Is it better to have a longer amortization?

[kanabel]

Hi there,
As someone mentioned here I am affraid your expenses haven`t been calculated to the full extent, for positive cash flow. Beware of maintanance, vacancies esp., property management, or ads (if you manage yourself), etc. I found myself in lots of trouble when I had few vacancies and it really ate my supposedly high cash flow. Are positive you can rent for that money? What type of people your property attracts? What neighborhood is it? Is it affordable for most to pay $1500 for that kind of property and can you find them (tenants) easy?
Cheers
Dejan

 

[RArora]

Yes $1500 will cover my costs for the property-of course unless something drastic happens and we have kept 2 mnths worth separate for urgent repairs/etc. the house has been leased out for 2 yrs starting the day we get possession and is in good condition-no work needed before they move in. for a 3 bedroom townhome 2.5 bath in Orleans, ON $1500 is a good rent-another home similar rented out for $1300 but this home we bought is much nicer and with upgrades like hardwood etc.

Im looking for Jas Grewal`s email/ph no. BTW-he was recommended by another REIN member we met at the TO rein meeting last week but I havent heard back frm him. If someone has his details cud you let me know pls by email/msg on REIN

Thanks