All Forum Posts by: Dylan Earl

Never forget to do a good ole Market Analysis. Numbers are great but to achieve success in the long term you can't forget Location, Location, Location! How are the demographics? Population growing? Who will your renters be? Who's the closest & biggest Employer? Parks nearby? Grocery Store? What do the neighbouring homes look like? 

Don't forget to make sure that the building is compliant with the city and has all the proper setbacks, egress requirements, bedroom sizes, fire & safety compliance etc. 

Best of luck!

I used to be an Estimator/Project Manager for Property Restoration. An insurance Adjuster may be a better source but this is what I can share:

1) You have a claim, there are two steps: 1 - Emergency work (get the water/damage rectified and dried) 2 - Rebuild. Insurance will pay for emergency work as long as you don't have a limit on your policy. (sometimes people cheap out and instead of getting full coverage, they pay for only a small portion of their dwelling cost)

2) Once emergency work is complete - a contractor will submit an estimate to the insurance company for REBUILD. The insurance company will ask you if you want to proceed with them and have their preferred contractor do the work... OR ... take a cashout equivalent to what the contractors quoted insurance (less their 10 & 15% profit & operating costs and tax). 

3) I'm not sure what you mean by Patchy... but if you can confirm if this was installed by the insurer's contractor then you should absolutely most definitely call your insurance adjuster assigned to your file OR if you mean as a result of a few days/weeks the floor has shown signs of water damage, then that means the insurers restoration contractor did not do their job properly in mitigating the loss and you need to let your insurer know you still have water damages. They will come out to site and inspect 

Best of luck!

Sparked an interest in 2012, watched a lot of Home Network shows and thought it was an interesting industry... tried to learn on my own but couldn't find a proper structure or resource pool to pull from... enrolled in school 2013, completed 4 years of Business ... got my degree with major in Real Estate, convinced my wife that owning was better than renting, purchased first home in 2018 and bought some land this summer! Looking at a 3rd before end of the year. 

I'm with @Tchaka Owen on this one. Tell the neighbour to call the police... landlords look after the property and components of that property for the purpose of habitation. Not this human interaction stuff... haha that's what the good ole popo are for!

No way I would let this go. Get them to either assign their lease or sublet to someone else with your approval or tell them they are on the hook for the rest of the year rent. They don't want to pay? Take them to court. 

If you don't want to deal with a court situation get them to buy themselves out for however long it may take you to find new tenants, your gas, time etc. Call it 3 months or so. 

Best of luck

Sounds like you mean a semi-detached? 
Semi-detached = 1 building/roof, two habitable dwellings, 2 lots
Duplex = 1 building/roof, two habitable dwellings, 1 lot

I've heard from developers here in Ontario, Canada that when you purchase two lots beside each other they automatically amalgamate (depending on the municipality). So if you buy two lots just be aware of that! Could lower your value. I'd recommend purchasing one in trust and the other under a name to be safe... speak to a lawyer about it. 

Best of luck!

I have a quick question (or two) regarding getting refinancing!

1) Do I have to wait until the end of the term of my mortgage to refi? 

2) How is the equity paid out? ie. Existing mortgage of $350,000 Valuation of $400,000 with LTV of say 70% gives me $35,000 ... is this just processed as a cheque and then the 35k+int gets added on top of my existing 350k?

Thanks! x) 

Yikes. I am a property manager and if any of the owners I work for asked me for tenant information they would have it in a heartbeat. No reason for me to withhold that information. I would also follow up with "If there is anything I can help with please let me know" I also tell both sides ie. Call tenant to let them know I will be passing their number onto the owner and if they have any questions to let me know. 

If the tenants are at your house just go knock on the door and introduce yourself as the owner and inform them of the situation. They should have copies of the lease agreements. First thing I would do Is meet the tenants and then notify them that you are changing the locks to the doors so that PM doesn't have access. Best of luck!

Timelines! Everybody loves a good old fashion timeline and rate of return. The people that I work for and partner with are very busy and have lots of capital. They don't want to see the nitty gritty details, be very summarative but HAVE the details and KNOW them in case they ask. 

Present your investment (along with the opportunities and strengths it has), expected return vs alternative investment options and timeline. 

Works like a charm. Best of luck!

If I were you, I would just walk over to the neighbour and say "Hey, I have been working on cleaning a bunch of my grills and it looks like one somehow ended up in your backyard. Can you help me bring it back over to my carport?" Then depending on how the rest of the conversation goes will determine whether they are guilty or are as surprised as you are. I don't know, not worth wasting the police's time in my opinion...