All Forum Posts by: Account Closed

@Mike Lee thanks for resurfacing this! I really love this thread. What a interesting conversation.

Have you seen this video? https://youtu.be/iJQdj9EhQoQ

My thoughts are that if Jeff Bazo’s is OK with an old Honda than so am I. hahaha! (I know he has a bunch of fancy cars now, but I still think the video is cool.)

@Suzette Thibodeaux yes! The first one was a BRRR and for some reason the potential cash flow is higher on that one - I think it's because it has 3 units rather the 2.

As for the rent increases, I love that idea but in Ontario tenants are protected by rent controls set by the government. It states that landlords can only increase rent every 12 months and only by the percent outline for that year. (Ex. 2020 was 2.2%, 2019 was 1.8%... 2021 is expected to be 0% due to COVID). So we are very limited when it comes to increases. From my research it seems that larger increases can only occur between tenants (more than $20-30 per year).

@Michael Hopkins I’m from the KW area but would be interested in a meetup as well!

@Jerry Tello yes! I listened to the audio book, which is what led me to BiggerPockets.

Great book - I should provably get myself a hard copy though to remember all the formulas. However, I found a lot of the formulas hard to apply to real estate in my area cause the prices were so wildly different (examples being the 50% rule and the 2% rule) but maybe I’m not looking for deals hard enough.

@Roy Cleeves nice to see you are from the same area!

I am hoping appreciation plays a factor, but I don’t want to rely on it (as per the recommendation of the BP community, which makes sense). I just can’t seem to find any better deals in our area! Maybe I need to do more research and deal hunting for the next purchase. Both purchases have been the best prices I can find so far - private sales and all.

@Robert Haney thanks for the tips! Those are great things to apply for my future agreements and when the existing ones come to an end.

I am in a similar situation with my duplex re: the previous landlord not increasing rent in 6 years. The one tenant has been on a month-to-month contract for 5 years with never having an increase. They aren’t paying anything close to market value so I’m trying to figure out how to legally increase it without causing problems. There are a lot of legal limitation in Ontario.

Can you easily increase the rent for your new tenants in your area? Or are you limited to an annual increase determined by the government?

@Steve K. Yes, you’re right. I have to improve my calculations to consider all of the other expenses and then figure out if I can improve the numbers to truely cash flow.

@Joe Scaparra I keep thinking about your comment about rent not being a science and to figure out ways to increase it. I really like that and I’ve already come up with a few! I’m looking forward to trying it out and keeping it in mind for the long term.

Thanks again for your comment and thoughts!

@Evan Polaski thanks for that list! I’ve saved your notes. And yes, sometimes it feel like I did end up giving myself a job more than I made an investment lol

But you’re right these have been big learning opportunities, especially since joining the BP community. And even since making this post everyone’s comments are making me think about how I can improve now and for any future investments!

Thanks for your input.

@Joe Scaparra 15% is a good number to use! Thanks for that. Nice & simple to remember as a rule of thumb.

And to be clear, it’s Ontario, Canada not Ontario, California :) so there’s lots of snow here!