All Forum Posts by: Jocelyne Sema

Hi Jocelyne, congratulations! I just closed one condo in Gatineau and will have second one closed next month. My notary give me a letter to introduce myself as formal document to inform tenants that ownership has been changed. So I visit tenant and give them letter and my own contact info and confirm new method of paying the rent.

Thanks a lot Yan and congrats on your investments too!

I have a favor to ask. I have talked to the notary about the letter you mentioned, as I believe it's a great idea. He told me to write a template and send it to him, he will sign it. Do you by any chance have a copy or a template of the introduction letter you have? You can of course delete all the confidential information on it. I just want to mimic the wording.

Thanks

0 Votes

Quote from @Matias Guarch:

I am working for a contractor if you have a specified list of things that need to be done I can ask my boss to see if he can make a quote and see if we have the time to come and fix your problems!

Thanks for this Matias, I am sending you a private email.

1 Vote

Thanks so much to all of you for your advice and encouragement! I am so excited, this is a new chapter and I want to do it properly. You gave me some great tips to get there!

1 Vote

Quote from @Stevo Sun:

Im also trying to build out a Canadian community on Reddit, let me know if you are interested. I can share the link.

Good luck with everything!

Thanks Stevo! No problem, please share the link, I am always glad to be part of a real estate community. Congratulations to you too!

0 Votes

Hi all,

I am very happy, I am closing the deal on my first 3-plex in a couple of weeks, fully rented. I have learned about financing, crunching numbers, negotiation, etc, but now it's game time and I don't know where to start.

- Should I introduce myself / discuss with the tenant about the change? How to do that?

- The inspection showed that there are couple of stuff that needs to be fixed, especially on the ground floor. Not a big deal, around 5K. Can someone recommend me trustworthy contractors in the area?

- Should I purchase a real estate software to manage my accounting, RL-31, contract renewals, etc. Or is too much for a 3-plex?

- The ground floor rent hasn't been increased for the last 4 years. Can I already do it as soon as the improvements are done on that appartment?

Thanks.

3 Votes

Originally posted by @Simon Kouperchand:

Reading this does not make me want to share my contacts with you especially how you haven't provided any value to anyone.
Try reaching out to some bigger pockets members via messages and try to connect on a more sincere level.

This was a bit harsh.

1 Vote

I would cash in the payments as they come.

0 Votes

Hi all, I live in Montreal area and the market is difficult right now. Whenever I see a property that is well located and below my budget, the cash flow analysis leaves me disappointed.

I found a great deal, so I thought. 5 doors, in two buildings next to each other. After crunching the numbers, everything looks perfect.

My real estate broker however just came back to me with some news: the zoning of the sector only allows the construction of one of the 2 buildings on that land. The 2nd building benefits from a right acquired since its construction. What it means is that if there's a fire or an event that causes the demolition of one building, the reconstruction of a 2nd building will not be possible.

What would you do? Would you still go for it, knowing the probability of that to happen is llow?

Thanks.

0 Votes

Originally posted by @Milo Milosovic:

@Jocelyne Sema another factor to consider is asset protection. If you wait until your primary residence is fully paid, then invest with other saved up money, and potentially get sued you now have a nice big “asset” for a lawyer to go after. If you use the equity to buy more property you have a less appealing asset to go after on paper. Disclaimer: I am not a lawyer so seek your own legal advice.

Didn't thought of this. Thanks!

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Originally posted by @Huong Luu:

@Jocelyne Sema to expand on what @Chris Baxter and @Account Closed shared with you:

1. The heloc you get with your primary residency: Get a re-advanceable kind (ie as you pay down your mortgage, the heloc goes up). When you make an investment with the heloc, the interest you pay on the heloc is a tax-deduction. Look into Smith Maneuver.

2. Do you want to be a landlord? What is your long term goal?

3. Take the time to learn how to analysis properties and determine if you had to carry the investment properties along with the new mortgage, how long would you be able to carry them (worst case scenario)? Ensure your plan has a mitigation to protect your primary house.

Good luck.

Very good advice there. Thanks a lot Huong.

0 Votes

All Forum Posts by: Jocelyne Sema

Jocelyne Sema has started 5 posts and replied 26 times.

Post: I have purchased a 3-plex, now what? Montreal (Canada) area.

Post: I have purchased a 3-plex, now what? Montreal (Canada) area.

Post: I have purchased a 3-plex, now what? Montreal (Canada) area.

Post: I have purchased a 3-plex, now what? Montreal (Canada) area.

Post: I have purchased a 3-plex, now what? Montreal (Canada) area.

Post: Investor in Montreal Quebec looking for references

Post: Late Rent from Tenant

Post: Zoning issues with a positive cash flow property

Post: Should I wait or should I jump in right now?

Post: Should I wait or should I jump in right now?