Not sure about Alberta but in Manitoba, they require and electrician to inspect and sign off that it’s safe. I had it done last year, and the electrician took apart every light, switch, and outlet and applied a paste to prevent corrosion, to every aluminum wite connection.

Hey Nik I was curious if you ever went for this or not? I too have been wanting to get into apartments, but have yet to take that step

QUOTE (housingrental @ Jul 20 2010, 09:00 AM) Re Jay above; potential renters do comment on this regularly I`ve found but its not a deal killer Hmmm... I`ve only had the mentioned property for a few years, so maybe I`ve just been able to find non whiney tenants!

I have a home that is completly heated by baseboard heaters, and have never had issues renting it, or complaints about the electric costs. I don`t think it`s anything you`d have to worry about.

QUOTE (hotbunz4 @ Jul 9 2010, 05:38 PM) thinking of possibly doing two forced air furnaces Another option would be separating the hydro. Then bottom unit could have gas furnace, and pay their own hydro, upstairs unit would have baseboard heat, and pay their own hydro. Assuming that you will be...

QUOTE (2ndstory @ Jun 29 2010, 07:41 AM) maintenance$9,000.00 set at $500/suite Maybe I am overly conservative, but I budget $800 per suite. Depending on where this is, possibly higher depending on the "clientel" in the area.

Personally I`d pass, as lot`s of kids running around will likely equate to more wear and tear, and damage. If you are considering it, I`d speak to your insurance company and ask them about liability concerns. But like I said, I`d pass on this.

QUOTE (fumbrunner @ May 20 2010, 07:48 AM) AH, I see now. One option is to separate your "renovation business" from your rental business. You would have to check with an accountant, but I think you may be able to do it that way. So, you would essentially buy the property for X, add Y as...

Thanks everyone. I didn`t think it would work, but was curious enough to ask. FumBrunner, the reason I was considering this, is so that I would quit my `day job`, but still get paid for the work - I would essentially be paying myself.

I am currently renovating a home and paying for everything out of a LOC. I will then remortgage to pay off the LOC, and then rent the home out. Now, Can I pay myself, out of the LOC for renovation work that I do, without creating issues with the CRA, and possible interest deductability issues...

I agree with HousingRental, if you are sure that repairs will be around $1500, I wouldn`t bother as premiums will be affected going forward. (I couldn`t comment on the amount they will be affected though)

If you have ~$120k in equity in the house, why not get a HELOC, and use it for a downpayment on another house? This assumes a few things: - you want to acquire more property - this house is in an area that you feel will appreciate - or at least not depreciate - house is in decent condition

The fact that he gave 3 months notice to you as opposed to packing up his stuff and leaving one night with no notice, would make me want to work with the guy. My question is, do you have a company/brand that you use for real estate. If you do, combined with the fact that he gave 3 months notice...

QUOTE (2ndstory @ Mar 24 2010, 11:05 AM) Is REIN Membership tax deductible? Just curious if I became a member if I could claim the $200 a month as a business expense. Nik I cant see why you couldn`t. It`s a professional association with membership dues. You may want to check with an...

Thanks everyone. I will be going down to veiw a sample tomorrow, and I think I may try it out in a SFH. Hopefully it will hold up, but I guess we`ll see.

QUOTE (RussellMcNair @ Mar 17 2010, 10:37 AM) I`m having a meeting of a few REIN and Non REIN members. On Tuesday March 23rd 7:30. If you are interested please contact me. Russell 688-0891 Is that 7:30 in the morning, or evening? Where abouts are you planning on holding this meeting? I`m...

Has anyone used carpet tiles in a rental before? one of the pros would be that if it gets stained, you can simply replace that one tile. I`m looking for the opinions and experience of others. Thanks!

QUOTE (RCrein @ Mar 1 2010, 10:35 PM) When I was a tenant I was expected to provide a year`s worth of post-dated cheques. I`m not sure if it differs in other provinces, but in Manitoba, you can`t require that a tenant provide post-dated checks. You may want to check the residential Tenancies...

Thanks everyone. I thought as much, but wasn`t sure if the fact it was residential, (who`s rent isn`t subject to tax) played into it.

Probably a silly question but... ... if you have a PM manage a portfolio of residential single family homes, do they change tax (GST & PST, or HST) on top of the percentage they charge?