All Forum Posts by: Patrick Archer

I'd caution you with the following. You're taking a SFH and you've converted it to a duplex. Now that it's a true investment property, it's valuation is going to be based on different factors that are important to investors (like cap rate). You should find out what the average cap rate is for your area and use that to calculate out the value of the property (If you want to be conservative use an 8% cap rate, aggressive would be 5%). That will give you the value of what your property would likely sell for. With that being said, it's really depends on the value that you're bank puts on the improvements made to the property as to whether or not you'll be able to refinance in the mid $600s.

1% rule is very tough in Canada.  I invest in a London, Ontario which is one of the better markets and I’m looking at about 0.8%.  In 5-7 years I might be closer to 1% assuming decent YoY rent increases.

When I analyze properties I try and estimate all expenses, plus misc, and try and get to an average of $200/door (on a MFH).

You won’t find the 2% rule.  You’ll want to look at other metrics when evaluating a property.  I use cap rate and location as my initial screening.  

In SWO most houses get bid up to a 5% cap rate, 6-8% would be if you were able to find something on your own that hasn’t hit the market and you’re able to negotiate with the seller.

Hey guys,

I found that a majority of my traffic came from Facebook marketplace.  I had a boilerplate response to any inquiry that told them we were having an open house and if they were interested in being contacted for it, to fill out a form I created on Google Forms (with the link).

I asked a lot of questions like income, pets, etc.  then I would be able to let people know based on their situation if they were a good fit for coming to look at the property.

It worked fairly well at weeding out the tire kickers and left me with a decent number of people to follow up with before the open house.  One of those people from Facebook are moving into the unit next week!

@Jacob Perez thanks for the reply. It’s actually a standard MFH with 4 separate units. It sounds like 60 days is a good rule of thumb.

I am in London, Ontario.

It sounds like Kijiji is the best bet from the comments so far.

One follow up question I have is around timing. I understand that different properties will take a different amount of time to rent, but how far in advance should I be posting the property? Should I post now for an April move in? Or should I be waiting until closer to the date?

Thanks,

Patrick

Hi everyone,

I purchased my first rental last year and I have a tenant whose lease is up and has given notice that he is moving out at the end of March.

I’m wondering where Canadians go to post their rental listings. I’ve started using TenantCloud.com to track my property and they do have a listing functionality that will syndicate to multiple sites, but I’m guessing they will be more skewed to a US audience.

If anyone is willing to share their experiences, that would be great.

Patrick

Anyone have any insight?

In London