- Joined
- Aug 31, 2007
- Messages
- 570
The ACRE program refers to building your team. In my view there is 2 teams. The buying team and the Manage for Cash Flow team.
The buying team is the realtor, mortgage broker, lawyer, building inspector, and appraiser.
The Manage for Cash Flow Team should be your property manager, plumber, handyman, leasing agent, bookkeeper, tax accountant and your quality customer/ tenant.
But why do investors wait until the last second to find a property manager?
In the last few weeks, I have received 2 calls from investors buying houses with basement suites. The recent call was on Tuesday evening at 7:30 PM, looking for a property manager who could attend an property inspection scheduled for the next morning. Most property managers I know have no shortage of work and generally are not available at a moment`s notice for an unknowen client.
The second issue with the properties not meeting "minimium housing standards" under Alberta Health. Unless the property is a bilevel, chances are the property will not meet the standards. Substantial renovations may be required to correct the small windows, headroom, interconnected fire alarms, handrails, and fire protection to furnance rooms and doors, to name a few of issues, as many basement suite owners are just finding out.
Many property managers in Edmonton are shying away from basement suites due to the liability that now comes with these suites.
If basement suites are your "cash flow" property and it fits your system, find a property manager BEFORE you put in an offer on the next basement suite.
The buying team is the realtor, mortgage broker, lawyer, building inspector, and appraiser.
The Manage for Cash Flow Team should be your property manager, plumber, handyman, leasing agent, bookkeeper, tax accountant and your quality customer/ tenant.
But why do investors wait until the last second to find a property manager?
In the last few weeks, I have received 2 calls from investors buying houses with basement suites. The recent call was on Tuesday evening at 7:30 PM, looking for a property manager who could attend an property inspection scheduled for the next morning. Most property managers I know have no shortage of work and generally are not available at a moment`s notice for an unknowen client.
The second issue with the properties not meeting "minimium housing standards" under Alberta Health. Unless the property is a bilevel, chances are the property will not meet the standards. Substantial renovations may be required to correct the small windows, headroom, interconnected fire alarms, handrails, and fire protection to furnance rooms and doors, to name a few of issues, as many basement suite owners are just finding out.
Many property managers in Edmonton are shying away from basement suites due to the liability that now comes with these suites.
If basement suites are your "cash flow" property and it fits your system, find a property manager BEFORE you put in an offer on the next basement suite.