i agree with Thomas. Another thing to factor in is an approx 8 to 10K of city development fees per unit. Again you need to meet with the city and explore everything ahead of time, some cities may waive the development fees under certain conditions. We did a couple of projects 2 years ago...

I would replace the carpet all together. Over time, you will save so much on your turnover cost because carpets stain, get dirty, need cleaning and care or replacement each time your have a turnover. We use Allure Flooring. It is commercial grade and very resilient against stains, pets...

I sat on on a condo board for 3 years and we manage few condo buildings. This is a tough one... Key things are: Patience because you need to document, document, document and document ...all incidences with dates, time etc... Call the Police and document the reference numbers ( you...

If you have the capital to buy the 6 rather than renting them, it would be more advisable. The 6 should hover around +/- 9K supply/install. This way you would eliminate the rental fees as expenses. Assume you were paying $150/month or $1800/year.... if +/- $1800 makes into your bottom...

Ongoing should range between 8 to 12% of gross rent. Half to a full month rent commission for finding the initial tenant. Good luck, -- Eddy Boudiwan President Real Estate Rangers & Taft Forward Management Joint Venture 250 Davisville Ave, Toronto, ON M4S 1H2, Canada Email...

I use allure flooring and had great results

I discovered a lot of red flags with them when i was making my shortlist. Send me a quick email at [email protected] and I'll chat with you about it. Cheers, Eddy

I interviewed and i did not choose them as they did not make to my shortlist.

An update back to all. Thanks for the support. Momentum is a great friend. We finished the 5 plex and pulling 62% LTV ( Bank is lending less especially on 5 plexes with one commercial front) however recovered a lot of our initial investment, great cashflow and return on our reno money and...

Hi Guys, I have met a few in Hamilton and the one that completely impressed me was Gary Vandervelde. He takes care of you like he is purchasing his own property. Born and raised there, knows the city st by st. Years and Years of local experience. Cheers, Eddy

An update back... Finally after a great search to find the right real estate agent for us, we have successfully purchased a 5 plex needing 65K improvement at 110K discount. We are 95% into our Rehab and tenants are booked to move in July 1st. Again, thanks for the insights at the multifamily...

Dan and all, do you have names of companies that can do this i.e. sub metering for gas/water/electricity or do we just call an good ESA certified electrician? I do have 3 x duplexes and i am looking to get something like that going? Thanks Eddy

Congratulations... great Cash flow/door in my opinion. I have invested in Barrie/New market and it`s a bit harder nowadays to find deals like that. I am now looking at Hamilton as my next stop, would be be possible to email me your info so i can quickly get your feedback on few things in this...

Seconded by Wade...

I had the same challenges in Newmarket. We stress to tenants prior to move in that it`s their responsibility however i had few tenants that did not comply and the city sent me a warning letter.... Although we try to get the tenant to cover that and if not we have to get in there and take care...

afshinrein`s approach to this Milton single family deal scares me!!

Joey, thanks for sharing your great insights! great story and thank you. Eddy

For the types of repairs and reno`s you described i normally use a good general handyman without paying the unnecessary mark ups from a general contractor.. for bigger complex jobs i normally consider the use of a good general contractors if i need to. what is your email? i can send you my...

Proactive "landlording" and having a great property management team in my view are essential especially when the pendulum is always swinging in favor of tenants.

In my view it`s money very well spent! i went to the event and it was excellent. Lots of very very valuable information which complements the ACRE program.