All Forum Posts by: Matt Geerts

@Corey Thompson

I'm waiting eagerly, Corey!

If you still have signs out, could you post a picture of what you'd consider the perfect sign in the perfect location?

How did that lunch turn out? 

What's the latest numbers?

Hamilton Ontario

Check the Ontario Gazette for some ripe-looking tax sales (page 23):

https://files.ontario.ca/books/ontariogazette_149-...

If you're from Hamilton, let me know what you think of these and PM me if you move on them (I'm not shopping in Hamilton, so I'm not competition). 

I like how they do a residential appraisal and list it beside the minimum tender amount.

Good luck!

Correct me if I am wrong... Isn't section 8 rent paid by the govt? In Ontario someone figured that paying a welfare recipient's rent for them is a violation of human rights. Between that and them being legally protected from being sued, they are a 100% risk. Maybe S8 is different.

@Keashawn Hunter

I'm glad you're looking to the next step. When you've found deals, buyers will come out of the woodwork for them. Keep your eyes on the prize (the deal). BiggerPockets has a hundred articles on wholesaling, so get reading!

@Gabe G. I understand the frustration because my buddy's car window was just smashed for a pair of pants and shoes. $180 for a new window and he had to wait 5 days because of all of recent smashes keeping the window guy busy. The loser could have just asked for pants and shoes.

For your current situation - report to the police, forget about insurance, replace the window and whatever else and install some REAL cameras. Cameras are so cheap these days you'd be a little silly putting in fakes.

For next time - why would you rent to someone who can't move in for two months? Keep marketing hard and get a tenant in NOW. You should have had some lead-time for showings before they even moved out, the goal is 0 days vacancy. Even a 10% decrease in rent is better than 2 vacant months.

Hey @Stephen Meyers

It seems odd that they've upped the price by 24k - Maybe they've just finished some major upgrades themselves?

You didn't mention what you want to do with this property. Are you looking to tenant it?

You can pretty much start at www.biggerpockets.com/calc and pick the calculator that best suits your exit strategy. You'll learn how to do it by figuring out how to fill in all of the boxes in the calculator.

@Samuel Sedore are you familiar with the new law that I'm talking about? 

The premise is that an abused spouse can tell the landlord they are leaving in 28 days, then the landlord is legally required to keep it hush-hush. No telling the other spouse, no posting the place up for rent, etc. 

I guarantee that if they know the 28 day rule, they know they can sue your pants off for violating your obligations.

And the odds are, they aren't breaking up with the significant other, they are just moving into the new apartment that they found because after they've moved out, the significant other can legally break the lease early, too!

No proof of abuse required. No requirement to lay charges. No recourse for a landlord that finds out they moved back in together anyway.

I love this point! 

Besides this, if someone moves out due to a rent increase that is not putting you out of line with the market, you won't have any vacancy because you'll refill the spot during their 60 day notice period. Then you're free to set the rent however you'd like.

Maybe we are all a little sensitive here in Ontario with the constant beating, but that article had the same number of statements for and against the proposal. Yes, it lacked landlord input, but appeared to have government backing. 

However, this is all smoke and mirrors to distract from the new "28 day no reason, no recourse, no showings allowed secret lease break" law that just passed allowing tenants to just break a lease at will.

Hey @Brent Byers

Windsor is REALLY spotty place. You might be able to scoop up some rock bottom deals on the tax auctions (good "Ontario Gazette" and you'll find about 20 properties for tender this month - I think you're not too late. However, be warned that Windsor has some areas that are and will be dumps for a long time and many renter issues in the C-D class. I'm in London and I wouldn't invest there because I feel too far away. Being in Sudbury you are basically relying completely on property management there.

Who knows, maybe some day the auto sector will spring back to life! (That was oozing sarcasm, by the way).