All Forum Posts by: Andrew M.

@Andrew Bonner Fantastic. I’m in town for another 5wks, and back again in January.

Monday would be great. Is there a place you like in the Grove? Say around 10am?

Andrew

@Andrew Bonner hahaha yes—welcome to the club, right?? I’m looking forward to getting familiar with the areas.

Currently staying in North Beach, with Coral Gables next on the list. In terms of viable multifamily, what do you think of Hileah Park?

Meeting up would be great. Why don’t you suggest a time & place this weekend Andrew & I’ll be there?

Andrew

Hello

NorthEast Investor here looking to begin with a small multi-family building >10units in Miami metro. 

Would like to meet & partner with small-scale, experienced property managers with portfolios of their own.

I bring money, experience & perspective.  Thanks for your time!

Andrew

Hello

Under contract to buy a portfolio of 33 duplexes (65 units) in a low-income area of my city. The Sellers have owned it for 20+ years, it comes with a couple of resident Supers, there's room for rents to increase, and these houses could be sold to retail SFR buyers once everything's fixed up.

Upside aside, the portfolio appears to cashflow negatively once interest and capex (lots of deferred maintenance) are factored in, and I’m looking for someone with a seasoned to look at my numbers.

Input from any BP members with relevant experience is welcome.

Thank you,

Andrew

@Janelle Poushay it’s great to see local people engaging on this platform! The BP podcasts, calculators, books etc. really do offer so much information.

I’m an investor with a mix of residential and commercial properties in the HRM and other parts of the province. I work in Insurance, can refer you to the professionals on my team, and am always happy to offer opinions (which are likely worth what you’ll pay for them: nothing, haha).

One thing I will say is, the deals ARE OUT THERE. Lots of people talking price and rent challenges; don’t be distracted by the noise

There are some great HRM focussed Facebook groups you could join too, if you haven’t already.

:)

Andrew

What do you think of the recently-enacted rent controls in Nova Scotia?

Will they limit the viability of rental properties?   Increase cap rates?  Decrease the intensity of competition for investment properties?

I have some opinions and am hoping for some informed comments or discussion :)

A relative is buying a condo (new construction) in Montreal, Quebec, Canada. His Notary has said that Title Insurance won’t be available. (I don’t know why he’s using a Notary rather than a Lawyer for this transaction.)

Seems like a yellow flag to me, but things often operate a little differently in Quebec...

Anyone have any insight?

Thanks!

@Yuan He I am not an expert. And I certainly don’t suggest discriminating or not giving people a chance.

But I’m sure there are people who’d ask you straight up: does an applicant meet your criteria or not? If they aren’t able or willing to provide you the underwriting info you need from them, then why would they continue to be considered?

You sound like a “can-do” kind of person, looking for a way to make this work for everyone. So if you’re catering to a certain set of people (young tenants, immigrants to Canada) perhaps it would be good to evaluate THEIR particular abilities and motivations... for example, if they don’t have tenant history and can’t afford a large security deposit, perhaps asking them for a co-signer to the lease would be enough to enforce “good behaviour”.

When in doubt, I often find it good to simply ask the other what they think is reasonable. If the answer is unsatisfactory, I move on :)

@Yuan He in lieu of the SIN, I’d ask for the name, number and address of the Applicant’s last three landlords, and contact them to discuss the Applicant’s tenant history.

I’d also contact Access Nova Scotia to inquire if they’d ever been reported to Residential Tenancies for a breach of contract or dispute with the landlord.

And finally, I’d inquire what their gross monthly take-home is, to ensure my rent is within the threshold of what they can afford (eg. 30% or less).

@John Mitchell sure man, let’s meet up Fri at 11. If you’ve analyzed anything using the software, I’d be curious to see :)