All Forum Posts by: Samuel Lacroix

Hi @Phil D.,

while I'm no expert, I would say that the market is neutral. It's not raining deals but there's still some. As for the cap rate, the highs and lows of 2016 are 6% and 5.2% (see Patrice Menard Annual Report (French)).

I personnaly don't give a lot of credit about market prediction. I think the market is relatively stable and you'll get your growth organically by increasing the rent, lowering the expense and forced apreciation. The other factor is the director rate but that is country-wide and don't affect only Quebec market.

May I ask why you want to buy in Quebec, particularly in this neighborhood? Because while it's really beautiful, it's probably one of the hottest of the city, along with Sillery/Ste-Foy.

@Olatunbosun Idowu I'm the owner/manager here. 

Althought it turns out differently than excpected, this discussion got me thinking. Like I said previously, I really like things to be fair and square. So I decided to set my minimums standars for qualification at a level I judge to be safe in my market (wich I also stated previously). Given the standards are met, I will choose on a first-come basis.

Just to give you all closure on the specific probleme of this thread. The old guy never gave news. When I was mid-way screening the younger one, the tenant-to-leave told my he'd stay for another year, whih I gladly accepted since he's an A1 tenant. I called the younger applicant with the news, but said that if he's willing to pay more, I have a bigger appartment to rent in the same building. He visited today, I finalized the screening process, and he's signing the lease the coming days. 100% rented for the year to come :)

Thanks everyone for the inputs an advices.

@Colleen F. Good advice about the unpublished criteria. I'll add this as well :)

@Thomas S. He's still working, but good thoughts though.

Seriously, awesome advices I got there :)

If we could filter the market place listings by other countries (Canada, Eh!)

That'd be great :)

@Justin Fox

I guess that wouldn't be fair to deny the first one. That's what looked like to be the most ethical choice. And like things to be fair and square. 

Thanks for keeping me in the right path :)

@Justin Fox Ok I hear you. 

Of course, once I got an applicant that meets the requirement, I won't wait in case someone better shows up. In this particular case, the second guy came when I hadn't processed the first one yet.

The whole thread was more to see the ethcial standpoint.

@Michael Noto I'm not normally trying to predict how long one would stay in, but here It's a bit of a clash here. 

Young applicant is an out-of-towner who's fresh out of firefighter school. It's really tough to get a full-time job in that field here so he came to the village to get experience as a volonteer firefighter (the building is in a 1 000 inhabitants village). I know for a fact that those people generally move out in the coming two years.

The older one literally said to me that he's looking for an appartment to stay there as long as could (meaning here that he'll either die there or move out when he won't be able to live by himself).

I know that this still don't guarantee anything, but the odds are there for the older one to stay longer.

Anyway, the bigger question here is: 

You have two applicants, they both meet your minimum requirements. One applied one day before the other. 

Do you chose on a first-come basis or do you choose the best?

@Robert Melcher Good point. I'll give a call to my local Landlord Association. As far as my standards goes, they aren't published anywhere, just in my head. But I would include them in my listing in the future.

Mmmk :/

@Justin Fox is for first-com who meets min. standards

@Robert Melcher is for best tenants.

I would need more advices to get a consensus here lol.