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All Forum Posts by: Jon Martin

Jon Martin has started 3 posts and replied 20 times.

Post: Interest rates n Alberta Canada

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2
Quote from @Theresa Harris:

The Bank of Canada said they are holding off on more rate hikes for now.  You could do a 2 year fixed rate renewal and see where they are at in 2 years.  They might go down a bit by then.

Agreeing with @Theresa Harris on this one ☝️ 

Post: Tenant leaving. Should we disclose the reason why to new tenants?

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2

Thanks @Account Closed - I agree, this would certainly open us up to liability. Thank you for providing a sanity check on my gut-feeling!

Good point: "Those without buck knives need not apply". I think you just expedited our search.

Post: Tenant leaving. Should we disclose the reason why to new tenants?

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2

Over the past few months, our tenant has been harassed by a stranger in the area (stalking, climbing onto her balcony, trying to get into her car while she's in it). The Police have been involved but unable to catch him and put a stop to it. 

After another altercation just the other day, she's at the point that she can't be comfortable anymore and wants to break the lease (which we will allow).

The real question that I have now is how to handle this in the upcoming new tenant screening? Should we disclose it? My hope is that he is caught before then and this can all be put to bed, but I'm not too optimistic.

Post: What would it take to make this property work ?

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2

@Cody Weiss - on that vacancy rate; is this an estimate, or something you are quite certain about?

We have a similar unit in YYC and the way the market/economy has been over the past 2-3 years its almost impossible for us to get someone in for anything more than a 6month lease. 

The end result is often tenants leaving for cheaper options after 6 months. This usually leads to a 1-month vacancy to find new tenants. So 1/12 = 8% vacancy.

Post: Software: Which to go with 123Landlord or Erentpayment?

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2

@Benjamin Hart  

As someone that hasn't used either, could you elaborate more on the key features that Roof has over Cozy? 

I agree about the interface, it's fantastic from what I have seen... I just want to make sure I understand the key features before I buy something purely based on the interface... ha!

Post: Property Management Software

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2

@Benjamin Hart thanks for the info on Roof. I'm managing only 2 properties, but doing one of them long distance so software might really ease things up for me.

For those that have made the jump to software: At what point did you transition from the spreadsheet jungle into the world of software? What aspects made the biggest difference, what aspects were the biggest initial hurdles/pain points?

Post: How I Doubled the Value of my 8-Plex in 8 months!

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2
Wow this is a fantastic story. What city?

Post: Newbie in Houston, Texas

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2

Welcome!

How have your Calgary properties been keeping up in this market? We've got a 2bed condo in the SW...had it rented at $1800, but just evicted our tenant for missed payments. Looks like we will have to settle for the $1200 range to get it rented out again!

Post: New Investor from Edmonton, Alberta

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2

Welcome!

Any interest in Calgary condos?

Post: Newbie from Calgary, Alberta

Jon MartinPosted
  • New to Real Estate
  • Calgary, Alberta
  • Posts 20
  • Votes 2
Originally posted by @Tony Akhigbe:

Welcome Jon, good to have you on board. I’m also investing in Calgary right now, looking to get into multi-units but like you the prices are way too high for me to play. So also looking to buy the multi-units in the US (or less expensive cities outside of Calgary). So I’m learning a lot from BP, really happy I found this site. A few local BP members got together a couple of weeks ago in Calgary, just got to know each and where we are in our investing. We plan to continue meeting but next one hasn’t been scheduled yet. Anyhow welcome, and hope you find this site useful.

Tony 

 Thanks Tony!

What do you currently have for property in Calgary right now?