We pay off our line of credit with cashflow from all properties. (For those of you who use separate bank accounts for each property, we don't for a plethora of reasons. One bank account is perfect if you have excellent bookkeeping - which is an absolute must.)

If you are asking how I finance the renovations, I maintain a zero balance on a fairly sizeable line of credit. Then we pay it off as quickly as possible to have it ready for the next reno or emergency. We have also utilized Edmonton's Cornerstones Grant. If you are asking how I get...

I strongly disagree. Using one of our older Suited houses as an example: we've owned it for nearly 9 years and net profit totals $76,000. I think that would more than cover any renovations or cyclical expenses we have yet to do (many of which are done, with no more expected any time soon)...

Greetings. My specialty is the acquisition and operation of legally-suited houses in the Greater Edmonton area. I'm seeking a secondary suite specialist in Edmonton to add a suite to a new 1712 sf, two storey house in SW Edmonton. Standards must be high and soundproofing must be amazing...

Oh, I just noticed you are considering an "expensive" house. While all the points in my previous post could still apply, the price range of the house is a factor. There isn't as big of a market to sell suited luxury homes, but it still could make a fantastic rental. We have a beautiful 1450...

I got started with suited houses and they are still my favourite investments because the cashflow can be insanely good. As an added bonus, one can maximize start-up capital. We bought our first property with low money down on a CHMC-insured mortgage. We lived in one suite and had the other...

Perhaps, but in this case it sounds like the property is already vacant and the potential seller is wondering whether to find tenants before selling. Finding tenants, listing the property for sale, and then booting out the tenants shortly thereafter is not the best idea. :)

Another factor to consider is whether the property could use renovations to generate higher rent. If the property is quite dated, the buyer may prefer vacant possession to renovate for maximum rent. If the property is in good condition and can already be rented for premium rent, a buyer may...

There are many people I would love to meet and discuss various views and strategies. Yet experience tells me a meeting between Matt and I would not be fruitful. When one clings to ones ideas despite evidence or reasonable hypotheses to the contrary, one is perhaps beyond useful debate.

Really??? How many times must I copy and paste this response before you give up dissing viable alternatives such as RTO? (And you have AFS all wrong too, btw.) 1) RTO tenants are renting regardless of whether they rent a property they can buy or a property they can't. They often pay the same...

Another con with mortgage life insurance is it is not underwritten in advance. This means applicants are automatically "approved" but the policy is not really validated until a claim is made. So if you die, and the underwriter discovers you once had a negative test reading or an affliction you...

Options for the property: There is very little demand for rent to own condos. Judging by the levies and plummeting rents, the complex now has a low tenant profile and some serious issues. This could make Air BnB a challenge. Depending on the location (is it near an LRT station?)...

If you can find a great deal because of the usual winter slowdown, then it could be worthwhile to proceed. A great deal will compensate you for a few months of vacancy. And if it's a quality place in a good location and priced correctly, it may rent quickly. Last year we had a tenant break...

Thanks, Thomas. BTW, if anyone is interested in hearing more details about Rent to Own and Agreements for Sale (which often go hand in hand), I'll be presenting the topic at REIN's "ACRE" event in Edmonton on October 22nd. I'm always happy to answer questions about anything related to real...

Wow, I'm starting to tire of defending rent to own against uneducated attacks, so I'm going to start copying and pasting the following response every time I see someone comment about the evils of RTO. (My apologies for hijacking the thread with this.) 1) RTO tenants are renting regardless of...

Many people find the fourth property to be the most difficult to obtain because banks still expect your personal income to service your debt. To oversimplify: once you have at least four rentals, many banks look at your holdings as a self-sustaining portfolio and your personal income is not...

For some reason, I receive no notifications of posts to my profile page. Please email questions to [email protected]. Thanks.

You may want to consider a company who also steam cleans pipes. If it is a grease build-up, steam cleaning is often the best option.

The only time I've seen a credit score of zero is when the person has never had any positive credit reporting. They may still have collections and other negative reporting, but no positive to offset them so the score stays at zero. The only way I allow Credit Karma is if the person sets up...

Tried to send a message but the site had an error. I may be interested in your 4-plex in Edmonton. Feel free to send me details [email protected]