All Forum Posts by: Joe Di Fonzo

I am not sure as to whether they are insured or not will protect the owner if the company does not do a good job of cleaning and preventing slips. Ultimately doing a timely and reasonable job of protecting tenants by clearing snow and salting the surface area is what matters most. 

I have used him as well on several properties and he gets the job done. 

Definitely go with house #2. You can add some charm, but you can't change the location of a home. Location is a major factor. 

To my fellow Ontario Investors, 

I just closed on a four unit in Hamilton, Ontario and I am looking for a referral on a capable contractor who does work in the Hamilton area. Would be a rather big job - remodel of three units and adding a basement unit which is completely unfinished at the moment.

Any suggestions are very much appreciated!

Joe 

To my fellow Canadian Investors,

I just closed on a four unit in Hamilton, Ontario and I am looking for a referral on a capable contractor who does work in the Hamilton area. Would be a rather big job - remodel of three units and adding a basement unit which is completely unfinished at the moment.

Any suggestions are very much appreciated!

Joe 

I have someone who will fit your needs. You can message me privately.

Hey all. 

I have a question in regards to a multifamily property (3 units) that is zoned single family which I am looking at purchasing in Hamilton. The plan is to run a BRRR strategy on the property to update all 3 units and refinance to pull equity out of the property once it is renovated and rented. I am wondering how the fact that the property is non-compliant with it's zoning might potentially affect a refi and if there are liability concerns based on it's illegal use.

First of all in terms of an appraiser pulling comparables to help determine it's value, would an appraiser compare it to other 3 family units regardless of it's zoning or would they compare it to other single family units based on it's zoning? If they did choose to compare it to other single families the comparables still support a strong refi however I'm also worried that there may be a deduction on it's appraised value based on the fact that if someone were to walk into the property and want to purchase it as a single family dwelling they would have to invest money to change the configuration of the property to restore it back to a single unit layout. I also wonder if our income from it as a rental property would not be taken into account to help the strength of the refi given it's illegal use?

Also on our mind is concerns with liability, in the event that something happens on the property of a serious nature (ie fire etc.). Assuming that we have met proper fire code and provided a safe living environment for all our tenants, which we always do with our properties, would there still be concerns around liability based on the simple fact that the property was not legally zoned for it's current use as a 3-unit property?

Any help on this would be great as our decision to buy the property is based a lot on our answers to these questions.

I have a question in regards to a multifamily property (3 units) that is zoned single family. The plan is to run a BRRR strategy on the property to update all 3 units and refinance to pull equity out of the property once it is renovated and rented. I am wondering how the fact that the property is non-compliant with it's zoning might potentially affect a refi and if there are liability concerns based on it's illegal use.

First of all in terms of an appraiser pulling comparables to help determine it's value, would an appraiser compare it to other 3 family units regardless of it's zoning or would they compare it to other single family units based on it's zoning? If they did choose to compare it to other single families the comparables still support a strong refi however I'm also worried that there may be a deduction on it's appraised value based on the fact that if someone were to walk into the property and want to purchase it as a single family dwelling they would have to invest money to change the configuration of the property to restore it back to a single unit layout. I also wonder if our income from it as a rental property would not be taken into account to help the strength of the refi given it's illegal use? 

Also on our mind is concerns with liability, in the event that something happens on the property of a serious nature (ie fire etc.). Assuming that we have met proper fire code and provided a safe living environment for all our tenants, which we always do with our properties, would there still be concerns around liability based on the simple fact that the property was not legally zoned for it's current use as a 3-unit property?

Any help on this would be great as our decision to buy the property is based a lot on our answers to these questions.

Hey all,

I'm looking for recommendations for a good contractor for a project I am working on in the Hamilton area. 

Any suggestions??

Thanks in advance!

Hi everyone, 

Interesting thread. Glad to see a strong Ontario contingent on here.  I'm from Toronto but we just closed on our first property in Hamilton yesterday - a five-plex in one of the nicer areas in the city. Had posted late last year about a deal we came close to going firm on on but walked away in the end due to issues we found in the home inspection. All good now because we found what we think to was a better deal in a better part of town - looking to avoid some of the problem areas in the city and deal with better tenants. 

Would be very interested in a Meetup either in Hamilton or Toronto.