All Forum Posts by: Christine P.

At one time - I was that wife. The idea of paying multiple mortgages scared me, the term "landlady" repulsed me and risks seemed overwhelming. Ironically, the first rental property we bought was for my Mom, so that situation forced me to rethink things. (Have Mom live with us, or rent from us? That's a no-brainer.) 

What I would suggest is when you make your first few deals, make sure you factor in property management, even if you plan to do it yourself. Yes, managing your properties does save money, but it does get old for some people - especially if you get a nightmare tenant. Which would you rather have - the money from self-managing the property and an angry wife because your weekends are consumed with managing a bad tenant; or hiring a property manager and spending your time looking for more properties with your wife, because now she understands cash-flow?

Like any relationship - take it slow. Once you both have experienced the process, your goals may change.

Great party last night! Congrats again!

I'll be there with my partner - so that's two RSVP's.

Yes, twice. Everything turned out fine. 

Just make sure there's enough in your margins to cover any surprises.

Welcome to BP! Hope to see you a meet up. 

Agree with @JosephCox what was on the cards?

And how many did you send out? If you sent out 200, 8 nasty messages isn't too bad. But if you sent out 20 cards, that's a much higher percentage.

Wow - I've heard of HOA's having rules against renting, but a whole city? Wonder how long it'll be before city hall is flooded with "Financial Hardship" waivers.

We bought a property in Phoenix that had a tenant, and it actually worked out very well.

As soon as we closed the property manager went over to introduce himself and let her know where to send her rent check, etc. He also asked if she had any issues with the property. There were some minor repairs, nothing expensive. After a couple of months she said she was happy we bought the place, because the previous owners never returned her calls. Another plus - you get rent right away.

There can, of course, be draw backs. You have no idea how they vetted the tenant and what their true history was. (Like a seller is going to tell you, "They never pay on time, good luck with that!" Ha!) In some cases (I think this depends on the state) you as a prospective buyer are not allowed to meet with the tenant. However, anyone can talk to the neighbors. 

You mentioned that the property you were considering had a long term tenant. Check to see how long - they may be paying below market value for rent. Be sure to ask for their security deposit at closing. Also ask for rent and maintenance records. If the seller comes back with "Oh they normally paid cash." or is vague on these issues, be wary.

I'm assuming you're acting as property manager for your duplex, the one you "haven't been to in months"? If so, it's time for an inspection. You're in Canada and your first winter as a landlord is coming. Double check the roof, check the gutters, see how your tenants are doing. 

What a creative way to demo! Well done!