All Forum Posts by: Joseph Shin

Currently I understand how to analyze properties at a very high level, how to find a good tenant, 

-I dont know how to estimate rehab costs, ARV, potential rental rates in markets im unfamiliar with

Not too much basic home renos

What other skills am I missing before i jump in?

Also, is deal analysis different in Canada? I've been using an excel template i've found online but I may be missing some factors while analyzing Ontario deals

Eager to read the rest!

The united states seem to have the FHA loan (3.5% down I believe)

Do we have something similar here in Canada?

What conditions are there (first-time homebuyer)

Looking to househack a duplex or triplex property in the central Ontario area.

 To put it simply, there are some low quality condos in sketchy areas that look fantastic.

The Yonge Finch/Shepherd area is much safer area that is still growing.

 Hey Anthony,

Absolutely do-able. With that type of downpayment you are looking at a high-end condo. Are you looking for new construction or exsisting? Luckily, running the numbers on a condo will be much easier as your maintenance costs are much more fixed (condo fees).  Do your due diligence, particularly find out details about the condo board (did they raise fees? what amenities? what type of maintenance do they perform? etc)

Personally I would suggest the Yonge Finch/Shepherd area.

@Jordan D.

Hey Jordan,

I currently manage a property in downtown Peterborough. There are definitely some questionable neighborhoods but at the end of the day its the tenant screening process that will make or break your investments.

I would focus on that because there aren't particularly dangerous areas in Peterborough.

Hey guys,

Further to this, what rehabs can be done to force appreciation? Are appraisals of these 7-unit properties calculated based on income? Coin laundry? Charge for parking?

@jacob perez

@Jacob Perezundefined

@Roy N.

@George Smith

Excellent tips Roy thank you!

Really great tips guys thank you! Espcially the Pets Allowed tip @Jacob Perez

I had a couple people come to the unit and it went really well. A few terrible terrible potential tenants but one couple stood out to me.

International students for the local university. Since they are from out of Canada, they do not have co-signer or have rented in Canada before.
HOWEVER they are willing to pay 6 months in advanced. Planning to stay for 4 years. They do not look like party people, and they have a co-op program so they will have income as well as support from family back home

Has anyone ever had experience renting to international students?

My current tenant is moving out August the 30th and I am seeking a new tenant beginning the month of September and I have a few questions.

1. What are some red flags I should lookout for in a potential tenant?

2. I posted an ad on kijiji with no pictures of the 1bed 1 bath with full kitchen and deck in the Peterborough area and there has been over 40 responses and many requesting a viewing. I am asking $800 p/m is this too low?

3. Any tips/things to look out for when hosting a viewing of the unit?

4. Are tenants on disability desirable?

5. Any additional terms I should add to my lease? (eg no pets)

I am very new to this and I appreciate any advice I can get.
Cheers!