All Forum Posts by: Igor Tomic

 Well as you said there is a million reasons why would someone sell their property. Bad tenants would be least of my worries. I don't know if your co worker is in real estate but saying " i will find great tenants" is funny. You can screen and do background checks and still end up with issue down the road. I think if someone has been in the same place for 5-10 years they are pretty good tenants. 

If your goal is buy and hold then something that is rented might be a good option. In multi family that gives you great advantage. Lets say one tenant doesn't work out and you part ways ....you still have someone covering your expenses. Maybe you are not cash flowing for that month or two but is better then having both units vacant..

Again my advice would be to pay attention how long tenants have been occupying unit you are buying. Good luck 

I think big question is how long have tenants lived in the place? I bought a duplex that had tenants living there 10 years and bottom was there for few months. Day I got the property bottom tenants said they are moving out (and I was happy). Upper are still there.

So thing is what do you want to do? It is nice getting tenants that live there for a long time (usually don't need any work on the place). I would be careful with someone who  has not been in for a long time.

If you are strictly interested in flipping then vacant unit is the way to go. If you want immediate cash flow and doing buy and hold then rented would be good choice IMO. You can always upgrade it down the line 

Thank your for the info Roy N. I will look into it

Hey guys

I don't have anything hard wired since when i got duplex a year ago there were tenants in already. As for 200$ fine I'm not sure who will fine them (fire marshal?) and I don't have anything in my lease about termination. Now like I said I have battery operated equipment and that wouldn't work for me since I have to give them 24 hr notice I will be inspecting alarms and I'm sure batteries will be in place.

My thinking is if something happens I'm sure fire fighters will be able to determine if there were batteries in the alarms or not. I don't see how can i be responsible for someone else. I did my part and provided units with alarms that were functional. Now if you decide to disable them you should be held responsible

I'm not sure about student rentals but I'm paying 170$ for my duplex. I called around and some companies wouldn't insure at all and some were just insanely high. Some would calculate 700K to rebuild a property that was purchased for 100K. So it all depends on the company.

My duplex is fire separated with sprinkler system in the basement. I just rented one unit out and put in smoke alarm and carbon monoxide alarm. It is all one level so one of each should be good. Also I installed fire extinguisher in the hallway so both units can reach it in case they need it. 

Now my problem is upper unit. Guys have been there for 10 years and she told me that she took battery out of smoke alarm because it goes off  when she is making grilled cheese :). I will have to print this out and go there and maybe move it little further from the stove but encourage them to keep battery in. I don't want to get in trouble if something happens.

I was told by them that fire marshal went thru the unit few times in last 10 years and there were not any issues except batteries not being in smoke alarm. I guess it is their call if they wanna keep it in or not

The owner of a duplex is facing a number of charges following a fatal fire over the weekend.

Under the fire code the landlord is facing two charges for not having proper smoke detectors and two charges for failing to have proper carbon monoxide detectors.

He’s also facing a charge for improper fire separation and another charge relating to self-door closers not operating.

A woman died of smoke inhalation Saturday morning at 395 Curry Ave. Her two dogs also died in the blaze.

Fire started on the kitchen stove, officials say, and caused $150,000. It has been ruled not suspicious.

The charges will now be sorted out by the courts and penalties range from $2,000 to $50,000 for individuals. The owner will be formally charged in the coming days.

Windsor fire officials are taking this time to remind everyone it’s law to have a working smoke and CO detector on every level of your home.

Reporter Email Jason Viau Twitter @JasonViauNews

http://blackburnnews.com/windsor/windsor-news/2016/02/16/charges-possible-in-fatal-fire/

Just bought books last week. BP doesn't ship to Canada so gotta wait till next week to pick them up in the US. Can't wait to read them. I'm sure they are great books. Won't do flip before reading it.

Can't help you but you should #AskBP and someone might answer you on there. Interesting question tho. Good luck

Welcome to BP. There is a lot of new guys here and you will find your question answered multiple times. I just started this year as well and decided to go with duplex for starters. Passive cash flow is what i decided to go after. I personally think you financial situation will help you decide what to do. Good luck