Recent content by Sherilynn

  1. Sherilynn

    Tenant Screening Services

    Thanks, Tina. (That sleuthing presentation was especially fun to do. I'll be presenting it again online in the next couple of months.)
  2. Sherilynn

    Tenant Screening Services

    I use TVS, and REIN members do indeed get a discount. But we go a lot further than that. I did a couple of REIN presentations last year on screening and fraud detection. Perhaps you'd like to check them out in the "back office." Sorry, but I can't remember which months. (Help me, Tina?)...
  3. Sherilynn

    Calgary or Edmonton

    Edmonton, obviously. That's where all the really cool people invest. ;) I'd be happy to chat more about it. Feel free to message me.
  4. Sherilynn

    Bed Bugs

    I agree with the anonymous post. Here's our procedure: 1) Hire a sniffer dog to determine all affected areas. 2) Heat treat those units and areas. Yes, heat treatment is more expensive but a reputable heat treatment company will guarantee results with one treatment and will retreat for free...
  5. Sherilynn

    The most critical mistake landlords make...

    Greetings, all. Between camping and working on a new branch to my business, I've been largely absent for the past few months, and I apologize for that. After Wednesday's Edmonton REIN meeting (which I missed because my daughter had a volleyball game and I wanted to watch - she was awesome, in...
  6. 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...
  7. 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...
  8. 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...
  9. 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.
  10. 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...
  11. Sherilynn

    Pipes sticking up in the back yard?

    Clothes line posts. (This is not a joke guess.)
  12. 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...
  13. 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...
  14. 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...
  15. 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...