All Forum Posts by: Mike Jakobczak

Yea I only move forward with my inspections if I have the property under contract. Otherwise you could be spending $300 for no reason.

This has been extended for the rest of 2011

Hey Tony,

Well right now I'm back in Toronto. But when I'm Alberta, I have a place in Edmonton area. Calgary is gorgeous, I try to get out there as much as possible when I'm free.

Welcome,

I am a fellow Canadian, have spent lots of time in Alberta, as I am a pipe fitter by trade.

I find it easier to get something sold with solid numbers. Get a property inspection done, and get multiply quotes on the rehab itself.

Once you have some numbers to back your investment, finding an investor will be a lot easier.

People don't know a deal when they see one, so prove it's a deal. You'll have your phone ringing off the hook!

Best of luck!

You were allowed to do this for 1 year. This was to jump start the economy. Back to the 90 day rule.

J Scott has an article on his website, with the guidelines. Check it out

Yea I think a lawyer would just advise you to put an disclaimer on any opinions given. That it is just your own opinion. No need to blow this one out of the park.

But good points from everyone.

Well bigger families have a harder time finding properties that suit their living needs. So allowing this gives advantage over the competition.

I think it comes down to your impression on the family. Are each set of the kids in the same age group, that they wont mind living with each other. Also are the rooms big enough for the beds. Or will it be very cramped for the kids?

Also charging a premium for this rental would not be a bad idea. More Cash flow!

Just a side note on Cape Coral that you should be careful about. There was a huge demand for properties and the growth from 2002-2006 lead to a lack of drywall. They brought in another supply, which is now know as "chinese drywall" It's toxic and actually eats away at copper. Some of the newer homes need to be redone. Which can turn a brand new 50,000 house into a major rehab. This shouldn't stop you from looking into that area just to give you a heads up.

Good Luck!

Were bringing this forum back to life!

Well to recap Toronto's market. Rent cap and high prices of real estate makes the numbers look so bad for renting and getting good income from the assets. I'm not sure what the rent/buy ratio is currently but I think it's under 3. Which the rent cap has something to do with that.

There's a lot of talk with Hamilton's market emerging, but like they say once they start to talk about it get ready to sell.

I have a had a few people make huge returns on pre-construction condos. Doubling the asset before it opens and allowing them to cash flow huge due to the high demand for the area. You can call them lucky or really good at knowing where to buy.