All Forum Posts by: Jack Edgar jr

We have been in our flat for 5 years with 3 different tenants. Each tenant knows we are the owner and built a friendly relationship with them over their stay. To what extent you tell them how you structured the deal, bought the property or anything personal for that matter is up to you.  whatever you decide, since their going to be your neighbor, I'd treat them as such. I.e. Have a drink from time to time, talk shop, etc. For us it's allowed for knowing ahead of time their situation, understanding of building related matters that might arise, and loyalty in a way. Hope this helps. 

I've renewed leases to better fit the seasonality of leasing. Example if a tenant came in January, I would offer the year to year but also see if they would be interested in a 15 month that way they would move in the spring vs winter again. A win win BC they would have a locked in lease for 15 months and I could turn the property in a better season. Month to month I would stay away from BC of that reason as well. If I'm doing shorter term I will most likely have higher rates especially if the terms fall on off season turnovers.  

Tax assessor will have a value associated to the property. It's usually some type of multiple. 

Questions to consider: How many beds are each unit? Is it metered separately? Is there room for individual? What is common practice in that area? 

May I suggest reaching out to a developer. Otherwise look at land comps and come up with an estimate of land values for use as MF. Perhaps tie the property up and wholesale it to a developer. Either way unless you have been developing projects of this size you may be just spinning your wheels. 

adding to my earlier comment: I had a client in this similar situation, the tenant however brought the friend in and said they wanted out of their lease after the friend moved in. The friend wasn't approved and started squatting. The client had to identify the friend, and take them to court to evict. Reason I mention, is similar to the other comments mentioned, in that all leases should spell out who is allowed to live in the space and what constitutes violation of  the lease. 

looks like a 10% return cash/cash on ask. Sounds great to me all depending on the headache of tenants, location, building.  Frankly it's all relative. Gotta ask How does this stack up to other options out there. Is the 207k just the starting number and one has to pump in another 50k? Ask these questions along with the strategy you have in place and you should start seeing an answer. You have to decide if this is good enough. Dive in and write a story about the property and see if it fits into your life. Just my two cents. 

What worked best for me is calling and asking. I'dgive them some market info  (tell them about what your looking to do and  that You see rents at x for x beds with all the amenities) then have them confirm/ deny what is mentioned. This way it opens them up a bit more and you  start building rapport. In my opinion if these landlords are in your market It would be good to have contacts to go to. 

Sounds like a misunderstanding. I'd call the electric company and double check procedures for transferring billing and have that noted in your operations along with sharing at turnover/lease signing/move-in. 

 Can they turn it back on in your name until Tuesday?