All Forum Posts by: Joseph Careri

Thanks for the feedback @Tim Delaney !

My intentions are to do the reno when I turn over the tenants either the first or second time around so there will have to be a little bit of downtime. Right now it seems to be working for them so I won’t rush it but it definitely needs a face lift. Especially when it comes time for the refi, I’d like to get as much as I can.

Thanks for the advice @Justin Hoggatt !!

The plan is to refi this property in the near future. The kitchen currently has some chipped wood and the edges on the cabinets are not in the greatest shape, that is why a reno may be needed soon. If I can increase the value with a new kitchen (B Class type) I think it would do perfectly fine as it is an older home so a basic remodel would be done. Nothing crazy on the high end. I definitely don’t want to go out and spend more money on a used appliance that will add up to buying a new one anyways. Next time around I may have to go new! Appreciate your help!

Thanks all for your input! I will use all of your recommendations towards future situations that will most definitely arise!

@Max T. @Matthew Irish-Jones @Dick Rosen

Thank you both for your solid advice! I can definitely use what you’ve said to my advantage and be able to move forward with confidence in my decision! @Damaso Bautista @Joe Splitrock

Hi @Bruce C.

After the kitchen reno, I should be able to increase by $100-$200 as I am on the low end of market rates right now. Even including a 5% vacancy (very conservative as turnover is pretty good) and all other costs, I can shave down cash flow by $150 and still see good enough returns. The kitchen is pretty outdated, as I’ve just painted the cabinets and changed the hardware. Seems to work for the tenants so far, so I will definitely consider your recommendation on saving it for the next rental. One thing to add is that I don’t touch those funds AT ALL. Pretty much an account that I know is there with money accumulating and hopefully not dropping til I’m in need for that property.

Hey everyone!

I recently got my  first rental property fully occupied as of March 1st! This is great news but hold the applause...just 2 days after the tenants moved in, I got a call from my property manager that the fridge is completely shot (Just my luck!) I decided to go with a used fridge from a referred used appliance company that my property manager uses often. I did this as a short term fix because I do plan on renovating the kitchen and replacing the appliances with new ones. My question for you all is, do you think I made the right choice by cheaping out on the front end with hopes that I won’t have to replace the appliances again anytime soon? Or should I have bit the bullet and done the kitchen gut and appliance replacement already? Keep in mind, I am short on funds to do a complete redo but I am looking to make those changes by year end or next year. I am also cash flowing approximately $400/month on this duplex after all expenses, so money will be made at a decent rate.

Let me know your thoughts! Thanks in advance!

-Joseph

@Hai Loc never!! It will take a lot to discourage me from investing. I’ve purchased my first investment property over this pandemic when all seemed hopeless and I definitely plan on investing more!

@Melanie Dupuis it would definitely help Canadian investors and give more incentive for people that are wanting to buy and sell.  Refinance is always an option but sometimes to cash out with a low to no tax sounds like a better plan, especially when you can purchase an even better investment property out of it!

Hi @Bill Exeter,

Thanks for the reply and great insight! I’ll keep that in mind and will definitely have to consider investing in the US so that I can receive some of the same benefits. Hopefully Canada will follow suit some time soon and create the same bylaw.

Hi everyone!

My name’s Joseph and I’m a new investor from Ontario, Canada! I was wondering if anyone knew if there was an equivalent of the 1031 exchange for Canadians that want to sell their properties and buy into another one? I have yet to find anything remotely close and was hoping someone here might have a better idea! Thanks in advance!

Thanks so much for this @Drew Sygit !! I will definitely use these methods!