It is an option meaning that if you don't exercise the option you lose the option. There is no penalty.
You have a tenant in place so all you need is a simple option agreement. Don't need to do anything to the lease.
The sales price is negotiation between you and the...
I wouldn't buy this as an investment property. You seem to be missing your operating expenses?
implied cap rate (2125*12)/800,000= 3.2%
less debt @2% $1920
CF (month) $204
Not very exciting in my view
As Cory said, you need to look at your...
No need for a property manager for a condo. There is almost no cash flow so don't give it to the PM for doing no work. The condo corp has to keep care of all common area maintenance. The only thing you have to do is rent out the unit.
If location is too far away, find someone nearby who can...
Why would anyone pay 50% of profit to a property management service that costs $200 / month? Seriously pay out 50% of distributions before the investor gets their capital back? That is an annual management fee equal to $13,000 per year (excluding appreciation), or 14% of your invested capital...
I think Tango posed a good investment question.
Whenever there is discussion of a going-in cap rate that means the stabilized NOI at the stabilized vacancy. Cash flow modeling is always part of the underwriting. But looking at spreads is very commonly done and is a good measure of expected...
6.75% cap would only exist in a small town or city setting right now in Canada.
NOI considers all operating expenses with the exception of cap ex (roof replacement, repaving parking lot, ect).
Cap ex is typically measured as a % of NOI. NCREIF has good studies on this sort...
I dunno about that one. I've heard reports of lots of people wanting to move out to the 'burbs after being under house arrest earlier this year. I wouldn't be surprised to see a lot of that inventory soaked up.
COVID created more divisions between have and have-nots. Those with a job over the...
Can you go back to the seller and clarify? Outside of that you basically need to go to court.
Tenant has a valid argument though. If it was allowed, it is reasonable that he could expect to continue to enjoy that space (especially if it was suggested that was part of the value of what he was...
None. Joint and several so collect rent from whoever you like.
In these situations, just clarify that it only makes sense to collect rent from the people in the property. But she will remain a cosigner.
Other than Google and Home Stars, another good way is to look through calgary.ca/pdmap then look at all basement suite DPs. Look for names of contractors that seem to do a lot of them. May find some good ones who don't advertise a lot.
Is this a new purchase or renovating a property you already own? If a new purchase, just buy from the available inventory, you won't get your money out of a renovation right now lots of secondary suites on market right now.
A suite renovation costs anywhere from $35 - $50k depending on the...