All Forum Posts by: Natalie Cloutier

A lot of people ask us why we build new instead of renovating and I just wanted to share a few reasons with you guys to get your thoughts!

1. We have complete control over the budget from day 1

2. Finished value is always far higher than our actual costs to build

3. Purposely built buildings, better layouts, functionality and overall designs

4. Energy efficiency (low utility costs)

5. Low maintenance

6. We know exactly what’s behind each wall

There’s a whole lot of other perks that for us just make the most sense and even though we’re excited to start our first reno project this winter, we know building has always worked really well for us. I know building new doesn’t work in every market (like markets where the value of the homes are just lower than what it would cost to build) but I’m curious to know who would be willing to try it since I don’t see a lot of investors taking this path!

Would you try building new? Or would you stick to renos?

@Jack Orthman Project management and book keeping

@Jack Orthman so far it’s all us with the help of our accountant who’s also an investor. We’re looking for a software that will help us better organize our book keeping on the rental side but also on the construction side (we build rentals from the ground up so it’s almost like we have 2 businesses)

We we’re looking at Buildium but we find it to be too expensive and comprehensive for our current size.

We currently only have 14 units so we don’t want to spend a tone of money on software yet but I know some people might think it’s worth it to start with the best software now to support you as you grow? I dont know looking for tips!! :)

@Bob Daniels it’s not that bad. We do have control as long as they pay rent and take care of the house. Its just that listing the house is not cause for getting them out. Selling the house is. But until its sold they have the right to stay.

@Hai Loc ya that would of been smart!! I don’t think our realtor has enough experience with investors/tenant occupied homes...

Anyway thankfully they just told us they found another place and will be moving soon! Yay :)

@Bob Daniels ya doesn’t work like that in Ontario. They are on a month to month lease and you can’t make them move until house is actually sold. Trust me if I had a way of getting them out I would of done it already. Ontario laws are very protective of tenants. It’s stupid.

I had offered them to stay at first because I didn’t want to support this massive house until it sold.

Anyway, now they told us they found a place and will be moving soon.

@Bob Daniels but ya that’s what we have to figure out now. How to get them out. We were focused on not having to support the house while its for sale but now we see the downside. Thanks for the info :)

@Bob Daniels I never asked them to leave? To the contrary I offered incentives that if they stay until its sold and they cooperate during the sale but basically through all our offers and accommodations they are still unappreciative.

@James Wise ya you’re probably right. Getting them out will be a challenge now.