All Forum Posts by: Paul Day

My biggest concern would be the tennants. They are very hard to evict even if they dont pay their rent. I'd ask the sellers agent to provide as much information as they can. If the current owner screened them well they will be able to prove they are good tennants.

My next concern would be maintenance, cap ex, and expenses. Never trust the sellers agent always verify numbers for yourself. 

Finally location is a big deal as Hai Loc said but I wouldn't read that much into it. Niagara is in an affordable housing crisis just like everywhere else. If you price your rent competitively and keep your property in order you will have a large pool of tennants to choose from.

@Corey Thompson

Personally I think bandit signs are bad for all of us. You're littering in the neighborhood you intend to invest in. It perpetuates the stereotypes of landlords being cheap vultures. The stereotypes lead to diminished public opinion which leads to more regulation and animosity from the community.

@Brandon Kmiotek

Hey Brandon I think we met at the Buffalo meetup earlier this month.

Vinyl will definately last longer which will lower your Cap Ex cost over the long term, but as others mentioned carpet is better for sound insulation between floors.

I hope your rehab is going well. Looking forward to catching up with you at the next meetup!

This is an excellent thread. Oh how I'd love to get my hands on the person who invented Pinterest.

@Susan Wilhite

My vote is put it on the MLS. Assuming a person is going to like their property because of their sexual orientation or gender identity is discrimination.

If a person posted "how can I market to white anglo saxon men" the moraloty trolls would be all over that person.

It's not the same as an equine property because equiestrians have horses and horses require physical infrastructure built in to the property.

Discrimination aside the MLS has the largest pool of buyers. Its the smartest way to sell your house.

@Shawn Westbrook buy the tools you need when you need them. Buy quality or buy often. You dont have to always buy new. You can shop at garage sales and craigslist. If you buy new do your resesrch there are no shortage of people on youtube comparing tools.

Makita cordless drill is the best buy once cry once option. Best of luck to you my friend!

@Dennis M. Interesting strategy can you provide more information?

Its my understanding that a lease option is like a stock option where you give your tennant the option to buy at a predetermined price for a predetermined amount of time.

Do the tenants usually buy or does it just encourage them to to be nicer to the house in case they do buy it?

@Jennifer T. I find it hilarious that these people had a kurig and a 50" TV but they couldnt pay their rent. I understand things happen in life but still. Its like the people at the gas station who out 5$ worth of gas in their $80000 cars.

@Kyle J.

Thanks Kyle! I think I'm getting ahead of myself by trying to build a brand. You're right I should be spending more time analyzing deals and making offers. Those are the real key performance indicators. Nest of luck to you too!

I'm a Canadian getting started as well. My goal is to buy my first property by the end of this year.

I am starting in Buffalo, NY. If you're not willing to invest out of country then I would find the next natural gas boom town in the rockies. Once I get a few deals under my belt in Buffalo I plan to raise private capital to invest here in Ontario.

According to CREA the average house price in Ontario is over $617,000.

I listen to audiobooks at work and I think I've read all the real estate books over the last year. My favorite and first I'd recommend is "The Real Book of Real Estate" By Rob Kiyosaki. Each chapter is written by a different real estate investor or professional and they cover a little bit of everything. 

Don R Campbell has a few books that are specifically about Canadian Real Estate as well.

If you're struggling to pay you're bills I'd start with reading The Richest Man in Babylon.

Remember readers are leaders!

I'm still new but it looks like I'm a bit further ahead few of you. Feel free to send me a message I'm happy to share what I know so far.