All Forum Posts by: Adam Vadnais

@Sean Ezeamama

As a rule, a long and passionate message shows the problem is more emotional than procedural. If you can meet the emotional need being manifested, you will likely find the actual complaint melts away.

I would recommend that you talk to her and let her spill every drop of her negative emotion. Ask questions to show you are interested in her experience and how it affected her. Show interest and empathy to an almost theatrical extent without being patronizing. When she has said everything she can and has nothing left (even repeated a couple times) ask her to help you find a solution together and you will probably find that she will agree to almost anything you reasonably propose.

Often, a customer/tenant/client outrage is simply the manifestation of a need to feel understood. Help them feel understood and the outrage will vanish.

@Elijah Williamson

I am also in a smaller Alberta community.

Where exactly are you looking at? Based on your description alone I would pass on this deal but I would be happy to look at it in greater detail. PM me and we'll talk about it

My fellow landlords who have chosen stainless appliances over white ones, how has that worked out. Have your tenants scratched up the finish and made it look trashy?

Also, what has been your experience with brands? Have any stood out to you as particularly better/worse for reliability?

I am buying a house to fix and flip and I am taking on some partners to fund the deal. Most partners are happy with getting a set rate of return but one wants to have equity in the house instead as he believes it will be more profitable when we sell. His part is totally passive, he just provides some of the money.

To compensate myself for the work of finding the deal, managing the contractors etc I was thinking that I would set aside a share of the equity and then divide the rest based on our respective investment.

For example: if the equity set aside is 'X' and he is funding 25% of the deal, then:

(100%-X%)25% = his share of equity

Does this make sense?

And what is a reasonable mount of equity to set aside for managing the deal?

I was thinking 10%

Thanks everyone

@Derek Hutson my wife and I (along with a few small children) used to rent out a room in our basement. I have found that disturbing people do not like to live close to their landlords. All the people we had were very well mannered and very respectful of our space.

IF someone moves into your living space and creeps either of you out, move them out. Just make it a part of the "roomate agreement" that either party can end the arrangement with very little notice if there are concerns. (I am not phrasing that well) If it's the other side of a duplex, regular laws will apply.

But you will find that there will be no cause for concern. Make sure she is involved in the screening process. It will give her a greater feeling of control and will let her find a roomate she IS comfortable with.

@Ronald Starusnak when I bought my 4-plex there was a fellow paying $600/mo rent while the other units go for $1,100. I met with him and explained that while I want to work with him, I simply cannot afford to rent for so low. He could not afford more so he suggested he get a roommate and they are my favorite tenants today.

Let them know your situation and see if they can help find a solution. They HAVE to know that they were getting a fantastic deal and that it wouldn't last forever.

@Kyle J. For clarification it is 5% at the close of the transaction. If it closes in 6 months then they get 5% (10% annualized) if it closes in 4 months they get 5% (15% annualized) etc.

6 months is the longest deadline I'm giving myself in case things don't go as planned. I am aiming for 3 months (20% annualized).

Thanks for your input!

I am looking to raise some capital for a flip that has some great potential.

I would like to offer a 5% return once the house sells (or I refinance if it won't sell) and figure I will have the money for less than 6 months.

My question is: how would you suggest I organize the information/pitch the offer in a way that will be effective?

What have you learned to look out for when screening tenants?

What questions do you ask to figure out if they will be a good match, and what do you learn from their response?

I found that someone offering to make improvements is a red flag. It indicates they are trying too hard and probably come with lots of problems (even if they never try 'improving' anything.

I love having a flat top stove. They are easier to clean and act as additional counter space when not in use. I notice that rentals rarely have them. When I need to replace the stoves in my units, is there any reason I shouldn't get flat tops?

Are they problems-in-waiting when used by tenants?

What are your experiences?