Between deciding to hold or sell the building, if condominimised for individual sale, just know that at current this market is saturated (Alberta) and not easy. Would think build and hold is best. In any case I would advise to have all utilities separately metered. if not, I think an average...

Matt, Tenant insurance should have liability and content coverage. Your lease should contain a clause that tenant is responsible for having this in place and as a landlord you would ask for proof of coverage when your tenant moves in. Tenant would be responsible for any damage they cause to the...

LOL too funny.

Cool to see your passion and excitement. Managing it yourself is the right decision and money in your pocket, as well as a great learning tool. Keep asking the right questions. Cheers!

I would assume the property is freehold. Buying on native land (thus leasing) would be an absolute no-no. It's tough to answer your question about tenants. Depends on your selection criteria. You will have to cater to the market you are in and pick the very best one within that criteria. As...

Seems like a good deal. But one of the above posts hits the nail on the head. First off, what is the property going to need in $ to make it rentable. What will your total cost be including your renovation budget. Secondly, there is a difference between small town and a small centre. A small...

Ok, so seems indeed they are at fault. A good place to start is insurance. You have to check with them if it's covered under their renters insurance. If it is, they end up paying the deductible only. If no insurance, or not covered, you move onto your insurance and see if it's covered. Same as...

depends what was broken, how it happened, and based on that why don’t they want to pay. give us a bit more detail.

Nothing wrong with having a co-signer or a guarantor added IMO, especially when it's close family. As long as they understand what co signing or guaranteeing would mean for them personally and the process of qualification for them and what it could mean for their future personal borrowing...

All the above info is excellent info. I did forgot to say that with the small down payment (cmhc added as well) the prop cash flows 350 a month. In case he occupied unit himself it would have been negative cash flow with the notion that ofcourse he would occupy a unit for himself. It might...

Wouldn't know how the new mtg rules starting Jan 1 will affect this, however at current it definetly is possible. Just went through this helping a young person purchase his first 4 plex on that basis. (after purchase was completed he decided to stay in his current rental and rent out all 4...

Yeah don't quit your day job yet till you finished renovating your Taj Mahal.......

How many bed and bathrooms are there per unit? When you talk retail prices on getting the work done by a general contractor you won't be far off with 150-200K Without knowing all the details tho I can say 18-20K per unit for a full Reno, everything brand new, managing the project yourself and...

Would agree with what everyone else says. I would think investing in your local or nearby market would be the wisest decision. If you do wish to spend more time abroad for extended period it would be easier to find Property management for your local RE assets. And then go and enjoy your time...

Would it be a good idea for the 2 of you (Matt and Sherilyn) to grab a coffee together........

the next obstacle is trying to figure out where that property insurance quote of $1200 came from! The insurance premium at $1200 is probably because the property owner has had the 4 plex for a long time and likely no claims over the years. I have seen low insurance premiums often on older...

The above post is spot on regarding advertising. As far as day home in your rental property, Personally I would not allow that. Have it specifically laid out in lease agreement any type of home business must need landlords written approval. There are situations where a home bizz is not a big...

It is tougher to find tenants between October and March. I think most landlords on this forum can attest to that. I Always try to make sure all places are rented by Sept 1. The few times I didn't succeed I offered shorter term lease (I.e 6 months) which seemed to work. Rather have a good...

Well said maybe, but based on my experiences with 4 plexes not exactly right. 4 plexes is all I do so far and have experienced quite differently.