All Forum Posts by: David Cam

I have a question about my new tenants that are moving in to my new condo rental on the 1st of this month. The Super requires a form to be filled out for the elevator and a $200 security deposit for elevator damage. Should I as the landlord book the elevator and pay the deposit or should I send the new tenant this form and ask them to pay the deposit?

@Levi K. If I use a HELOC for my second investment property and decide to pay interest only, how do you eventually pay off the HELOC? Do you eventually get the investment property reassessed after a few years and somehow take cash back to pay off the original HELOC?

Thanks @Account Closed I wouldn't do that, investment use only. 

Thanks @Roy Cleeves that's exactly what they offered me at TD today.

Hello, I have another question regarding accessing the equity in my home to purchase my second income property. I'm leaning towards the HELOC option to use as a down payment for my second income property. Any thoughts on this option and do most investors choose to pay interest only on the HELOC? The rates on the HELOC are higher than my current mortgage making the HELOC for a down payment more costly, would interest only payments be the best way to proceed with this?

David

Hello everybody, I recently bought my first investment property and already have it rented out which was fairly seamless. I now would like to repeat the process and purchase another investment property. I used a chunk of my savings for the down payment on the first property, putting 20% down. I also have aprox $400,000 worth of equity in my personal home. Some say this is just dead money, do most of you recommend using your personal home's equity to refi or access a HELOC to purchase more investment property? Or would this be considered risky, being that its our family home?

You're right guys, thank you.....12 questions is a bit much and there's some unnecessary questions in there. I will definitely cut it down I appreciate all the advice.

@Mary M. Thanks for the response Mary. This makes sense but so does the other way that some suggested. I do have a higher end condo and it seems that the pre-screen is in a way helping to self select people that otherwise don't cut it. I have an investor friend of mine that said the same thing you said as well Mary, but he does have more student rentals and MF rentals. I just wonder if showing the condo to 15 people is more of a waste of time as apposed to pre-screening and only having to show the unit 2-3 times by weeding out some people, or am I alienating people by doing this, I really don't know. 

@Adam Biya here is my prescreen template:

Hello , thanks for your inquiry about our condo for rent. Please complete and return the questions below and we will contact you to arrange for a viewing. Please note: viewings are by appointment only and only those who fill in the following information will be contacted to schedule a time to view this property.



1. What date are you looking to move in by?

2. How long do you want to rent for?

3. Why are you moving?

4. What is your current monthly income?

5. How long have you been living at your current residence?

6. Do you have any animals? (Describe)

7. How many people (adults & children) will be renting this suite?

8. Have you already given your current landlord notice?

9. Please tell me about your job (each adult). Details are useful.

10. If you are offered the unit, do you have the deposit (1st & last months rent) immediately available?

11. Have you ever been evicted before?

12. Do you have any delinquent accounts or passed due bills?

13. Do you smoke?

14. Do you have any violent felonies?

15. Please provide your name, phone number and preferred email address. I will most likely communicate via email for convenience.

Thank you,

Hello I just recently bought my first investment property which is a higher-end condo and I have a question regarding the prescreening process. I've already posted the listing on several sites and I seem to be getting quite a large response from people and everyone keeps asking the same question when can I see the property. I've been replying back to people and asking them to fill out a prescreening which is a dozen questions and then send them back to me by email and almost everybody has not responded back. My question is.... is this normal? Or are these people just flaking off? Do you guys generally show the place first and do a prescreening at the property or over the phone.....am I doing something wrong? It seems strange that people would even bother responding to my ad and then drop off as soon as I send them as prescreen.