All Forum Posts by: Minna Hu

Originally posted by @Claude Boiron:

PM me for her email and/or phone number.

Evonne Finnegan LL.B (Hons)

Barrister and Solicitor

www.schwarzlaw.ca

I understand the fear that so many competent people out there, how am I going to win? But ask yourself, why do you think us here are your competition, instead of your ally? 

There are so many renters in the world, there is always market, and you will have your market after you acquire your first property. I listened to many podcasts in bigger pocket, the famous question to guests, "what do you think separating you from those who failed or never started real estate investment", most guests replied, "action, take action".

There is no guarantee with all your reading and learning, you will succeed. At beginning, you will feel overwhelmed, challenged and even frustrated, worried, feel I am going to fail. But that is the process of growing. My husband invested on real estates way before me, when I started to help him to manage our properties, I thought that he knew everything, I ran everything through him, I didn't feel confident with property management and investment. But after I pass the initial learning phase, I know more than him in property management, I can manage independently.

So find your ally, somebody or some organization (bigger pocket it is) that can support you, help you when you need answers or solutions. But if after all those replies, you still don't like it, then you are fine to quit.


Originally posted by @Joshua Johnson:

I have realized I really do hate this website. Let me explain.

I am brand spanking new and just learning at this point. I haven't been able, due to family situations, to truly do more than just  learn. (and I am getting scared that might be all I do.) I live in Utah and real estate here is not cheap from where I stand with my current level of knowledge. I have been excited, discouraged, excited again, and now feel kinda hopeless.

This website is terrifying. I had this misguided notion that I was brilliant deciding to get into real estate. Such a novel concept and I would in a small tiny group of people that are as brilliant as I am. Then there is this giant empire of a website. I am surrounded by so many much more passionate, experienced, smarter, better connected, and all around more serious people that are all going for the same goal.

How can I even get my foot in the door with so many people in the business? This website has set me straight on so many of my misconceptions and scared me, I worry, out of the real estate business before I started. How on earth do starters not let all these things get you discouraged? Any advice to keep from dying a thousand deaths before the battle is fought?

Those are precaution for worse cases, when things go sound, you want to have lease to protect yourself. We have a tenant who moved her boyfriend, which abuses her and damaged the apartment, big human-shaped hole in dry wall, broken window blast, and she ran away. The boyfriend had the key, then she and her friend attempted to kick her apartment door open. 

It's a mess but we ended up paying for all the repairs, and still feel happy to get her out. 

Originally posted by @Jonathan Taylor Smith:

I've got tenants at 3 separate locations who appear to have other people living in the homes who are not on the leases. But the homes are well kept (inspections passed), no problems have been caused, and rent is paid on-time... So why should I care about the other person(s)? Should I inquire about this and push the issue, thereby risking a conflict with these otherwise perfectly fine tenants?

All 3 of these tenants have Section 8 Vouchers, so it is likely they cannot list the additional persons for that reason. In one case it appears to be a boyfriend who is present more often than not and the lease is coming up for renewal. In another case also up for renewal it is a brother, whom I've meet. Without having run a background check on him, he would likely be an acceptable resident. The 3rd case is for a new tenant (2nd month) and it appears to be the tenant's parents, who may be living in the home with or in place of the leasing tenant.

I've heard that should an eviction be needed, having person's living in the home who are not on the lease makes that more complicated - but not sure why or how exactly. And I'm aware that this situation could allow a person to be present who I would not have otherwise rented to... But is there some other reason(s) to rock this boat and risk creating vacancies out of tenants who appear happy to stay for years? And if so, do I send a notice to the tenants or just inform my Section 8 rep and see how they respond?

My landlord experience began in 2015 and thankfully I've yet to evict a tenant or have any serious dispute. I've even been able to return near full security deposits to those tenants who have left, as my homes have all been treated with care!

Most of by utility bills are not on auto-pay, because we were afraid that if a tenant owes utility payment and the utility company will add them to our general bills if they could not collect it. 

And at end of each month, I do my accounting on Quickbooks Online, Quickbooks can download all your bank transactions into the system, I categorize the expense by different accounts, utility, plumbing, and electricity, HVAC, windows, etc. And I use class to represent each building, so that I can get income and expense reports by building, by month, by accounts (expense type). I can also generate rent roll each month from Quickbooks and find rent owing very easily.

Also one thing I really like, at end of each year, I can analyze the vacancy rate for my buildings, and the rent we lose on vacant units.

Hope it helps.



Originally posted by @Matt Faix:

Curious what everyone does to keep track of all utility accounts and monthly bills for your properties. We have 7 units across 3 properties right now and varying accounts for each one - Gas, Electric, Water, Trash, Sewage. Some utilities are split others are not depending on the property. We pay everything online, but are looking for a better way, or a system to stay organized with monthly bills and accounts. It's not bad at the moment, but may be challenging when trying to scale. Thanks in advance for any advice. 

Why do you think that your older style building could not be improved to match other buildings in the market? What about adding free wifi, but claim that it's best-effort, so you don't spend a lot of time to troubleshoot their internet problem and slow speed if it happens. Unless they are heavy user and demand high-speed internet, free wifi in the building would work perfectly for them and save at least 50 bucks in their pocket.

Originally posted by @Aaron C.:

Hi everyone I had an idea on attracting tenants to my older style apartment building, which doesn't offer any amenities. I'm sure that someone else is doing it already or has in the past.

I'm thinking about offering my units at standard market value, but say all "Electric, Gas and Water are included". 

I have 20 units and they all have the small wall ac/heater units and a small gas stove and the rooms are all studios and 1bd/1ba units. I

It's an older building in the 60's, doesn't have all the amenities of the newer places around.

Any suggestions or feed back would be great!

Originally posted by @Chris Habets:

3-4 times for electric heat over gas heat is about right in Ontario. Cathy is right, insulation (and window replacement) is most likely the easiest way to save monthly heating costs. 

It's odd that you have summer gas costs - do you have gas hot water as well?