All Forum Posts by: Matt Smith

Thanks for the reply @Daniel Hyman.  I probably wasn't specific enough in my post but I was looking for other podcasts besides BP ones to download and listen to.  I think I have relistened to most of BP's at least 2 times now and always pick up new bits of information.  They are fantastic but I would like to explore some new ones as well.

I drive a lot during the day and I love listening to the BP podcasts to make the time go by fast and learn.  I have always wondered what podcasts other people love to listen to so I can expand my horizons.  It can be any topic or subject so lets hear some suggestions!

It seems like the 2% rule is more of a unicorn then anything else around our area. I like using the 1% rule for a really quick analysis, but my goal once digging into the numbers is at least $100 per door.  The problem with the 1% rule is that it doesn't factor in items such as rent setups (who pays utilities, etc),  building condition, long term investment plans, etc.  

St.Thomas has a revitalization program in place right now which provides grants and 0% financing for projects around the downtown area, including changing single family to multi-unit. It's worth exploring if you want some options in the future.  

Welcome to the site!  If you have any questions, feel free to ask.  I am the guy sitting beside you on the couch......the handsome one, if you were confused :D

Thanks @Matt Geerts for getting meetup #2 rolling!   

I will be a maybe for this one though.  I am in the Army Reserves and am tentatively awaiting orders for summer training which is scheduled to start May 16 (10 weeks of fun in Gagetown, NB).  If I can't make it I am sure my wife Kristina will come.  We will be closing on our duplex next Thursday so we can tell you all about it! 

Congrats!!  It's an exciting time for both of us.  

My home inspector was awesome and he insisted that I shadow him through the whole home inspection so that he can point out issues as well as let me ask any questions I had.  The inspection went well overall and the only thing on my list of "must-do's" is cleaning out the drain traps because one of the showers and a sink were draining slow.   

I do have to figure out the lawncare situation but I am waiting until I talk to the tenants to see if any arrangements have been made with them.  

I will be closing on my first rental property (duplex) next week and wanted to see what processes people have in place to transition into the new property.  The units are both currently rented so I want to go there within the first couple of days to meet the tenants and review the leases, deposits, etc to make sure we are all on the same page.  I also felt this would be a good time to do a fresh walk through with the tenant to address any issues or concerns that might have crept up throughout the selling process. 

 Does anyone have some suggestions or a walk-through checklist that they use when purchasing a new property or renting to a new tenant?  A couple of things I thought about:

-confirm smoke alarm operation and fire extinguisher charge

-no damage to unit

-change furnace filter

-check all drains for proper drainage (clean out traps if needed)

Thanks in advance! 

Thanks @Matt Geerts for getting everything organized last night. It was nice to chat with some like-minded people and hear about their personal investing stories. 

 I would be ok for Tuesdays but maybe have them start a bit earlier?  I think we all get excited about real estate and we need all the time we can get to chat.  

Ps-I would be interested in hosting a bbq at my place with a St.Thomas tour after for those Londoners who haven't been here before.  

I should be able to make the meet-up as long as I get done work on time but I don't see that being an issue.  The tradeshow will be a bit tighter to make but I will try my best!

Hi Guys!

Thanks for the warm welcome.  I will do my best to get out to the Tuesday night meet up and visit with you guys in person.  

@Matt Geerts The duplex I purchased is in St.Thomas.  It is a side-by-side in excellent condition.  The rents were undervalued so there is definitely potential to increase the cash flow.  I'll leave the exact address a mystery until I see you unless you can guess it :D

I did find that rentals in St.Thomas were hard to come by (decent ones at least).  They were either slum lord paradises or overpriced.  How has your search been?

Matt