All Forum Posts by: Nelson Ellingham

Ill cut to the chase, I have a duplex and in one unit the kitchen is a nightmare (cabinets falling off etc) it needs to be fully replaced. They move out May 1st and I have that moth to work on it before getting new tenants for June hopefully. In your experiences, do I go the Ikea route? Home depo? Getting in and done as fast as possible is crucial. And as for rental ready kitchens for possible students what materials do you recommend?

Thanks!

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Originally posted by @Kiril Nikolaev:

I've had good luck in St. Catharines. You might also want to check out Thorold and Welland. Good cash flow there. I've also heard good things about Brantford, St Thomas, Kitchener and surrounding areas. You might also want to consider far areas, such as Sarnia, Chatham-Kent, and Windsor. I always see good deals in those regions.

I am looking more into East of Toronto now since that's where I live. But if I were on the West-end, these are the areas I'd be looking at.

Really wish there were more wholesalers in South Eastern Ontario.

Right now I would recommend Welland, its actually the next city I plan to purchase some properties. Ive got 3 properties in Thorold, I sold the one I had in st Catharines. The markets are very hot here, Thorold's average property is over 500k but if you keep and eye out you can find deals. Welland is getting pretty hot as well but its not there yet.

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@Account Closed Gotcha! Thanks for the input!

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Originally posted by @Account Closed:

@Nelson Ellingham

Each property its own account, one cc specifically and ONLY for property expenses. Pay the cc from appropriate property account. Never mix personal and deductible in same account, you’ll just be making more work for yourself or your accountant. Doing this properly means you’re monthly statement is your book keeping.

I do have a separate account for both rental properties, I'm thinking about having a credit card per rental. Is that what people do as they climb the multiple property ladder?

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Single family homes are hard these days, especially for a nice cash flow. My duplex cashflows $1500/m after all bills are paid and I hope to have that close to 2k/m after some renos and tenants move out. My sfh cashflows $400/m. I rather buy a duplex + and flip sfh, or at least have a sfh with 2 units (basement and main floor) to make it worth it

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Originally posted by @Tyler Stiller:

I use STESSA. It is pretty good, you can scan receipts with your phone, have pretty reports, hold tenant documents, mortgage documents etc. in it. AND IT IS FREE.

It was built for landlors and property management.

I just got it running, wicked program thanks!

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Originally posted by @Chris A.:

A lot of people use quick books which links to your bank account. To keep track of the receipts, lease agreements, notices and all of that other fun stuff I am currently using Evernote.

I work for a property management company which uses Buildium but this would only be worth it if you had a substantial number of units.

Okay good to know, I only own 2 rental properties a single family home and a duplex. The one house was easy but the duplex has 7 tenants and I need something to manage my account better then my current situation. I do have a property manager but he doesn't take care of expenses and bills etc

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Hey guys,

Ive always struggled with separating all my rental expenses from my own, digging through receipts etc. Is there some software that you guys recommend that will help with this? I heard about one on a bp podcast but I don't remember the name. One linked to your bank account and filed it when you spent it, anyways any ideas?

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Originally posted by @Adam Krawec:

@Aman Kumar and @Nelson Ellingham I am always up to connect with new people, kind of why I am here lol

It's good to keep that momentum of interest going.

Do either of you two own anything at the moment?

Yes sir! My primary residence, single family home and a large 7 bedroom duplex

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Originally posted by @Adam Krawec:

I'm from Niagara, doesn't seem to be many active members from the Niagara area.

I'm in Niagara :)

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All Forum Posts by: Nelson Ellingham

Nelson Ellingham has started 3 posts and replied 12 times.

Post: How should I redo this kitchen

Post: Cheapest places to invest in Ontario?

Post: best software for landlords?

Post: best software for landlords?

Post: KW, Ontario Cashflow?

Post: best software for landlords?

Post: best software for landlords?

Post: best software for landlords?

Post: Anyone in the forums from Canada?

Post: Anyone in the forums from Canada?