All Forum Posts by: Mimi H.

Thanks for the pointers @David Faulkner!

@Chris Mason would love to have a chat with you.

Great suggestion @David Faulkner thanks! Since I'm not experienced in the CA market, I didn't know that this was an option. What are the qualifications for a good vs bad title/escrow company?

@Chris Mason so how do you know that it might be less expensive in other states then? confused.

Oh here;s the thread - and you're already on it so perhaps worth a re-read? Some of the folks on there had some great details around rent control, timing, etc. 

https://www.biggerpockets.com/forums/81/topics/290...

hey @Pawan J. I don't believe that's the case (re: lease expiration) in Vancouver. The rent can only go up once every 12 month with a 3 month notice. Someone in one of my earlier posts had some very specific details on this (and was much better versed down to the terminology). And actually several Canadians were quick to jump in and clarify... now I just need to find that post somewhere! Also, it's worth mentioning that my property is professionally managed by a reputable organization which manages a fairly large portfolio and they had the same info. The best way to know for sure if to just call them. Let us know what you find out when you do.

@Chris Mason interesting point! Would you happen to know where lawyers are involved in every RE transaction (I only know NY is one of them but they are not inexpensive there... :) ).

One more thing, I have heard that there are tax credits for resident investors for small companies - not sure if that applies to real estate and it -might- only be for Vancouver. I'm still waiting for some info - will share if I ever get it. :)

@Pawan J. I'm not familiar with the rest of Canada so I have no idea. I have heard that it's also strong in Toronto but I honestly couldn't say. And yes, of course it's my personal experience. 

At the end of the day, everyone needs to make their own decisions on what's right for them. I'm just highlighting some of my personal challenges in hopes that others walk into the situation better informed. And specifically that I wouldn't recommend for people who are non-residents. It was mentioned that the person is from London so my presumption is that he's not a resident.

As for the situation that you've described, that's a lot of "ifs". I didn't say that I don't have great appreciation. It's Vancouver so it's seen a boom for sure. 

And no, I would not say otherwise for my personal situation, I'd still be taxed 25% higher than a resident.

It's worth noting that I adore my tenant. He's done a great job in taking care of the place and even if he's a little below market rent wise, he's a joy to have. When there are so many nightmare tenants, I count my blessings!

I'm not sure what you mean by "cycling through tenants". Tenants automatically go month to month after the lease expires. So if what you mean is to kick them out for no cause so you can raise the rent for another tenant, no, you can't do that. I'm pretty sure that's illegal (and personally, I find it unethical). I'm not the expert on this, you may get further by looking here: http://tenants.bc.ca/

Lastly - it wasn't a "don't do this or that", it was a here's my experience - I hope you get something from it. Maybe what you learn is that's exactly the climate that you want to be in. 

It's like arguing about the best color. It differs for everyone and that's what makes life beautiful. I'm simply trying to point out that there's a shade of pink that might be worth checking out or that I find blinding to my eyes, I'm not arguing that it should be your new favorite color or that you should avoid it. Hope that clarifies things.

Well, typically RE Lawyers tend to be fixed fee and the last time I checked anywhere from $500-$2k for a standard purchase (at least that's the way it is in NYC). That's way under 1% of anything you can get here.

@David Affonso can't take credit for the meetup as someone else in BP is hosting... :)

http://www.meetup.com/SF-Bay-Area-Real-Estate-Investing-Club/events/230009252/

I may have an opportunity to purchase a property off market in the Bay Area, CA. Since it's not on the MLS, neither of us will be using a real estate agent so I'm wanting to get a real estate lawyer that can make sure that everything is checked / double checked.

Since I've not done this in CA before, what would be some good questions to ask during an interview to suss people out? Also, what do people generally charge for closing on a residential property?