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    Buying an investment property and the pitfalls

    You can certainly stick to the signed lease. How badly do you want the tenant? Sent from my iPhone using myREINspace
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    Co signers on a lease

    You have no obligation to consider that. The co signor is legally responsible for payment of the lease. Time to ask yourself if you want that tenant. Are you setting yourself up for future collection headaches? You could offer to cancel the whole lease if the sister wants off of it. Sent from...
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    Tenants Moving Out Early in Calgary

    We’ve had this happen many times in Calgary. The tenant can move out before the lease is over, but are legally responsible for the rent until the lease ends. The landlord is required to start looking for another tenant as soon as the tenant gives you notice. We charge an 800 re-rental fee and...
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    Asbestos inspection

    Asbestos can be quite hazardous to your health and is well documented. It’s friable which means it beaks easily into very small pieces when disturbed. Especially if cut with a saw, for example. It’s also the same weight as air, so once released it drifts around in the air for a very long time...
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    How damaging is cigarette and marijuana smoke to a unit?

    We had a similar situation. I approached the tenant and reminded them it’s a non smoking unit and the smell stays in the unit and is offensive to other tenants. The very fact that we could smell smoke was sufficient evidence of smoking and the tenant admitted to the smoking. That’s a violation...
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    "I Want To Buy Your House" Letter

    I’ve used the letter to a targeted neighbourhood and specific houses, ie, multifamily, r2 and anything else I find interesting. About 50-100 per week till you find what want. You will get calls, most want more than you can pay, or have a realtor, or are difficult to work with, but sooner or...
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    Tenants might be smoking pot in suite -- what can you do?

    We had a similar situation with a tenant in a nonsmoking suite. The smoking permeated his suite and drifted into the upstairs, which offended potential upstairs tenants. We hired an ozone treatment company to get rid of the smell. The tenant had to vacate his suite for 3 days to complete the...
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    Advertising your rental

    Ditto Kijiji and RentFaster in calgary. Sent from my iPhone using myREINspace
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    Reverse Mortgage vs LOC for aging parents or in-laws

    I helped a senior relative set up a Heloc with Manulife Bank. Person was 80 yrs old. Manu would allow them to access up to 50% of the homes equity if needed. Cpp, Oas and a very small pension was used to verify income. No other debt in this case. Any monies borrowed could be left unpaid, but...
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    Illegal off market four plex yay or nay?

    Since it may be an illegal 4 plex you want to consider what the rents would be if you had to rent it out as a legal duplex, and what would the math look like then? In Ab many duplexes are offered as illegal four plexes, until the city shuts it down. Take a look at what the actual zoning for that...
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    Pro funds Syndicated Mortgages

    In a nutshell, does anyone know about Profunds Mortgages in Burlington Ontario? They advertise high returns, 8-16% per year with a 20 year track record. Risks? Thank you. Sent from my iPhone using myREINspace
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    property and Life Insurance questions...

    That's good Dave. The only challenge with that is once you leave your company or the company leaves you, the insurance would be cancelled by the group carrier.
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    property and Life Insurance questions...

    I'm a life insurance broker in Calgary and hold the CLU designation. The above comments, in my opinion, are accurate. Assuming you can qualify medically you'll get a better policy for less money if you purchase an individual policy vs a bank policy. And yes, you will pay a commission to somebody...
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    Good Evening, bedbugs anyone

    We rented a condo in calgary a few years ago and noticed flour bugs crawling around and they got into neighbouring tenants units. We eventually found the source. A bag of flour we had bought was infested with the bugs. Easy to prove we were the culprits. We paid for pest control. Bedbugs? Can...
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    That's a good question. We're in Ab and our leases state no smoking, including marijuana, on the premises. So that would be a lease violation, grounds for eviction. We go over prior to signing the lease and have them initial that clause. Only tested once. Had the tenant pay for ozone treatment...
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    Buying home with illegal suite and live in the basement

    if it's zoned R-2, in Calgary, and has been operating as a secondary suite prior to 1985 (double check that date), then only the fire code applies to "legalizing the suite". For example, you only need one furnace, a secondary heat source could be a plug in wall heater, egress window, proper...
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    Putting a value on a full duplex?

    @dpeacock IMHO, if net income before PM is $1400 and PM has a value of 10% gross rent then actual NOI is $960. So going-in cap of 1.54%. Really terrible. What about looking for a private investment in the area with an experienced developer if you want exposure to that local market? Nothing wrong...
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    Putting a value on a full duplex?

    Good insight Thomas. If that duplex was in Calgary, with good access, it would be an excellent purchase with those numbers.
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    Putting a value on a full duplex?

    If you split title you could sell each side for about 10-20k more.
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    Putting a value on a full duplex?

    As a comparable in Calgary for a side by side duplex, listed on MLS today, you'd pay about 750-780 for a side by side duplex in a good neighbourhood, renovated. You would get about 1850 per side. And you'd have to look hard for that. An un-renovated side by side might go for 650-700 and you'd...