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All Forum Posts by: Harnit Koch

Harnit Koch has started 4 posts and replied 16 times.

Post: Let's Talk about Ontario!

Harnit KochPosted
  • Buffalo, NY
  • Posts 17
  • Votes 0
Originally posted by @Doug Pretorius:

@Harnit Koch I wouldn't recommended buying a student rental house in Waterloo. There is massive overbuilding of highrise apartments all around the universities and the city is working hand and glove with 2 or 3 big time investors to push everybody else out of the market. People who have rented to students for decades are ALL getting out of the business.

If you go ahead anyway you can expect annual (at least) 'inspections' requiring $25,000+ of renovations to bring it 'up to code'. A friend of mine has had to pay nearly $30,000 over the last 2 years just in inspection fees, plus another $50,000 for renovations. They made her put fire rated drywall in the basement ceiling, which they passed, and then the next year tried to force her to replace it! She fought that one and they eventually backed off after another $5k in fees.

Personally I would recommend doing normal rentals or rent to own in Kitchener and Cambridge. Those cities are much easier to work with. For Waterloo, stick with installment sales to families, don't waste your time with rentals.

 Thank you Doug. Appreciate your advice. 

When doing the research on Waterloo area I felt the same. There are too many condos coming up around university. I was even approached by a few real estate agents to look at the condos. There are a bunch of them that will be completed in 2018. That is the reason I tried to get some more information on this over the forums. I really appreciate your advice & help. 

Is there anyone here investing around McMaster University? What is the scope of student rental there? Do we need license there too? 

Harnit

Post: Let's Talk about Ontario!

Harnit KochPosted
  • Buffalo, NY
  • Posts 17
  • Votes 0
Originally posted by @Doug Pretorius:

@Justin H. I'm in Kitchener-Waterloo and have been investing here for 15 years and did a deal in Sarnia few years back. Also tried my hand at long distance assignments in Toronto and Vancouver but it didn't work out.

I decided to get back to my roots so I'm mainly focused on providing long-term owner financing now.

Hi Doug,

I am actively looking for a student rental property in waterloo. I have 2 appointments booked for this sunday. Anything in particular you will suggest to look for? I lived in Brampton for last 5 years and do not have much idea about how this investment will be in waterloo but will like to explore. The return on investment seems to be good. Now that pricing in GTA is unbelievable it is a good idea to look outside. Also, do you have any recommendation on handyman who is local to waterloo?

Thanks,

Harnit

Hi Derrick,

Can you please share or PM the information on the 3 lawyers you mentioned for Property Management & Tenant Issues?

Harnit

Thank you Ezra & Pat. Appreciate your time and help. 

Did you both try them for Tenant related issues? Any rough idea how much do they charge for eviction cases?

Harnit

Hi Friends,
Hope you all are doing well.

I have a tenant not paying his rent regularly and is not even picking up the phone or communicating anything. I need a good and reasonable lawyer who can take care of the process of eviction and all get past due rent from him. Any references will be great. This is in Buffalo, NY.

Thank you in advance!

Regards,

Hi Friends,
Hope you all are doing well.

Can anyone of you please refer me to a good and reasonable contractor who can help us build a room around the laundry to resolve the shared metering issue? We do not want anything fancy. Just a room with a door in the basement. This is in Buffalo, NY.

Also, is there a cheap option for the resolution of NY Shared Metering issue? We want to make sure that laundry of a tenant is not used by another tenant.

Any help or advice is highly appreciated.

Regards,
Harnit

Post: Good & Reasonable Electrician

Harnit KochPosted
  • Buffalo, NY
  • Posts 17
  • Votes 0

Hi Nick,
Thank you so much for your response. I will definitely get in touch with Gulino Electirc.

Yes, I do have multi unit property in University Heights area. Are you local to Buffalo? Are you renting out to families or students?

Harnit

Post: Good & Reasonable Electrician

Harnit KochPosted
  • Buffalo, NY
  • Posts 17
  • Votes 0

Hi Friends, 
I own a rental property in Buffalo, NY. University Heights area. Can anyone please recommend a good and reasonable electrician whose help I can take to detect the problem and resolve it? 

Thank you all in advance!

Harnit

Post: Sewer Line in the Basement backing up

Harnit KochPosted
  • Buffalo, NY
  • Posts 17
  • Votes 0

@Julie Greene, Thank you so much for sending the reference of the plumber. I will try to get a quote from them as well. 

Post: Sewer Line in the Basement backing up

Harnit KochPosted
  • Buffalo, NY
  • Posts 17
  • Votes 0

Thank you so much all of you for your valuable advice. I really appreciate it.

So, I was there at the property yesterday and had 3 different companies come over to look at the issue. What happened was that tenants complained about sewer backup to our PM and he sent a plumber. The plumber tried to use his snake to clear the blockage from the vent right outside the front of the house. Not sure how far he went but his snake got stuck badly and he could not retrieve it back. Right now there is no backup in the basement and it was all dry. 

Finally, all 3 companies suggested us to excavate and get the snake out. Also, they think the sewer line might be broken so they might have to change the line once they open the ground and look at it. 

We got much better quote than 10k but it is still high and there is lot of uncertainty about how far we have to dig and what all different issues we could find once we open the ground. 

We are planning to start working on this next week. I will update this thread when I will have more idea about this. 

Thank you all again for your advice and time. You all are great. 

Harnit