All Forum Posts by: Jay Gill

Yes I meant 1 years worth of rent! The tenant was absolutely adamant on staying no matter what and they treated the whole situation very very personal. Others simply don't care, they'll take the offer of a couple months rent and leave.

I don't think the new ONtario rules apply here as you're not asking them to leave for personal use, so it's up to you and your tenant to decide what's fair.

Your #'s look pretty good, I rarely find a true cap rate around 6% so if that area goes for around that cap rate you're already in good shape.

Even if a few of the tenants don't agree to move right away at 5.8% cap your're still in pretty good shape and you can slowly work on it. If you do have to get aggressive with your cash for keys offers it's still worth it as your upside is very high.

The way I see it is if you can get an extra $450/mo per unit that's $5400 in your first year paid back, you can recoup your costs very very quickly. The increased value is a complete bonus. If you're confident there's demand in the area and you can sell at around 1.3m or maybe refinance if you ever decided to, I'd get aggressive if needed. Start off low and renovate as they leave and maybe keep increasing the offer amounts if people stop leaving.

This is a great find, if you find any more like this shoot me a message!

I have paid tenants to leave, some will jump at 1 months rent, some don't want to budge at 1 year. I would start negotiations with those that seem the most likely to leave at a lower rate in case the tenants begin to talk.

Some questions that would help everyone out would be.

Current Rent

Target Rent

# of units

Purchase Price

Cap Rate being purchased at

Cap Rate you could sell at

Of course you may chose to keep that all confidential which is definitely reasonable, but if it is possible to share that info, it might be able to help people kind of get a better picture of things in terms of a dollar amount.

Good luck!

Advice by Ming is spot on! Just did that in a basement apartment and the results were great!

I wouldn't mind meeting and talking to people from Hamilton. I lived there during undergrad and owned a rental home there.

Hi, I thought I would introduce myself.

I am a real estate investor in the GTA. I have been investing mainly for appreciation and not cash flow over the past few years. This strategy has worked out very well for me, however I plan to balance my portfolio out a bit by investing into cash flowing properties. Looking at multi family and small-midsized apartment buildings.

Looking forward to discussing things and maybe even meeting some other investors from here. Who knows, might even find some partners from here looking to make larger purchases of apartment buildings.

I plan to be fairly aggressive in the next year or two and make as many solid acquisitions as possible before focusing back on the Hotel/Restaurant industry.