All Forum Posts by: Cody Weiss

Hmm this is a great question.  What do you believe are they key impacts that would potentially change the market?

Hi All,

I am doing my own condo document + reserve fund review as I want to build this skillset. I was curious if anyone has resources on what I should be looking for. I can provide more details as well as I have managed to get my hands on the insurance certificate, board meetings, financial audit of the reserve and assessment of structure. 

Thanks!   

So far credit unions ( e.g. ATB) have provided better options for financing from my experience. ATB will count your forecasted rent towards your loan application whereas the big banks don't consider it as a factor. Outside of that , you might want to consider why type of relationship you want to build with our bank. 

I was at the same cross roads a few months back and someone on the forum asked me what I was hoping to accomplish in regards to going back to school for property management. My thoughts were that I needed a structured environment and a piece of paper to let me know that I had acquired a skillset. You seem fairly accomplished so I hope their is something specific that you want out of the courses. 

Hi All,

I have a question to anyone who works with banks and handles applications for loans. How much does support documentation assist with getting an approval. What I mean by support documentation is profile of buyers, experience with real estate, financial planning, projected cash flow for property etc. 

Thanks!

These are great questions! Wish I had a better response for you but you might want to reach out the file manager who is handling your permit and ask what's the reason for some of these items, sometimes the counter clerks have a check list and end up sending the applicant ( you) that list without considering what you actually need.  I am interested in seeing how this unfolds so hopefully we get some good responses from other members. 

Good luck!

Hi Adam! 

Welcome to BG. Great question! I would recommend going to the Fileplace under the tools tab and type in pro forma or income calculator. The pro forma you will find can be pretty extensive which is great as you figure out what type of costs you want to integrate into your calculations. Feel free to bounce some questions my way if you run into some trouble. 

Hi Sheldon,

I was curious about your downpayment, it looks like you have 5% dedicated down. If this is your second property you are looking at 31k for a 20% downpayment. It would also be nice to see your expenses based on a month by month basis. Outside of those comments the property looks great! Good luck!

@Account Closed thanks for the killer responses. Having the numbers around the number of responses based on number of hours on market creates a ton of clarity. I was foolish to think of renting the unit only after the tenant had left the unit haha, so glad I posted this question. I built a project timeline and can create some overlapping tasks so the unit can be viewed with a tenant in place.  Thanks again!!!

Hi All,

This might be a naive question given the caliber of landlords on here but here go. How long does it usually take  you to go from empty rental unit to having a renter and first months rent in the bank? 

Thanks!