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All Forum Posts by: Dale Degagne

Dale Degagne has started 2 posts and replied 37 times.

Post: Testing AI for visualizing apartments

Dale DegagnePosted
  • Investor
  • Canada
  • Posts 38
  • Votes 29

Hey Brother - glad to see someone else pushing the boundaries on AI in Real estate. I don't have anything to help you along but stay in touch!

Post: Reasons for Rent Abatement?

Dale DegagnePosted
  • Investor
  • Canada
  • Posts 38
  • Votes 29
Quote from @Chris Seveney:

@Dale Degagne

You will absolutely want to get an understanding of what that abatement is and what will resolve it and cost to resolve it


 Thanks.

Up here it is very very rare that we give rent abatement (I have never done or even heard of it in residential and only saw it once during covid in commercial) Even then, it was a time limited thing and they were put on a re-payment schedule.  I'll have to do more digging. Thank you again.

Post: Reasons for Rent Abatement?

Dale DegagnePosted
  • Investor
  • Canada
  • Posts 38
  • Votes 29
A mobile home park I'm looking at has rent abatement of around 3% of the lot rental income on the T12 (tapering off to around 1.6% in the last few months). 

What are some common reasons for rent abatement in parks and does it impact your Due Diligence at all?
Quote from @Greg Scott:

I don't know anyone in the apartment space that tries to take occupancy to zero to do renovations.  Many big operators do renovations while occupied.  On some deep value-add plays, I have friends that will non-renew every resident.  They are free to transfer to a renovated unit but they are not going to be allowed to stay in the older units because the owner wants to upgrade them.


Thanks Greg.  It seems I failed to add that I'm getting in with hard money so time is of the essence. It still feels like I would get a lot of push back if I took occupancy to zero (our vacancy rate here is around 0.8%). At the same time, our rental laws here are very pro tenant so the entire process can take upwards of 7 months to get the unit free which on hard money is very expensive...

I have a gorgeous 12 unit under contract.

It has turn of the century wood craftsmanship and the envelope is in good shape.

Unfortunately the interior mechanics of the building are at or well past their end of life.

Plumbing: Cast and lead drainage, mainly copper feed lines

Electrical: all piped and grounded but mainly surface mounted and running off of the old glass fuse breakers and under serviced. 75 wire so potentially can't add even add any new 90 rated fixtures (ie can't change lights)

From a financial perspective the numbers will work beautifully if I can turn over some of the tenants and upgrade the systems when I do. But I think it would be more effective to just do it all at once due to the severe disruption to the whole building.

I can renovict for extremely large projects like this if I have to but would rather do a cash for keys scenario. I don't know how that would work if I wanted to get the whole building though.

Anyone have any advice or experience doing multiple c4k or renovictions?

Post: Realtor Wholesaling a Contract with seller to buyer?

Dale DegagnePosted
  • Investor
  • Canada
  • Posts 38
  • Votes 29

@Marc Middleton this is your answer.

Post: Realtor Wholesaling a Contract with seller to buyer?

Dale DegagnePosted
  • Investor
  • Canada
  • Posts 38
  • Votes 29

@Marc Middleton ya that's pretty reasonable.

Ibwould market it as "I will buy your house, no hassle, no realtor fees" and then there is an assignment fee payable by the buyer. The only challenge with having a represented buyer is sometimes they balk at having to pay extra up front (vs having the realtor fees baked into their mortgage). Obviously you would need to incentivize the other realtor.

Post: First deal stuck in probate…

Dale DegagnePosted
  • Investor
  • Canada
  • Posts 38
  • Votes 29
Quote from @Sara Walters:
Quote from @Dale Degagne:

@Dwayne Poster this exactly. Probate is a common thing but should have been addressed explicitly in the contract. Did you use a realtor? Up here we would crucify a Realtor who tried to sell a property subject to probate before they knew it could be sold (pending probate of course).

Yes, both I and the seller used realtors. I asked my realtor why we hadn’t been told about the probate from the beginning. My realtor says she was not aware it was a probate situation until the seller missed the closing date. When she asked the listing agent why the house was put on the market before the probate was settled, the listing agent said she “thought it was.”

Sorry to hear that. Sounds like a bad agent on the other side.  Definitely speak to a lawyer about the next steps.


Post: BRRRR with a 48-54 hour a week Full-Time Career

Dale DegagnePosted
  • Investor
  • Canada
  • Posts 38
  • Votes 29

@Kyle Wagner sounds almost like your applying the wrong strategy to your goals. If you want to retire in 25 years comfortably and want to have work life balance between now and then, I would suggest you relook at turn key properties or partner with someone who does BRRRRs full time. Either that or let go of the work life balance thing...

Post: First deal stuck in probate…

Dale DegagnePosted
  • Investor
  • Canada
  • Posts 38
  • Votes 29

@Sara Walters I replied to Dwayne above but the listing agent should have made it subject to probate and failing that, your agent should have caught it. That said, probate isnt normally a big deal unless there is some in-fighting. If they missed the closing date though I would speak with your lawyer about your options.