All Forum Posts by: David Terbeek

The North Coast Commercial Group says they have a lender(s) that can do foreign nationals.  PM for contact details

The Home Detectives are familiar with investment property.  I have contact info if needed

I have a guy that might be able to help with small commercial, if you want to connect.  BTW, Collinwood is not bad :) - I have owned several properties there over the years and still do a lot of business there.

There are two basic types of insurance, the DP1 (cheaper) only covers certain risks and I don't think that would one of them.  The DP3 product should cover this type of loss unless the policy specifically excludes it.  Be sure you work with an agent that understands rental properties and can check for exclusions with whatever carrier you decide to work with.  Also, very important to specify to agent if the property is vacant because your coverage could be voided if you don't have the right product.

@Jeff Brenot-  I sent you an invitation to connect.

@Jeff Brenot  To control water, it is standard for us to disable/remove exterior spickets.  We also think very carefully about the benefit of having laundry hook ups vs not having them.  The higher end the tenant the more likely they will be responsible with laundry.  On the lower end we have seen the unit become the laundry mat for family and friends.  Keep an eye on the bill, if you see a trend up get out there and check for leaks.  Unfortunately, no fool proof secrets just preventative measures.

@Srianil Peddi  I am sorry to hear about your experience.  The water bill follows the owner of the property, not the tenant and the billing starts when you first "own" the property.  It will long remain the mystery why if, for example, I don't pay my own water bill the service is stopped but other accounts are left for a year or more to accrue charges without being shut off.

Our company asks in our management agreement whether you would like us to handle water/sewer billing.  If so, we try to get the billing address changed to our office (sometimes the water co even messes this up).  If the lease says it is tenant responsibility, you can get a judgement and try to collect.  

Wish you luck in resolving this issue.

Lakewood has proved to be a great community for our clients.  Since the water & sewer are not separately metered in a duplex and, therefore, remain in the owners name you should account for that cost.  Gas and electric are the tenants responsibility.

The side by side is more rare but certainly adds to the value of the rent.  The top/bottom is the standard but seems to rent out just fine.  The cities values for rent, in a very general sense, start lowest on the east and highest on the west side.

Available to PM for more info

@Brad Fausett We have around 60 CMHA subsidized units in our portfolio.  They are neither better or worse, just different.  As Don noted, they do visit annually but I feel that they sometimes nit pick.  There will always be something to fix to keep them happy.  

The rent situation is curious because I don't think there is anyone at the organization that can tell you how they determine "market" rent as they do.  The problem with rents is that when you apply for an adjustment the rent might go up as requested or it might actually go down as we have had happen a couple times.

The good news is that the tenants tend to stay longer and the 3rd of the months is like a little celebration when that money shows up in your account.  In the end, I would not be scared of it just because of CMHA involvement but do ask to see the HAP contract from the seller in addition to the lease.

Brad- We recommend that you limit the amount of "beds" at the home to keep maintenance simple.  Of course, you need to have something to be attractive, especially in higher end units - but, again, think simple and easy.  You, the owner, should be responsible.  Trying to split responsibilities or leaving it to one of the tenants may work sometimes but often is a recipe for neighbor complaints, city fines or worse.  Budget for these services with a contractor or your management company and you will get better results in the end.