes. Lower end homes often attract lower quality tenants and have higher turnover (rates and costs).

I had a property I bought a long time ago, but 3 years after I bought it, it was worth less than I bought it for. I held on to it long term and its value jumped in spurts.  Eventually I sold it for about 2.5x what I paid for it.

Talk to animal control as they will have ideas.  Basically you need to prevent them from getting on the roof eg trim any branches they can use to climb up and get on the roof.  Also find out how they are getting in and block that...once they are out.

 It may seem better, but factor in damages, wear and tear, etc and it might be better to sell.  You have to think longer term.  Not sure how long you owned the home, but it is great that your new company is willing to cover a lot of the expenses.  I wouldn't recommend buying a home unless you know you will be in the area for several years (eg 5+).  Yes life happens, but sometimes you know a situation is only temporary.

 If she can get a loan to cover what she would have to pay her ex, then she'd also need to get roommates or something to help her with the mortgage payments.  But honestly if she can barely make mortgage payments on a home they bought for $350K, will she be able to do payments on another $100K which is what she'd need to buy him about.

She should also get a lawyer because if she's the one who has been doing all of the payments on the home for the last 2 years, then she needs to make sure she gets some of that money back when they sell it (ie not 50:50 until she's taken her bit out for the last 2 years of mortgage payments and property taxes, etc).

I don't do commercial properties, but I'd have started earlier and when buying properties, bought more single family homes and when I did buy a condo, buy a higher end one.  With single family homes, you don't have to deal with condo fees and appreciation is better.  With lower end condos, they don't appreciate as quickly.  When I look at how housing prices have changed over a relatively short period of time, I am so glad I bought when I did because I'm not sure I could do what I did 10-15 years ago now.  Also remember rents do go up, so if something has marginal cash flow now, that may not be the same case 5-10 years down the road.

It is good that you are thinking about this now.  Start by going to a bank and seeing how much of a loan you qualify for.  If, and how much, they will lend you money depends on your income level and in part how long you've been working there. While having your own business may sound great, banks generally aren't a fan of business owners as the income is unreliable.

As others mentioned, your debt to income ratio is also important and will affect how much you can borrow.  Again talk to a bank and find out.

Students do have higher turnover rates.  If you rent to a group of students, let them know that you are not renting per room, but the entire place and that as a group they are responsible for paying all of the rent on time.  Also what happens if one of them wants to move? or if one tries to sublet?  Students also tend to be less experienced at living on their own which can lead to other problems (eg using dish soap in the dishwasher).

Ontario is very tenant friendly, so be extra careful when signing the lease with them.  See if they have a standard lease agreement (I know BC does).