If you can financially carry the empty unit then i would advise to let it sit empty a little while longer and wait for the right tenant. Better safe then sorry. As for what to tell them, if i’m in doubt about prospective tenants i usually tell them; i will think about it and contact them if i...

A renewal clause means that you have a pre agreement to extend the lease for another term. It means that all terms in the original lease will basically be guaranteed. With the exception of your rent (per sq ft) as the landlord does have the right to increase to charge market rent. As a tenant...

It could very well come down to that. Commercial leases are a labyrinth, and when leasing from the larger corporations you can be asssured they have their butts covered. Spending $ on drafting up a lease (one sided in favour of themselves) by their (specialized) lawyers is peanuts for them...

There is no easy short answer to your question. Just curious, does your current lease have an option to renew for another term? There could be several reasons for your landlord to want more, maybe you have had a preffered rate during your first term and he now wants to bring it up to market...

I can appreciate the fact that you want to build that basement suite and do it well. However, in order to attract above average rents, putting extra money into a high end furnace or hot water heater does not really ad to the WOW factor in my opinion and experience. (If you pay for Utilities...

Morning Michel, The way you present it, leasing this way, would be a no brainer as opposed to immediate cash out of your pocket. Now, to be fair I have never done any type of lease construction for any of my rentals. However I have done numerous equipment leases in the past, wether it was 3 or...

Loosing $500 at $1150 means you lost $75.00 at $1575 I would (have) list(ed) that property for sale many moons ago, in fact i wouldn’t have bought a negative cash flow prop. Get rid of it.

Excellent. Stick with e-transfers if that works for you.

Only experience I have is where tenants supply you with PAD from their bank. Never had it it the other way around.

Never had that problem. Tenants supply me with PAD, having had many of the national banks' PAD forms and banking with Alberta Treasure Branches myself no problem at all. Over the years, only one time I had trouble was with an unexperienced teller that wanted to have a date stamp on the...

As far as I know ALL banks should, but I do recall having seen some messages on this forum about some banks giving clients a hard time. Personally I have never had that problem. It's your tenant that has to supply you with a PAD form from their bank (or print of online) preferably stamped and...

You should have a clause in your lease contract dealing with nsf and late payment of rent. For example nsf fee $50.00 and a 'per day' late fee at your discretion. It would be up to you as a landlord to determine when you want to enforce the late fee, for example when it occurs on a regular basis...

This is correct, however there is a difference in what they allow in actual rentals (doors) and actual props. (This is from SFH to 4 plexes). There are banks that allow 4 rentals plus your primary residence, counting a 4 plex as 4 rentals so they wouldn't finance more then 1 4 plex plus your...

Yes, it is worth my time. I don't win many of my appeals but I take satisfaction in wasting the tax assessor's time in preparing their documents for my challenges. Really? Odd motivation. I would think Andrel10286 gave the right motivation to appeal.

For sure he learned the Ontario investor had Big Hairy Balls.

That's exactly right. The larger the MF prop the more beneficial it can be to have a PM. Care taking can be a solution for smaller sized building, or a combination of care taking and self managing, or simply (when you find it enjoyable) , have the time and resources to self manage all together.

You have gotten the right info about the zoning change, however from what i know these type of props (legal,non-conforming) are (almost always) automatically grandfathered in. But doesn’t hurt to double check with municipality. I believe the zoning as it was originally is leading, repairs or...

I'm not as positive on this one from a cashflow standpoint. I'm not underestimating appreciation and principal pay down, depending on your long term plan this could be a good reason to push ahead, but what is the utilities situation? Garages are hard to rent out and when you do often for short...

I would not want to own props with illegal suites for all the above mentioned reasons. 4 plexes come in all kinds of different configurations. As far as purchase price at about 128.500 per door it depends on what that configurations is and what shape the asset is in. (And yes, the market it is...

Interesting discussion. I think it would depend also on what type of landlord you are. Large, medium or small portfolio. When revenue is dropping, property management seems to be one of the only expenses where you could save money. If care taking is cheaper and, as you claim, often better...