All Forum Posts by: Minna Hu

Originally posted by @Jon S.:

I am having trouble getting one of 3 very nice units rented. I'm not sure whether to lower price or install a washer dryer or take other action to get it rented. Our triplex was fully renovated in early 2016 and fully occupied quickly by Mid-2016, and the units rent for $1600, $1600, and $1650 rent. However, this year one unit isn't renting and isn't getting much inquiry from the web ads. The bottom floor is split into 2 units, the top floor is one unit, which is stylish like a loft. All 3 units are 2/1 designs with new stainless appliances, granite counters, wood grain tile floors, nice lighting, and all have nice private outdoor yards, and plenty of parking.  The bottom floor units are about 800+ SF and the top unit is 700+ SF. It is near a private university, which is where most of the tenant inquires come from. It is also near downtown, and conveniently located within a short drive to other business districts, so we get some inquiries from professionals. But so far, all units were rented to students, and they still look like new. Turn over is annual. When school let out, and leases were up, we had 2 units pre-rented about 2 months in advance of available move in date, so we didn't lose revenue in the turnover period. But one unit, the upstairs loft unit, which is considered to be fancier and more desirable, didn't get rented. The tenant just moved out yesterday, so the unit is available Sept 1, but I don't have many inquiries. The rent listing started at $1700 because its a cute unit and I had a lot of time to find the right market price, but even after I dropped the price a few times till it got to $1600, there was a lack of inquires. Now I fear I have lost the incoming students starting the new school year and am not sure if its too late to get them. I've heard some students are still looking. But I'm not getting the calls. Do I keep dropping the rent, below what the other two units are at? The other two units are at $1600 and $1650. Should I offer the upstairs unit at $1550 or $1500? Will doing so effect the future rent value of the other two units? Do I need to start looking towards the professionals market? How do I know what price to drop the rent to? Everyone that looks at it compliments it, says its beautiful, but doesn't rent it. I suspect its because one bedroom is small, but to most students that didn't matter, as it is more than sufficient for a full size bed and a desk. However, I think that might be the drawback. I did not have this trouble last year, the first year it was available, as the 3 units were rented pretty quickly last year. And all the tenants were happy. Last year the tenants were all seniors who had one year of school left so now they have graduated, so there was full turnover on all three units.  I wanted juniors and seniors, but now I have some sophmores, so my turnover might be better next summer.  The units have washer dryer hook ups but I don't provide the machines. Should I get a stackable washer dryer for the unrented unit in order to attract more inquiries? I've avoided buying laundry machines so far, in order to not be responsible for their maintenance, but I am willing to buy a stackable if that's what it takes. Or is simply dropping the price until it rents the best strategy? Is there a particular rule of thumb in how much to drop a price? Thanks for your help and Sorry this post is so long. 

Originally posted by @Thomas S.:

Normally with a M2M lease you simply give notice to non renew and a eviction is not necessary.

You need to sit down and take the time to learn your state landlord  tenant regulations. They govern the operation of your rental business.

Bill her for all treatment costs regardless of whether they find bed bugs or not. If they are not in any other units she is the cause or she is crazy.

As I said I would be getting rid of this tenant. She appears to be a royal PITA.

Originally posted by @Marian Smith:

If tenant is month to month you also have the option if raising rent, perhaps in the amount of a bed bug treatment. Then set up a monthly treatment for, say, six months. Then maybe go to bi monthly, then semi-annual, etc.

Originally posted by @Daljeet S.:

Hi Matt,

I'm from Brampton, ON, I was involved in evicting of a tenant and got myself pretty familiar with the RTA and operations of the LTB, eventually got the tenant evicted with the help of this Tenant/Landlord lawyer's blog, http://ontariolandlordandtenantlaw.blogspot.ca/

Its got a lot of useful articles and comments, it will take some time to search/sift through the posts but I think you can find your answer there as I did. If you find an article that meets your situation, just post a comment and the lawyer usually replies with some free advice.

I eventually got my tenant evicted for non-payment of rent and going to small claims court to recover over 6k of lost money in a couple months.

Let me know if you ever need any help with the RTA / LTB stuff as I recently went thru it all.

You said if we are lucky that she is on M2M, is it easier to evict a tenant if she is on month-to-month, compared to 12-months lease?

The latest update, we need to send a pest control company in for inspection due to the involvement of property standard. I wonder if the report comes back that there is bed bug, or if there is no bed bug, either way what options do we have with regards to eviction? Thank you!

Originally posted by @Thomas S.:

I would suggest to her that the arrangement are not working out and that you will release her from her lease. If you are lucky enough that she is on M2M I would non renew.

Your tenant is suffering from something besides bed bugs and you need to get rid of her.

Originally posted by @Shaun Patterson:

so the tenant found bugs called you over wasn't prepared and then waited 2 months again to call you back? Sounds like a headache. Does the tenant at least pay on time, and are there any other complaints from other tenants about bed bugs? 

My husband and I work in Silicon Valley, have well-paid jobs in tech companies, but traditional lenders do not consider US income. We're planning to build 2 commercial units as well as 8+ apartments in Gravenhurst Ontario, we could not refinance our current buildings or find a mortgage/loan with reasonable interest rate so far. So just want to check whether you have any update on creative financing since your last post. Thank you!

Originally posted by @Andy Welmers:

Has anyone used creative financing successfully in Ontario? I met with a mortgage agent to discuss options they had available. I was thinking of proposing seller financing on a couple of investment properties in the areas. (specifically small multifamily properties, currently being sold, so from investor to investor). The only reason I would be looking at 'creative financing' would be to reduce the down payment below 20%. If this were not the case, I would be looking at traditional financing.

I guess I could look at seller financing for the entire mortgage, or at lease option to get into the property to begin with. However from the sounds of the mortgage agent, mixing seller finance with traditional mortgages (less than 20% down payment) would be very difficult to pull off.

Any input would be great.

Andy