All Forum Posts by: Paul MacInnis

Ahhh.   Thanks, @Roy N.!   Sorry about that, @Tom Kilburn!    I still stick to the sentiment that it's sketchy to pay all at once though!

You can certainly run a check on a Cdn citizen - can use Equifax of Canada or Trans Union.  I agree, the cash up front is a red flag......the charge can't be more than $10-15 to transfer money from a Cdn bank to a US bank......I've done it before - and it's certainly not too bad.  Alternatively, she could bring cash when she comes down each month.  Personally, I would not enterntain that.  Good luck!

Thanks, @Thomas S.!  Good point - i've certainly had some 'interesting' tenants and nightmare scenarios.  But I find with a consistently positive approach the good tenants tend to find me eventually!   

@RoyN, great thoughts!  Yes, there will hopefully be a rise in economic development in Windsor - and your designation of rural-esque makes sense.

As for Digby, I know exactly what portfolio you're talking about and it's absolutely overpriced!!!

Hi all,

I'm curious to your thoughts on the following topic:

With regard to small multi-family properties (2-6 units) do you always buy in urban centres or have you branched into any rural markets.

I ask because all of my properties are in rural markets.  I have little to no vacancy, decent rents, and although appreciation isn't going to skyrocket (even in a boom period), I find the properties very accessible in terms of cost.

Part of me is tempted to gravitate towards my next property in an urban area BUT when the sticker price is 2-3x what it is in the rural setting......it's difficult to decide!

Love to hear your thoughts!

Cheers

great stuff!   Really intrigued by the investing in other cities.  I have 5 rental properties - but they're all in my own town - well, one is a short drive away, but easy enough to get to.   

@Tammy Donivan - how has the PM company been going?  Did you get started?  I am also thinking of starting one in a small town - as it needs it.!   

I'd love to hear more about your experience!

long delay......sorry!

So, in a strange turn of events - a 4-unit building of mine burned down.   No one was hurt and everything has worked out well thus far.

Instead of the aforementioned approach to the 5-unit building - I've simply used some of the insurance $ to go the traditional purchase route.

That being said - I had it appraised for 230k......and in 1 year- I can refinance the building if it makes sense.

This whole process has been a fascinating learning experience - and I've also realized how much more work a commercial property is to close on than a residential!!!

My closing date is Apr 15 and everything is now in place to get that done!

as a side note - @Roy N. - the tip about 'hedging' the interest I learned from Roy has been amazing.   Thanks to him and BP in general for providing such valuable tips for investors!!

@Jay Raught - no I have not.   In fact, I know very little about that.   I'm curious to know more.