All Forum Posts by: Tyler Cruz

I'm in Nanaimo. Just received my very first deposit from my property manager a few days ago.

Yeah, the returns here are dismal, but you can make it work if you factor in appreciation over time. Nanaimo is only slightly better in terms of the numbers compared to Victoria (so I hear). 

Complete sellers market here though...

Yeah I've been reading a ton on BP and have learned a lot! But, it seems, the more I learn, the I realize just how much more there is to learn :P

I was thinking of attending the real estate investors meetup they hold here once a month, but haven't quite pulled the trigger yet.

Thank you for taking the time to respond to my question Linda.

Yeah, my plan is to have an 'expandable' R&M and CapEx area that lists everything individually similar to yours. The main thing I was looking for, which you already addressed, is that I was looking for actual rates and lifespan numbers... again such as:

Example:

Fridge - 10 Years - $800 Replacement
Hot Water Tank - 7 Years - $1,000 Replacement
Roof - 20 Years - $10,000

But I can understand how this could be very regionally specific, especially for labour costs and things such as roofing.

I know that this will come SO much easier with experience, it's just difficult doing this on my first place since I've never hired anyone for home repair before. Appliance COSTS are easy to find out, but not the average lifetime on them.

I was also hoping for a list so that I wouldn't leave anything out (ex. floors, paint, etc.).

I was actually thinking about keeping my Excel sheet on my Google Drive so it would be in the 'cloud' for exactly the reasons you stated, but I believe I used too many Microsoft-specific code and features to be able to use it as a Google doc. I'm contemplating converting all of the code slowly to a web format such as PHP so that it'd be universally usable. I'd also be able to let other people use it... it'd basically be just like the BiggerPockets calculator but custom to how I like it, plus it'd be free with no limitations :P

Heh... perhaps too patient?

I can't take all the credit - the market here has been super dead lately and it's a total seller's market, and hardly anything is hitting the market. It also took me a little while to really narrow down just what kind of property(ies) I wanted.

Also, I let one place slip from under my fingers :P

Hoping to get a place soon though!

Hi Erich,

Thanks, but I'm really only interested in doing direct real estate rental properties right now. In fact, Tom (from above) and I, just finished doing a 2nd viewing of a property today.

I've learned a LOT since starting this thread, but haven't purchased anything yet. Am very close though.

Hi,

I've been looking for a property for about 8 months now and am now getting very close to purchasing a place. I've learned a ton in the past 8 months and have focused on "doing the math", and I have pretty ridiculously kick-*** Excel spreadsheet to analyze properties.

One thing that I'd like to improve in my spreadsheet is switching the 10% I have for "Repairs & Maintenance" and the 5% I have for CapEx (Contingency/Emergency/Surprise Issues) and flesh out actual numbers on the properties that I am serious on making an offer on.

Because, I'm looking at a range of properties, some are in superb condition or flips while others are pretty damn old. I want to be able to get more accurate numbers instead of just a percentage.

SO, could you guys help me with a list for Repairs and CapEx, as well as average repair/replacement costs, as well as average lifespans.

Example:

Fridge - 10 Years - $800 Replacement
Hot Water Tank - 7 Years - $1,000 Replacement
Roof - 20 Years - $10,000

You get the idea. My plan is then to go down the list one by one and take the remaining life on the list and "do the math" to find out what that will cost me on an annual and monthly basis. 

I just don't want to miss anything and also don't know the lifespans and costs on most of this stuff and need your help!

Thanks!

I'm sure it will help many others too!

Tyler

Haha, I totally overlooked hydro for common areas! Newbie alert.

Monthly shaw bill... are they providing free WIFI or cable or something?

Yeah, looking back, I guess I did underprice the water/sewer/garbage. I'd still be interested in what one of those "bins" costs though... that's a private service right?

Yes, I definitely want to "flush" out the numbers as accurately as possible... although part of my goal is to find a relatively accurate percentage for each cost so that I can easily analyze properties in the future, and then replace with actual numbers when I'm looking to actually make an offer.

For example, there is probably a relatively safe percentage I could use for property taxes and property insurance that I could enter into my spreadsheet to calculate. Basically, I want to avoid the issue of needing to investigate the exact numbers before knowing if a property is worth looking at seriously, as it's not really feasible to do this as it could take like a week to investigate each listing (waiting to hear back from various people, etc.).

I also improved my spreadsheet; it now includes an entire mortgage calculator which does all of the basic calculations including full amortization schedules, and extra-payment calculators. 

Right now where I sit really though is, as you say, I need to get my numbers as accurate as possible. That's my goal, so that I can find a place and maybe make an offer!

Hmm... no replies! Perhaps it'd be better if I continued by making a thread in the "Real Estate Deal Analysis and Advice" forum?

BTW, I just noticed that my total expenses - mortgage works out to show that the 50% rule does seem to have some merit after all... heh