All Forum Posts by: Yetunde Ijams

Originally posted by @Samuel Sedore:

Realtors can supply great contracts for your market. Also if the basement is not a legal apartment be mindful of who you let in and how you advertise, check local by-laws. Pets are a good bonus but I would not initially offer pet friendly unless you have issues renting, even the best pet will cause more damage then no pet.

My 4 musts to screen

-Credit Check

-Landlord Reference

-Job letter/ proof of employment

-Gut Check= Bad vibes, bad tenant

If people can't come up with atleast 2 of these 3 things, they likely are hiding something. Also use 2 previous landlords as reference to avoid being tricked by the guy who your prospective tenant is already ripping and he wants rid of.

Thanks v much Samuel for the knowledge sharing, really appreciate it and will definitely follow your suggestions.

Originally posted by @Mark Marcotte:

the best place for a rental contract is from the Edmonton landlord advisory board website. It has everything you need.  Also animals are very tricky. Cats will rip carpet and if they spray (piss)  on the carpets they will stink and cannot be cleaned. Always charge extra for pets as they tend to cause damage to floor g and baseboards. 

Thanks v much Mark. The potential tenants with pets eventually fell through which may be a blessing in disguise. Hoping other interested ones will show up soon

Thanks a lot!

Originally posted by @Roy N.:

@Yetunde Ijams

Here is a copy of the Alberta Residential Tenancies Act ... a good place to start.

Then you can visit Laws for Landlords and Tenants in Alberta for additional information and  sample documents.

Thanks so very much Roy. Really appreciate your input

Hi All! I will appreciate if anyone can share with me please rental contracts that might be suitable for a basement in Canada. I am considering letting out my basement and thinking of how to word the contract Also, I see most adverts say "no pets". Is this the standard and in your experiences please, what are the advantages and disadvantages of allowing / not allowing pets Also, what is the best way to screen prospective renters? Thanks v much and have a great day all Yetunde

Hi All I need to pick your brains please. I will ike to know if wholesaing is done (allowed) in Canada - Alberta specifically Thanks!

Thanks so very much for the insight Ron. Suggestion / advise duly noted and I will not be making an increased offer

I will still attend the court though to see how things go; for the experience

Please note that the lowest comp I got for this is about $280K, some even sold for $290K

I agree with you my margin is getting really tight so I will adhere to your suggestion

Thanks!

Hi, I currently just submitted an offer on a foreclosure property. The asking price is $250K and my offer was $210K. The court date is Oct 8 when I will know whether my offer has been accepted. I am trying in the meantime to arrange finance. I also hope to go to court on that day just in case it is necessary and possible to increase my offer as I believe it's a great opportunity

My plan is to spend about $20K doing the property up and then flipping immediately

It's a 3 bed house with 1.5 bathrooms in Calgary. Canada. I live in Calgary

I am currently seeking a lender to work with me on this property. Do let me know if you are interested and feel free to ask any questions too

Comments welcome as well :-)

Hi, I am quite new to this forum. I live in Canada and just put in an offer on a foreclosure. Not heard back yet but if my offer is accepted, I will be making very good profits on this

Just wondering if anyone here is familiar with the foreclosure system in Canada and how quickly I will have to come up with the funding if my offer is accepted

Also will like to know if there are any private lenders out here that might be interested in doing business with me? The offer I put in is $210K and budgeting about $20K for rehab

Thanks!