All Forum Posts by: C.Y. Li
C.Y. Li has started 3 posts and replied 6 times.
Quote from @Kelly Bailey:
Hi C.Y., Kelly Bailey here. I operate 8 medium term (midterm) rentals on Furnished Finder and Airbnb for about 5 years now with over 95% occupancy. For leases, the main difference is flexible lease terms which for us is just a 30 day notice. Guests extend often and occasionally need to leave early based off job assignments. Average stay is 90 days. Communicate the terms & fees clearly in the lease. We put a 4pm checkin and 10am checkout, add addendums that are important for each house such as how to clean a glass top stove or take care of counter tops, septic, etc. Our deposit is 1/2 to 1/3 month's rent so that is $1,000 for our 3 bedroom homes and $500 for our smaller homes. We have never had damage or missing items that exceed those values and have given back the full deposit 99% of the time. Hope that helps! Furnished Finder has great tools for medium term rentals- tenant screening, leases w/ e-signing and rent payments all built for midterm rental operators.
Thank you so much ... yes that helps a lot. Do you use the lease from Bigger Pockets or do you have your own?
Hi all,
I'm trying to explore mid-term rentals and would like to know how the lease differs from normal long-term rental leases. I would imagine there's an addendum for furniture damages since it would be furnished. Would love if anyone can give me a run down of the differences. Thanks in advance.
Post: How to screen tenants?
- Posts 7
- Votes 1
Have you tried mysmartmove.com? It's free to sign up and I usually have the prospective tenant pay but only send them the link after I've vetted all the other criteria, like reference check and such. Hope that helps.
Post: Vancouver, B.C. Financing possibilities to avoid speculation tax
- Posts 7
- Votes 1
Thank you 🙏🏻
Quote from @Kris Mcfarlane:
Contact Green Mortgage out of Vancouver.
Tell them I sent you.
If anyone can help, they can.
Post: Real estate lawyer that can do Creative financing in B.C.
- Posts 7
- Votes 1
Any recommendations for a real estate lawyer that would do creative financing in Vancouver B.C.? Thanks in advance.
Post: Vancouver, B.C. Financing possibilities to avoid speculation tax
- Posts 7
- Votes 1
How to title this post but this question is probably pretty specific to Vancouver, B.C. where they had implemented the speculation tax. For those familiar with the tax you'll probably understand where my pain is. My parents are living in a home that I own with them and because I do not live in Canada currently, I'm subject to this speculation tax. Was wondering if there's a way I can become the bank and lend them money like a home equity mortgage, where I have the lien in the deed for lending them the money and not have my name on title. Wanted to know what are the implications, how this works in terms of process. I will be speaking with a real estate lawyer but wanted to make sure I know the process and kind of know what I should ask rather than going in blind.
I know I'm very brief in the question but that's because I really don't know what information is relevant to provide. Thank you in advance for any advice.