All Forum Posts by: Nicole Assali

@Nicole Assali

Sorry for the typos I’m on my phone!

Hey everyone I hope you’re all doing well and staying safe, I had a question I’m on my current real estate environment and I wanted to see if anyone has been through these motions and if anyone had advice for me, I am currently in Canada and in my area the market is very hot, we’re talking multiple offers and multiple bids over asking price or a common thing, it wasn’t always like this just may be three years ago it was more of a buyers market and you could actually negotiate the price of properties.

This situation quickly changed and it has become harder and harder to add doors to our park, it’s very tempting to go with the flow but something inside me makes me step on the brakes as the way the prices have gone up is very abnormal and with the pandemic no one knows if it’s going to take another dip in a year or two or keep going up

What is your advice? Wait it out or keep going ?

Also seeing a lot of people flipping rental properties lately, you see a property for sale for 400k, it gets sold (triplex) and they redo the windows and a few floors and re-list it 4-5 months later for 100k more.... not doing this with single

Family homes but with multi family, I’m wondering what is their biggest risk here ? I mean worst case it doesn’t sell and they keep renting it right ?

But this sort of activity promotes the inflation of prices and it sucks to pay top dollar now when u could buy stuff for literally 30% less 12 months ago...

What do you think ?

Wait it out and play it safe or keep going as it will keep going up ?

Thank you all for your input !

@Pat L.

You’re right about that the city will not do anything past your basement wall. I looked into some rental equipment and you can actually rent those commercial dehumidifiers for about 130$/week, they are much more powerful than regular ones. I guess if someone wanted to do the cleanup themselves they could rent some of this equipment it’s just not always feasible unless you do this full time or have a team that can do it.

@Pat L.

Thank you, what do you mean part of the sewer upgrade? The city won’t eat that bill I think

@Pat L.

I know I will be looking at installing the valve ASAP, any idea how much that should cost ?

So the funniest thing happened, the bill for the cleanup is 1300$, they put antibacterial stuff in the walls, etc 3 hr employee time minimumx2 employees and then 2x1hr time to pick up equipment, basically getting screwed over, the verdict: there is a bit of water under the floors, so they recommend ripping everything out and pressure wash foundation and replace new flooring and walls, the estimate for repairs? 10,000$ !!!!!! So convenient :) same as my insurance maximum, man it’s infuriating how people are screwing over insurance companies and clients as well. I decided to cancel the claim and do the repairs myself, thank god the floors don’t need to be replaced. I asked him what would happen if I didn’t replace floors, he said it would cause the foundation to become rugged underneath the floor, I asked if it doesn’t anything deeper he said no..... they are removing dehumudifiers in 2 days, should I place more units for a few days ? Also how do I test for humidity in the basement ?

@Peter T.

Hi Peter,

Thank you for your input, but we don’t all have a property management company or construction company at our disposal.

Also, I have a commitments/family so it’s not possible for me to go clean up sewer/rain backflow in the middle of the night, but thanks for your suggestions.

@Dennis M.

Hi Dennis, thank you for joining us, I cancelled the request to open a claim, I guess we have to take the hit this time.

@Victor Menasce

You’re absolutely right, luckily for them they limit damage for basements to 10k, it’s ridiculous seeing how much insurances cost everyone, I guess they’re good only for big catastrophic events.

@Victor Menasce

Hi Victor thank you for your reply, so you recommend not to go through the insurance? The property is in Gatineau on the Quebec side and the city of Gatineau will fight and not pay much is what I’ve heard from a fellow investor who had similar experience. It’s just the cleanup company will charge about 1k and repairs will be about 700-800$