All Forum Posts by: Account Closed

It’s just a house with a suite in the basement-maybe it’s the way you’re describing it to them that’s throwing them off? I pay about $130 a month for each of my houses with legal suites. 

I would outright ask the seller what improvements he's done to the house to justify such a price increase - he should be happy to answer that question.  It looks like he got quite a deal in 2012.  But in determining house value, looking at comparable houses in the area that have sold recently would be very useful.  If he is selling by owner, you should be getting a very fair deal compared to other recently sold houses, since he doesn't have to pay a realtor.

I have two 2 bdrm legal basement suites that were completely professionally renovated in the last two years and I would be excited if I got, before utilities, $1000 a month for them right now.  Not quite as good a neighborhood as you have there, but it sounds like yours aren't renovated?

Does anyone have a good tax accountant in Edmonton that they would recommend?  I only have 2 residential properties so far, so can't afford anyone really expensive, but would love to find an accountant that can give me some support and advice as I start to buy more properties.  

I'm totally interested! I'm just finishing up my second secondary suite conversion in Edmonton in the last 12 months, and am going to need a new project soon, to take advantage of my great contractors. I am out of cash as I'm holding these houses for the long term. 

Hi Adam,

I have 3 doors myself at the moment and might be interested in some part time property management - how many doors do you have?  I am a Registered Nurse and find that my mental health experience makes me pretty good at picking tenants... :)

Pam

If anyone does know one, I would love to know his/her name as well!  Even a "real estate lawyer" who doesn't get confused as soon as it becomes any more complicated than a straight buy or sell of property.

@marcel noel, @cal ewing, Thanks for the information about texas tax deeds - although it might not help me now, I had never heard of them before.  I've done some research on them and it's something I will keep in mind for the future.

I have asked around a bit in Edmonton and it looks like no one has any short term project planned over the holiday. Maybe all expecting a drop in the next few months, like I am. It's crazy what people are trying to sell houses for on MLS at the moment, given the recent job losses.. I'm advertising a suite for rent on Kijiji and the ad is going to page 30 within 24 hours - i.e. 600 local postings a day! Maybe all the tenants are out buying instead, because the mortgage interest rates are at 2.1%....

I have just refinanced a property that I bought and renovated this year, and, after paying off the rehab debt, I have about $50,000 cash sitting in my bank account from the mortgage money that just came through today.  I want to use this money toward buying my next property in 2-3 months but in the meantime, is there any short term investing or anything else I could do with $50,000 over the next 8-12 weeks?

I realize I can put it in the bank but really am looking for something that might give me a bit more real estate experience.  Or just wondering what you experienced investors do when you have cash sitting in your bank for a few months. 

The market here in Edmonton, Alberta, Canada (look at me throw out those key words!) is a bit over-inflated at the moment in my opinion, considering the recent job losses from oil prices, as well as the related rental vacancies.  So that's why I don't want to buy right now, but I'm also going away for most of January on vacation, so don't want to be managing a rehab.  I'm hoping that there will be a price drop between now and February - winter is never a boom time in this land of -30C winters anyway...

This current project will be rented and it's the only thing I own right now.  I have had another rental and also done one flip in the past.  I have some negotiation and legal experience through work and so love contracts.  I know this is all rather vague but I'm not wanting to limit any responses that might bring in an idea I never thought of.

Thanks for whatever crazy ideas you can throw my way!

Pam

Hi Russell!

I may be interested in a joint venture with a general contractor, let me know if you want to talk about it. Otherwise, I am happy to give you any other advice i can. 

@Chris Howe The Edmonton REIA is a great place but I am rarely available Wednesday nights for the meetings. Maybe we could petition to get the night changed? :)

I don't have any specific knowledge of student rentals in Edmonton.  Like Ash and his soon to be wife Shanna, I am adding legal suites to basements and then renting the house out.  I am just finishing up my first such project, and have literally just posted an ad for renters yesterday.  I have to send out a big thank you to Ash and Shanna for all the support they have given me with this!

Chris, I certainly would be happy to help you anyway I could - I don't think that student rentals is light years away from what we are doing.