All Forum Posts by: Kylene Heykants

@Kylene Heykants "The large size firms charge between 8% - 15% of rental income" according to this article. When I google Alberta it doesn't look like it varies much between Providences.

I would think you want to know the hourly rate for bookkeeping services. Just google the average hourly rate for bookkeepers in your area and have your sister clock her hours.

@Kylene Heykants  Always a tough one with family>   Seems like feelings get hurt when one person gets more than the others.   Why not list all duties that need to be done and try to do an equal division.  Then just do a set amount for each.  Good Luck

Technically they would need to disclose where they thought the source of the flooding was from. However, it's nearly impossible for you to determine if they knew it was sewer backup or not. You can install a sewer backup valve to stop it in the future and that could be a part of what your insurance claim goes towards. You can also install a float cap in your floor drain but they do not work as well as the backwater valves but the cost for materials is $25-$50 and you can buy them from Home depot, Canadian tire, Lowe's etc.

Some inspection companies actually have a home buyers warranty in case they missed something. That would be something to consider for finding future inspectors.

If the property had a "history" of flooding and was known in the neighbourhood to have multiple flooding instances than you could make a pretty good case that the information was not properly disclosed and you could sue for legal damages. Tons of work - most likely not worth the effort.

 Haha I meant to add on to your comments,  because I also agree with what you said. 

Some of the things they won't be able to see-sewer blockage.  You can call the inspector and mention some of the problems and things that they missed.  Often there is a disclaimer that they aren't responsible.  I had one where they missed mold and the best I could get was my money back for the inspection.  Oddly enough I have an inspection this morning and that company does have a warranty.

Now that you know of some of the problems, I'd get them fixed.  A slight slope to the house is easy enough to fix.  Gutters that aren't working-find out why is it because they weren't cleaned last fall (after you bought the house) or is there a blockage in a down spout?  If the house has trees nearby, it doesn't take much for them to get blocked.  Also add downspout extensions so the water from the roof hits the ground further away from the house.

For the sewer, ask them to put a camera down it to see if something was flushed down there that shouldn't have been or if there is a break in the pipe.

Hi Kylene

Your realtor really should be helping you with a lot of this. Conditions could have been placed in the offer to allow you to interview the tenants beforehand. Odd that you would receive an answer on the lease particulars of one suite but not the other. If you are already familiar with screening tenants for commercial purposes, then you'll be fine with your screening for residential purposes. As for the utilities, you can (and should) register with the utility companies as the owner. If the tenants default, you will be notified (but not charged). All my rentals are legally suited up/down bungalows. Reach out if you'd like to compare notes! 

Cheers

Generally speaking, you will need to live with the current tenants unless they are somehow violating the lease (moving extra people in, extra pets, illegal activity, etc). However, towards the end of the lease and if they seem like good enough to your standards, you can ask them to complete your particular process to see if they meet your guidelines. 

Personally, I inherited tenants over 7 years (duplex I bought in 2015) and still have them without ever doing a background check, etc. because they are amazing tenants. They take care of the property well and have been late only 1 time with rent. There is always a risk with inheriting tenants. If they don't seem that great to you, you can always ask them to leave after the lease is up to do renovations, etc to get higher end tenants later.