All Forum Posts by: Chungsoon Haw

 Thanks Roy. I looked it up and seems like vacancy is all under 5%. Not sure how to use that rent information as we're comparing rooms to a self contained unit, but regardless average rent between 650 (bachelor) to 1000 (2/1).

I'm 15 minutes away from city core and a part of the university.

Thanks a lot for your input. I agree with you that if it is true that finding tenants will be a pain, it will not work. The typical rent in the city is 400-500 with 700-900 for 1+den apartments/own duplex unit. 

Do you have any suggestions as to how I can get hard data?

Thanks for the comments. I just looked up the zoning and it states that a lodging house would be a dwelling unit that has more than 5 rooms. Because this is a duplex, each dwelling unit has under 5 rooms. I will call to confirm that this is the case.

In other news, I spoke to a real estate agent today and he was saying that buildings that are 60+ years can have some major foundation issues. That and he was saying the region is going to be tough to find good tenants. 

He's definitely been successful with his own portfolio, but I think he's more of a push money into the property and let it appreciate type of guy so he didn't really have much to say / recommend me to talk to in terms of property management. Anyway, I'm not sure what to think at this point as the property has been there for over 3 months now so it's hard to imagine no one seeing this as an opportunity.

I think in a sense I'm forcing myself to make this work... but at the same time, the numbers show that this can become feasible...

Thoughts anyone?

Thanks for your thoughts. In terms of what I've done to test this, I've posted an ad up on kijiji (the craigslist of canada) specifically saying rooms for rent at 450 and had 8 people respond to see the place within a week. I'm not sure what the conversion rate would be, but I think there is a market for this type of thing. I'm also thinking of making one a female only and charging slightly more as I've seen a few females ask for female only places.

Right now I'm also assuming that a PM at 10% will be willing to collect from these tenants (well I'm assuming everything at this moment).  In regards to maintenance, how much do you think it should be?

As a duplex, I'd be looking at 1600 (800 a piece) if I'm conservative. If I can get the basement converted and it's legal (thus a triplex), 2300. Regardless, not enough to justify the 220,000 tag attached.

Hi guys,

I'm super excited to be a part of this community and am still absorbing as much as I can through blogs, forums and podcasts. However, I figured it would be much faster to ask questions and get some feedback.

I found a duplex 4+3+basement(0 atm) at 250000.

I was thinking of converting each room into a separate rental and my market will allow for 400+utilities quite easily. My first question is: with all the SFR conversations, it seems like the underlying assumption is that one family will rent it out as oppose to multiple strangers. What do you think of renting it out to 7 different people and what type of additional costs will there be as oppose to two families?

Using those numbers, factoring in tax of ~3000/year, insurance of 600 (will probably be higher), maintenance 10%, PM 10%, vacancy 10%, I'm sitting at about 500/month. What are your thoughts in terms of feasibility?

I haven't gone to see the property yet, but I'm also thinking of seeing if there is a way to convert basement into a 2/1 unit as well.

Thanks in advance!

I think I posted this at a bad time. 

sorry, forgot to mention: interest rate at 4% 25yr mortgage which ends up being about 1150/month.

Hi guys,

I'm super excited to be a part of this community and am still absorbing as much as I can through blogs, forums and podcasts. However, I figured it would be much faster to ask questions and get some feedback.

I found a duplex 4+3+basement(0 atm) at 250000. 

I was thinking of converting each room into a separate rental and my market will allow for 400+utilities quite easily. My first question is: with all the SFR conversations, it seems like the underlying assumption is that one family will rent it out as oppose to multiple strangers. What do you think of renting it out to 7 different people and what type of additional costs will there be as oppose to two families?

Using those numbers, factoring in tax of ~3000/year, insurance of 600 (will probably be higher), maintenance 10%, PM 10%, vacancy 10%, I'm sitting at about 500/month. What are your thoughts in terms of feasibility?

I haven't gone to see the property yet, but I'm also thinking of seeing if there is a way to convert basement into a 2/1 unit as well.

Thanks in advance!