All Forum Posts by: Kris Betkowski

Gents, thank you for your thoughts and advise. As it stands right now, the tenant paid his utilities now we shall see if the rent comes in on the 1st. Next time he's late I'll move forward with the legal route for notorious rent payment.

Cheers!

Hi to All,

I’m looking for advice on Utilities not paid (Ontario). I have a currently financially struggling tenant occupying my rental unit. The lease agreement indicates that they are to pay the hydro and gas utilities. In 2017, they started paying rent late every 2nd or so month. Each time they were late I did serve them the N4 (notice of termination). The tenant managed to come up with the rent with in the 14days. Therefore I never submitted the L1 (application to terminate the tenancy ) to the Landlord and Tenant Board. The Last time the tenant was late I stated that I’m tired of chasing my rent and next time they would be late I would use the N8 (Notice to End your Tenancy for late payments) which I have documented. Since then 3 months the rent arrived on the 1st. Yesterday I received a letter from the Gas company, stating that they would shot off the gas to the property unless I take over the payment. I can let them turn it off but will have to pay a fee for turning it back on. Winter is fast approaching, the unit should not be subject to sub freezing temps for obvious reasons. If you have experience in this type of a matter I would appreciate you advise. Ideally, I would like to get possession of my unit un occupied asap. Do I evict him for late rent payments in the past or is there a way to quickly evict someone for not paying their utilities?

Thank you in advance. 

Count me in! Looking forward to meeting everyone.

I'm sure it depends on the location and type of prop. I typically go after a semidetached home. Install the same ikea kitchen same neutral colors same vanity and bath tub. The only thing we have not standard in our properties is the flooring. We wanted to see what a carpet can last compared to engineered flooring. Point here is, we know what rents well and we stick to it. If you feel your decorative skills are umm lets say sub standard I would consult with some one. It does not have to be a pro, someone who made their home feel like home. Someone who dresses with taste. Combine the opinions and go for it.

Cheers!

I wanted to pick your brain regarding establishing a baseline for a multi-unit building. Typically I went after semidetached homes. Our semidetached homes a very similar to each other 3 bedrooms + full bathroom upstairs with. A kitchen, ½ washroom and living area on the main. Rec room and laundry in the basement. After a few I got to know the rehab where I can estimate the cost of the rehab with in 2k. Knowing that a full reno is 20k (me doing all the work) It was easy to establish a steal price. If the units in great shape in a good location go for 200k a rundown property is still a good buy at 150k. But not so much at 170k at 170k. Since all the semies are the same the only variable which changes is the location and possible rent collected. Manageable. Now I'm thinking of pulling out my equity out of the rental props I already own and go after a multiunit building. Looking around for a few weeks it dawned on me, when looking at a multi-unit prop I don't know if the property is a deal or not. I guess I could look at pure ROI. But there are additional variables I would guess play a factor here. For instance a 10 unit, 2 bedroom each, with a rent 1000/unit might be or not a better buy than a 15 unit with one bedroom collecting 660/unit. What if it's a mix? 4 units with 3 beds and 7 with 2.

Sorry for the winded explanation.

So my question to the seasoned investors of multi-unit properties what do we look at?

Start the eviction process ASAP. Vacation or not it is her responsibility to pay on time. unless no one notified here that the owner changed. I would send her the notice anyway. If she pays with in two weeks of the 1st notice we move on. If not, I file with the
tenant board (Ontario). I found that if you start the process on the 2nd it is possible to only loos 1 months rent but if you wait for a week or two, well, then it could be two months.

I only accept email money transfer. The transaction costs the same amount as cheque. It provides a receipt and confirmation of deposit.