All Forum Posts by: Robert Gunther

Anyone have software for helping with design?  If I have a house with measurements it would be great to have some (easy to use?) software to plug away at different designs.

Maybe I want to move some walls or redo a kitchen, there must be software out there to rework houses?

I supply curtain rods, but no curtains.  Most tenants end up putting something up on the rods.

When tenants leave, some leave fairly good curtains in the units.  If they leave them, we leave them up but indicate window coverings are not provided in the rental agreement.  It is just a bonus if they get them, but if they wear out or there is some problem do not call us about them.

I don't have any experience for ON, but in BC you can kick them out if you or a close family member intends to move into the property.

I plan on redoing a unit in a building and may use that as my means of getting the tenant out.  I don't see in the BC rules how long the owner or close family member must remain in the property.  I would personally be moving in for the purpose of house hacking and move out when done.

I'm a couple years late to this thread, but curious how your situation worked out in the last couple years?  Any theft issues?

More importantly, after you started picking up the cash yourself did your revenue go up?

I think I may have found one!  Looks like an LG WM3488HW is designed to be placed under a counter, since it is 33.75 inches in height and offers vent-less drying.

A bit pricey but looks like it would work.  Anyone know of any others?

I am looking for a washer/drying (for clothes not dishes) that are designed to be installed in a kitchen under the cabinets.

I know this is VERY unusual for Canada which is why I am having a hard time finding such a thing, but it is very common in Europe and Asia.

I have a very small apartment with no washer/dryer and the cost to run the plumbing and electric is prohibitive so if I can fit one under the kitchen counters next to the sink it would make my life much easier.

Anyone know of a model available in Canada?

Thought I would share a very recent transaction.

On May 1st I closed on a 4-plex in Vernon BC.  It has all two bed, one bath units - all the same size.  Has a shared coin operated washer / dryer in the building common area.

It is in a C class neighborhood, built about 1970.

Purchase price was 470k,  plus about 10k in closing costs and I will put about 10k into repair/improvements.

At possession on May 1st only 1 unit was rented @ 800 - the tenant has been there 1.5 years.

I believe the market rent should be more in the range of $950.

I put an advert on Kijiji saying there would be an open house on May 4th and got about 35+ people replied.  I screened some of them out right away from their initial contact.

About 15 people completed applications for units during the open house and rented the three available units at the $950.

With the purchase price, closing and repairs it comes to about $122,500 per door.

The building is structurally sound, tenants all have separate power meters - I supply the water  in the rent (hot & cold), everything else is paid by the tenants.

Property taxes are about $3,300 and insurance is about $2,200.

So far I am very pleased with the deal, as long as I have picked some good tenants things should work out well.

I've got a 4-plex, two units share a water heater.  Currently the water heater tanks are 13 and 9 years old, I plan to swap out the 13 year old one as at that age it is a time bomb.

I pay for the water and the electricity to heat the water.

Is it possible to pass some of the electric bill onto the tenants by installing some type of point of use water heater in the individual units (1 bathroom in each unit).

I was thinking it might be possible to keep the water heaters at a very low temperature (say warm water, but not hot enough to have a shower for example).  Then when there is demand by the tenant the point of use water heater in their unit comes on and is able to heat the warm water from the tank to hot water for use.

Possible, stupid, drawbacks?

I was looking at buying the unit for rental.  Good feedback, making sure the repair is guaranteed and transferable is an important consideration as at some point I may want to sell the property.

Sergey,

I have both lent funds from my RRSP to other investors and borrowed from other investors RRSP as well.

The process was smooth, the only downside was how long it takes the lawyers to do their stuff.  It took about 60 days on the transactions I did to get the legal paperwork done.  Fortunately, there was no pending property closing relying on the mortgages I did but the length of time the lawyers need is certainly something to keep in mind.

I have used two different trust companies, their paperwork took just a couple of days... that part was easy.