All Forum Posts by: Ashley Renders

Hi everyone, 

My fiancée and I are new to real estate investing. We bought our first (and only) house in November and rented it out to a family in December....And now we're hooked!

We want to scale our real estate investments so we can live off of the cash flow as quickly as possible. AND we're lucky to have $100K in savings at our disposal. 

What would you do in your first year to make this money go as far as possible? Are there any mistakes you wish you would have avoided? We're all ears and grateful for any advice the Bigger Pockets community can offer!

Also, I should mention we live in Canada and we invest in southwestern Ontario where our parents live. We live and work in Toronto but aren't particularly interested in purchasing properties here.

Thanks!

Ashley

Hi everyone, 

I'm very new to real estate investing -- I've only made four offers and two were accepted quickly, another was rejected quickly for a better offer. 

But, I made an offer on a fourth house on Sunday and I haven't heard anything from seller in 3 days. Obviously my original offer was rejected because the deadline has passed and the offer is void. But they haven't made a counter offer and I'm not sure what my next move should be. 

My real estate agent says she is in communication with the selling agent and she will let me now if there are any other viewings or offers. But I'm nervous about losing this place if a better offer sneaks in. The house has been on the market since October so my agent is encouraging me to sit tight and wait to hear back. Is that the right thing to do? Should I make another offer to avoid someone else sneaking in?  Or calm down and wait for them to respond with a counter-offer? 

Any advice is appreciated!

Ashley
  

 

@Nathan Gesner Thank you for this advice, it's very helpful! My partner and I have not signed the lease yet. Our property is a few hours away, so we sent the lease electronically to the tenant. She signed it, but we haven't signed it yet. Are we allowed to market the apartment again? Or are we legally required to rent to her because she signed it? Thanks again!

Hi everyone, 

I made a super rookie mistake and allowed a tenant to sign a lease before she sent the deposit. She said she would send the deposit later that day via e-transfer, so I sent her the lease to sign after checking her credit and calling her references. Now, she says she only has part of the deposit and wants to pay the rest at the end of the week. It seems like a bad sign. 

She has signed the lease, but we have not signed it as landlords. Are we allowed to entertain other offers? Or are we legally bound to rent her the house if she comes up with the deposit some time between now and her move-in date (Dec. 1). 

Lesson learned! Any advice would be appreciated.