All Forum Posts by: Axel Lafortune

@Sam Bellerose Thanks for the tips! I am currently doing a house hack, it’s my first property and love the challenge.

@Sam Bellerose Thanks for the detailed answer! Right now the property is a 3% Cap but looking at reaching a 4,5% cap after building will be stabilized. I am also looking at Cash on Cash and IRR even though COC return is not very high since the property is only breaking even right now.

Calling out BP investors in Montreal, Canada

What Cap Rate do you consider good and bad for a small Plex (5 or fewer units) in Montreal, preferably on the island?

Thank you,

@Danial Ali Interesting perspective, thanks for sharing

Thanks, everyone for your input, I am seriously considering the BUY option!

Hi BP,

I need to replace 3 water heaters in my building and considering wether I should rent or buy new ones. 

On one side, I could buy and instal new ones ; in terms of cost it's gonna be a 1 time expense and if anything happens I will deal with it and pay a plumber.

On the flip side, with renting, one argument I received is that I will have peace of mind in case anything happens as tenants can call the company 24/7 and support will be free of charge. However, by renting them I would have to pay nearly twice the price over a 10 year course.

I am leaning more towards the buying option, as it reduces my costs and in my situation, the water heaters will be installed in the crawlspace where there is a pit and a sump pump ; therefore, if anything would to happen and water starts to leak, it would simply go inside the pit and get flushed by the sump pump. What's the big deal?

What would you recommend?

Thank you,

Hi @Connor Kelly,

This may not be your market but for investors out in #Quebec province, there are two comp ressources

- JLR Solution Foncières

https://solutions.jlr.ca/fr/fonctionnalites

- Du Proprio Comparables

https://catalogue.duproprio.com/register#/

Thanks,

Hi @Account Closed, contrary to how it is in the USA in Quebec tenants have the right to remain in their apartment as long as they want and a landlord cannot terminate a lease. However there are some exceptions but my recommendation would be to double check with the Regie Du Logement.

Normally even if lease renew on july 1st you cannot simply send a notice telling your are terminating the lease.

Under certain conditions if you are planning to do certain types of renovations you might be able to end the lease.

Also under certain conditions if you are planing to get back the unit to live in it or for a member of your family to live in it you might be able to get it back but there are a lot of conditions and rules applied so again check.

Finally there is always the option for Cash For Keys which I haven't tried so I cannot give advice on it.

Also you said you were planning to merge units. Even if you manage to get the unit back you might not be allowed to merge the unit depending on the City and neighborhood where it is located - See article below

Check out that article: 

https://www.lapresse.ca/maison/immobilier/2020-06-07/villeray-saint-michel-parc-extension-la-transformation-de-duplex-en-maisons-interdite

Best of luck and keep us updated

Calling out investors in Canada, even better from Montreal / Quebec.

I managed to find the name and address of property owners but struggle to find their phone or email.

Has anyone found tools or skip tracing services to solve that challenge?

Thank you BP,

Axel

@Account Closed Thank you for your recommendations, and the detailed explanations. I will be direct and focus on respect when calling people.

AllTheLeads seems to be an amazing resource, but here in Canada I haven't found anything close to that. Right now I am pulling adresses from the Land Register but often there is no phone number.