I got the owner to install a debit machine in a building where I worked. It was awesome for part payments and deposits from applicants. My last pm job we encouraged people to use email money transfer instead of checks. I also use it a lot for rent deposits. For my out of town owners it has...

I think you should have a copy of every lease and application and ID for every tenant. What if it doesn`t work out with your PM? You need duplicates. Let me explain how property management works. Usually we are paid using a percentage of the rent. The less we go and mess with a property the...

Many insurance companies for building require that tenants have insurance to cover their contents. Check your policy. As a matter of course I have not heard of insurance companies denying claims because of this. However, I`m pretty sure you wouldn`t want to be the insurance companies "test"...

I vote for better cash flow, middle rent price, middle range properties. You don`t want to buy in a horrible area, realistically these properties are not good cash flow properties anyways, too much turnover and too much vacancy, you may have to leave it empty for a few months waiting for the...

One of the owners I property manage for has three condos. They are all cash flow negative. He doesn`t care. I tried to tell him to sell these off because he bought them preconstruction and already made the bulk of his profit on them. Oh and i love that the maintenance fees keep going up too...

Yes, and Toronto too. It`s unbelievable how many people think they are investing when they are actually creating subsidized housing and speculating on prices going up. The worst offenders are the condos, followed by single family homes, then duplexes, even the majority of buildings on the...

Nivar, I`m afraid you are barking up the wrong tree here. I haven`t seen a single family home that cash flows in Toronto in a long long time. To calculate if it is a good investment or not you have to use this calculation here. Rent achievable - mortgage - property taxes - property management...

She`s not the tenant the husband is. He is allowed to have any guests he wants. I suggest you talk to the tenant. I would also suggest that even if the tenancy becomes month to month that the husband be the one on the lease. You have no obligation to remove him from the lease or change the lease...

I would add.... don`t buy any real estate courses from the States. It sounds great to buy auction properties for pennies on the dollar except.... we don`t have that here. So make sure that it is a 100% canadian course. Oh and tons of those freeking guys come up here and hawk their wares and...

It is very common with apartments in Toronto especially basement apartments. However you run the risk of the tenant calling the city and fire marshal and property standards if your suite is not legal. The deadbeat who will do this to you will also not be paying rent at the time, so.... you will...

To be entirely honest I`m not sure Nicola. I got the list from a mortgage broker who absolutely can`t be quoted; he could lose his job. No one is really talking about this. At least not in public. Call them and ask them. It also depends on the mortgage some companies will renew some but not...

I always ask for payslips. Or in case of someone who gets direct deposit their bank statements. Employer verifications are getting more difficult as the Privacy Act keeps a lot of employers from telling you if the person does or does not work there. And anyone with a computer is able to...

Dear Margaret, You are being fed a line of crap. The properties are usually not priced in a professionally accepted manner using any numbers or accounting practice but rather priced to lure in naive buyers who compare their "investment" properties to single family homes market value. I see...

Follow your gut, your gut says fishy, my experience says fishy, take a pass on this one and keep looking.

I have paid $800 for a used set of coin op machines at High Park Appliance in Toronto. Was a few years ago.

Hah !!! I`ll tell you a story about how messed up it can be. i used to manage a 400 unit building here in Toronto at Weston & 401 which is an interesting part of town. So resident is behind on his rent and comes down to get a rent receipt. I already evicted this guy three times and he paid up...

I totally agreed with you Mike. I`m also kind of angry about the lack of notice they are giving these people who they know will have quite a time of getting new mortgages. I blog at www.milliondollarjourney.com about real estate so I made up a post about which will run in the next little...

Anyone know of a similar service in Alberta? Right now he just does Ontario.

ty

Thanks Rob, He is dealing with a broker now but it looks like a scam so far to me. So far the broker has had him pay for an appraisal which cost him over $300. Now the broker wants another $700 to create employment record for his wife who is a dtay at home mom. That was today. I told him not to...