Recent content by invst4profit

  1. invst4profit

    Triplex A Vs. Triplex B - Estimated Value Difference?

    The value of A and B as rental properties is based on their rents. When you find out the rents of all the properties you are comparing in the area you will know the actual value of both A and B. Why do you believe Triplex A has a market value of $500,000.
  2. invst4profit

    Super dilemma - hire tenant for cleaning, or let PM hire who they want?

    My personal advice is to never hire tenants to do any work on a property. There needs to be a line between tenant and employee that should never be crossed.
  3. invst4profit

    Nice tenant can not enter tub - showers at friend`s place

    I would not do it. I believe it would diminish the value of the apartment. The overall good of the business is far more important than any given tenant at a specific point in time. Tenants come and go. Change the tub for your mother maybe but not a tenant. Unless: the tenant is willing to...
  4. invst4profit

    My first purchase

    Financially it is more advantageous now to put as little down on the mortgage as possible. Accessing a HELOC is fine down the road but the max you can get out of the equity is only 80%. This combined with the fact that banks will value the home as low as possible, to protect their risk, you will...
  5. invst4profit

    Life Insurance

    I only purchase term insurance. At some point in life, when you have reached your financial goals, there is no further need for insurance. From a business perspective whole life does not add up financially.
  6. invst4profit

    Purchased a new home. Can`t move in. Please advice.

    Try to get out of the contract or flip it to another buyer before closing. Otherwise sell after closing and at least be able to come close to break even after closing costs. Renting does not make much sense as the rent would not come close to covering the cost of a home that big and renters...
  7. invst4profit

    What should I do about this RTO tenant?

    I would begin the process of seizing the property and proceed with court action to recoup any losses including the hydro costs. This individual is no longer a viable candidate for RTO so there is no point in stalling on the repo. He believes by allowing you the option he will be able to walk...
  8. invst4profit

    Good investment for first time buyer?

    Bad idea. Stay away from pre build purchasing condos. They make for poor rental properties as they rarely cash flow. Condo rates usually quickly rise once building is completed. Unlikely they will rise in value due to high volume of resales by speculators.
  9. invst4profit

    Garage Rental None Payment in Ontario

    Follow through with the time line as you have informed them. Sell the stuff and put the money toward rent owed. Any excess money, if there is any, should be held and returned to the owner if they return.
  10. invst4profit

    New Owner Old Tenants MB

    You should be able to do what you want but you will need to know your tenant board regulations in the province you reside. Check your codes.
  11. invst4profit

    Pot smoking and playing music loud neighbours

    There is a catch to actually having the police take action or the LTB. Since you do not live there it is actually your tenant that must initiate all actions. This is unlike to actually happen as most tenants "don't want to get involved". If the condo board does not take action to resolve your...
  12. invst4profit

    Hot Water Heaters

    If your tenants are paying seperatly for there utilities don't combine the hot water. You do not need to concern yourself with savings if the tenants pay the costs.
  13. invst4profit

    What are the property management costs for renting a basement suite in Ottawa?

    It will depend alot on how many total units they manage for you. One basement unit isn't really worth the effort for most companies to undertake.
  14. invst4profit

    How do I remove an inherited tenant when flipping a property?

    You could amend if you chose however keep in mind the sale agreement is not binding on a tenant. A tenant served with a eviction notice in regards to the change of ownership is not legally obligated to leave. If they chose to stay it is then the buyers responsible to take the tenant to the...
  15. invst4profit

    How do I remove an inherited tenant when flipping a property?

    The best approach is the simplest approach. Sit down and talk with the tenant before you make any decisions to offer money or make any plans regarding the tenant. Don't tell them anything about your plans until you find out directly from them what their plans are. Then if they are not planning...
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