All Forum Posts by: Charles Gaucher

By email, which they replied to and I went the next day to pick up the keys. March 6th.

This bill was received in December.

So last November (2019) I hired a property management company. tenants were moving out December 31rst. By March of 2020 it still wasn't rented. So I cancelled. 

we had no signed contract. Just a verbal agreement that she would get half the first month's rent for leasing fees.

5 days ago I got a bill in the mail that my tenant handed me for 274$ from said PM.  The bill claims I've been notified multiple times and that I am 90 days late on the bill. Said that if I did not reply within 5 days they would be getting a collection agency or legal action.

What can I do? My lawyer isn't answering and I need to answer today according to this bill.

We did not sign any contract, I feel like this is an illegal bill.  This is what I have written up to send back to them.

To whom It may conscern at bpm.

I was just handed a bill for the first time today from my tenants at 50 Mackenzie Crescent.

Claiming I am 90 days past due.

Firstly I do not live at this address, so how do you expect me to receive this?

Secondly, I will not be paying this illegal bill. We had no signed contract. The only verbal agreement was that you would collect payment after successfully leasing the place. As industry standard is. (Which you were unsuccessful in doing from November 2019 to March 2020).

Charles X

@Kim Ng

1% is tough in Canada unless your doing student rentals or investing in more rural area. Expect more around .8%.

I'm no where near being an expert. I'd consider myself new as well, but I use the 1% rule sort of like a quick analysis on properties. But even there you can miss out the good ones. I have three units and in all of them I had to find some hidden value or rooms in the house to make them work as investments.

@Terry Nguyei did something similar in Kingston, and with CIBC they take 80% of the rent into account for your income/debt ratio.

@Mike Oliveira

I agree with the student rental.

I have found the best way to near the 1% otherwise is by unlocking in seen potential in homes.

Such as room for an extra legal bed room.

Can any one recommend turn Key real estate companies. Preferably in Ontario, but I'm not closed to  the idea of out of province investing.

. following

I have a student rental in Kingston, all inclusive and internet. some places are here are even throwing in free netflix.  The snow i bought them alot of salt and a good hand shovel and told them its in their lease.  yes yes i know void clause. but they have been doing a good job. i still end up going to give it a good clean every so often lawn care was contracted out. the way i see it you ccan pay a student living there and hope he keeps up to it. or find some kid on the block and hopefully spark a little bit of entrepreneur skills.

I hear, or read of all these self directed IRA's and how to use them to grow a portfolio or retirement savings. Do we Canadians have an equivalent? If so do we have the difference between Americans classic vs Roth IRA's?

This is still a newer concept to me but one that I need to shed more light on. 

How can I utilize my pension plan through an organization and invest it into real estate wether it be in collaboration projects, or as a hard money lender.


Also what about how Americans can take out a loan from their 401k. Again do we Canadians have an equivalent?

Matthew,  it's the pizza boxes thougg that can't go with the empties.  Haha

I must add my girlfriend drives a Prius and I can confirm she's made a couple tanks of gas from bringing the empties in for a refund.