Thanks Nik. About once a year, prior to purchasing the building, water entered basement during a flood through an entrance common with basement Apt. best proactive solution will obviously be to prevent water from entering again..

Thank you Doug and Nik! Can you please elaborate a bit on the different purposes they are used for - Vapor Barrier VS Foam Insulation, as well as pros and cons of each. Specifically, which option is best for preventing mold in the future? - that is the main concern as the area has...

Hi, I have to replace some dry wall in a basement. Is installing a Vapor Barrier in a basement wall, which is in common with one of the apartments (the basement unit), recommended in case of significantly different temperatures between the rooms? I understand its use has become controversial...

also call TD. in the past their rates were around half the 2nd best quote we got. so consider insuring your residence place with them too for ~$10-20/mo. might be worth the discount. oh and conditions are decent..

Hi All, FYI a new continuous service agreement in some cities allows you to waive "change of occupancy" charge that normally applies when a tenant moves out and your unit is vacant for 1 day or more. Note you may have to sign their agreement to have it waived! Other providers just need you to...

No problem as long as rent is an even number and can be divided by two. Example $1,000.50 is fine but $1000.49 is not! Just joking J Of course I would agree - anything that helps a good tenant and does not affect your business is a no brainer. Just make sure payment is done...

You're correct Michael, my example was not very good but the point I'm trying to make is the same: new expense ratio is expected to be lower but still above 30%. Example: Before renovation: rent - $1000, expense - $420, monthly NOI - $580, expense ratio - 42% After renovation: rent -...

Hi Thomas, Would you assume expenses to be only 20% of the rent if you were the potential buyer of a newly renovated building/apts? Proving my point is beyond the scope of the forum. Basically, related to the fact it is statistically correct to assume expenses will still fall in the...

Thanks Thomas, what an excellent and important explanation! Nice calculations too. My only comment is I think more accurately when rents go up $100, NOI increases by around $60. The reason is: as we learned in the great Multi-Family event, operating expense ratio is usually between 32-48%...

Hi Greg, Hope you're feeling better, less tired. Thanks for the advice! It worked exactly as you mentioned - an eviction order without the need for a paralegal. an organized payment history was required due to tenant's attempt to confuse the numbers and change amount owed. What helped...

I would probably borrow the 20% from a nonsecured line of credit assuming reasonable conditions/interest. If I understand you correctly, the bank approved a nonsecured LOC for you. Then, after closing use your cash savings to pay off your LOC debt. now you have more available money for your...

Hi Gary, he needs it for refinance purposes. Interestingly those strongly recommended are almost always on the bank's list of approved appraisers. Yes, always good to confrim prior. Thanks.