All Forum Posts by: Louisa Seales

Hi Connor,

I am in the same boat. I spent my entire summer doing maintenance and ensuring comfortability. I added a bedroom to my two bedroom suite due to high demand last year.  I had a student sleeping in the livingroom for $485. He didn't want the walls, so he could  keep his cost low. The wall is up and the person who rented  broke the lease.  I  have three vacancies up and now recently two downstairs.  I am going to try some of the suggestions made in MTR and stick it out. Remembering that  anything by a school or hospital will only appreciate over time. In other words keep-on- moving on. Don't sell.

Thank you for your wonderful suggestions. I feel they are all doable. I will  keep you posted on my progress. I did reach out to the refinery, but I will need to follow up with them.

Yes two of the three are mid term and one is long term. International Students are moving because they claim they cannot afford it, coupled with tuition fees. The government has regulated their hours of work to 24 hours a week rather than 40 hours. Students feel because I am a small landlord, I can make the concession on my end.

I currently have three rental properties all located near the local college and the refinery in the area.  In the summer months,  I prepare for the new students arriving for the semester.  Majority of my target market is International Students, serious about their Studies, not interested in causing issues. The problem is the sustainability of these students. Since mid August til now I have lost 5 tenants, well two left deposits and moved in prior to the month. To sum up: I have 5 rooms at one location and a couple bedroom is vacant. At my other location, I currently have 6 rooms with three vacancies and totalling 4 at the end of the month. My third property I rented as a LTR due to exhaustion and time restraints. One of my tenant works for an Industrial company in the area. My goal is to switch to these workers as they have a steady paycheck. I guess I need to figure out a professional way on how to market to them.

 I do have each tenant do a personal lease. I pay for the utilities, internet.  We included streaming boxes and learned the hard way  to either have it ,place a pin to prevent access, or remove it, so they won't charge movies.  My laundry is free ,but I will tighten this up by doing paid laundry. Cleaning is another issue, ensuring garbage is removed and we deal with snow removal so ensuring steps are clear are all additional things that need to be taken into consideration. 

The cashflow is there, but I feel like I have a second job. Especially since I added a second student rooming house and trying to add a bathroom downstairs. The housing crisis is a real thing especially to foreign students coming for their first year of college.

You should consider your clientele.  Mature students or International Students make the best tenants in my experience. Parents that pay up front for their grown adult child or controls the interviews. I consider an amber flag. They're still babies parents do everything may not be ready for pad splitting.  The cash flow is good. I don't think you need to live but I don't your state.

Good luck

Yes

Hi Ian from Halifax! I am next door to you in Saint John, New Brunswick and I know it's a hard pill to swallow, but the electrical needs to go in your name, especially since each tenant is on their own lease. I would recommend equalize payments from your utility's provider. Put something in your lease stating if they are abusing the utility, they would be responsible for it. Tenants can leave the microwave door open, to keeping lights on during the day. However, do what can done invest in dust to dawn lights to landlord friendly heaters.

Good luck,

Louisa

Yes, my insurance asked whether it would be a student boarding property.  I feel this is bias against students, as not all students destroy properties. I have a duplex I find it's easier to put my college students in a building that is exclusive to their clientele. But that's just me.