RTO question

llee

0
Registered
Jun 22, 2008
191
0
0
Ottawa, ON
#1
Hi,

I am planning to use RTO as my vehicle for my next purchase (likely through some RTO service agents).

I understand that most maintenance work is to be done by the tenants-buyers. But do investors feel comfortable for RTO properties that are outside their own town/city/province? One of my rental units in my own town caught a fire last week, and I had to spend a significant amount of time on site to be with insurance adjusters, renovation folks, etc. If the RTO property is outside my town/city/province and it`s caught on fire (or major work is needed), it will still be very time consuming.

If any of you have invested in RTO and have out of town/city/province properties, could you please share your experience?

Thanks.
 
Oct 10, 2007
4,733
14
38
Waterloo
#2
For something like that I`d tap into your realtor - and offer them some extra $$$$ - to help you out. Or to reference you to a property manager that will charge you on a short term per site visit fee structure
 

markl

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Registered
Oct 1, 2007
1,102
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46
Toronto
#3
As per Adam we get a local property manager to go in with an inspection check list to ensure everything is in order.

You would want to do this at least every 6 months to ensure all smoke detectors are in place and everything is being kept up.
 

llee

0
Registered
Jun 22, 2008
191
0
0
Ottawa, ON
#5
Thanks for all replies.

Mark - would you say more than 50% of your RTO investors invest properties outside of their cities/province?

Thanks?