All Forum Posts by: Account Closed

Buy third rental !

@Paolo Pascual and @Shawn Rea, I've been looking to invest in rental properties in the Welland area.  Prices are great, but I don't know much about the rents there -- still doing lots of research.  In what neighbourhoods of Welland are you invested?

Congratulations on your first flip.  What a transformation, inside and out!  I've been looking for my first flip, but too nervous to commit to anything.  

Start saving money now.  Educate yourself in real estate investing.  Good luck!

Wow, looks great!

I live in Ontario, Canada, and often in the winter my local highway is closed due to whiteouts.  Based on that fact alone, my two rental properties are each within 5 minutes of me.  I am limiting my future property searches to within a 20 drive from my home, since I manage my properties myself.

My suggestion is to look carefully at anything that could cause harm in a furnished apartment.  For example, I've been thinking of renting one of my rentals as furnished, short term.  I'm looking at Ikea furniture, some I own and some I would need to buy.  But I'm very careful to check the recalls on Ikea's dressers -- there have been incidents where children have been injured or died when a dresser they were climbing fell on them.

Other reasons that I have not rented to prospective tenants with children is due to the hazards of a fireplace (woodburning -- obvious hazards;  gas fireplace -- can be burned if touching the hot glass; electric fireplace -- with the one in my personal residence, you need to be very careful when removing the glass, as it shatters very easily.)

In my leases, I specify that tenant must provide proof of contents and liability insurance within three days of start of lease.

@Account Closed  "My mentor taught me that we do not walk in this business we run and act immediately."

Thank you for that sage advice.

I  was fortunate to be able to retire at 52 years old.  Three years later, this spring, I bought my first two rental properties.  It has shocked me the response I received from a neighbour and a few ""friends" when I responded to their query of how I spend my time now --"I own two rental properties".  They immediately responded that I'm a "slumlord".  Yet, they knew nothing about the units that I own.  When I told them that I provide clean, safe, affordable housing, they laughed off their comments, yet I still wonder where that knee-jerk negativity came from.  Jealousy?  Perhaps in a few cases, but one couple with whom I am friends are much better off financially than I am.  Am I being too sensitive?