Recent content by Sherilynn

  1. Sherilynn

    Reserve Fund for Condo

    It may not be as bad as it seems. In some cases, major repairs are done in advance of the reserve study requirements, meaning the reserve fund is depleted ahead of schedule but that major repair is done and won't require the funds at the scheduled time. For example: a $200k roof replacement...
  2. Sherilynn

    Discount Real Estate Brokers - Good or Bad?

    Perhaps the reason many people think discount realtors are a good idea is because they have worked with (or heard tell of) substandard realtors in the past. In every industry, there are top performers, there are those who do the absolute least amount of work possible in order to still get paid...
  3. Sherilynn

    How damaging is cigarette and marijuana smoke to a unit?

    Two tenants chain-smoking in a 1000 square foot unit can make the place bleed yellow within 6 months. This will require oil-based primer on every surface of the property in addition to a full repaint. Where a regular 1-coat repaint could have cost you about $1500, primer plus two coats...
  4. Sherilynn

    Townhome rentals allowed

    In which province is this? In Alberta, the Condominium Property Act prohibits restrictions on rentals. While the Condo Corporation may have bylaws restricting rentals, they are unenforceable in Alberta because they contradict the Act.
  5. Sherilynn

    Adfitional tenant - what can I do?

    It's always a good idea to post the province in which the property is located, as the rules vary. No, you cannot raise the rent for a second person because there are rules governing when and how rents can be raised. However, you may be able to increase your utility billing if your utilities...
  6. Sherilynn

    Pipes sticking up in the back yard?

    Clothes line posts. (This is not a joke guess.)
  7. Sherilynn

    can I start investing with no money?!

    I would argue this applies to more than those who buy with no money down. It never ceases to amaze me how many people buy a property with negative cashflow either because they are in a rush to jump on the investing bandwagon or they simply don't understand how the numbers work. I get calls...
  8. Sherilynn

    Three fantastic ways to finance your fix-n-flip

    Purchase on Agreement for Sale (AFS) with Seller financing (low money down and no mortgage qualification). Once the renovations are done, I either refinance or sell right away or rent the place to a tenant (or rent to own tenant) and wait until the end of the AFS term and then refinance or...
  9. Sherilynn

    Splitting Utilities for 2 family dwelling

    Agreed. Average last year's bills and round up slightly to cover cost increases. Then decide on a fair split and detail the terms in a Utilities Agreement as an addendum to the lease (if allowed in your province). Utilities Agreement should NOT mention the percentage split, but rather state...
  10. Sherilynn

    can I start investing with no money?!

    Agreed. I think the key is to discover what your investor needs and wants and make every reasonable effort to make sure he gets it. One of my friends has a couple of 70/30 deals but a) the money partner prefers a guaranteed return over the possibility of a higher return and the operational...
  11. Sherilynn

    can I start investing with no money?!

    It would seem you know little about the AFS strategy and the investors who regularly use it. (I have a two-part article in the next two REIN Life magazines in case anyone is interested in reading a bit more on AFS and other strategies.) AFS purchasers are - more often than not - solution...
  12. Sherilynn

    can I start investing with no money?!

    When I can buy a cashflowing property at or below market value, with little to no money down and $8k or more in annual mortgage paydown on a 4 year term, why wouldn't I want to do that? At the end of 4 years, I would have $32k in equity even if the property value stayed flat. So the worst case...
  13. Sherilynn

    can I start investing with no money?!

    Buying through Agreements for Sale (AFS) with little to no money down and no bank qualification is a viable purchase strategy. However, as I've said many times, it is an advanced strategy and I do not recommend it be used by new investors. It works for me because I have a fairly substantial...
  14. Sherilynn

    can I start investing with no money?!

    There are potential JV partners who may invest with you even if you have no experience. Those would normally be family members if they have 100% confidence you will protect their investment and do your absolute best to make some money for them. There is also the possibility of buying with zero...
  15. Sherilynn

    First time renting basement

    Always a good idea to post the province where the property is located because rules vary greatly. You may want to check out the member back office for my presentation on advanced tenant screening. It was in Alberta last May (I think), but there are some points that apply everywhere. In...