All Forum Posts by: Account Closed

Hi all, i just purchased a duplex in Sherbrooke Quebec. there are currently two tenants in the building, one on each floor. before signing, i received written agreement from one of the tenants that they would leave once their lease expires. my plan is to move into where they are currently staying and keep the other tenant, or if the second tenant also leaves, find another tenant. but i definitely want the tenant who agreed to leave out, because they are dirty and late on their rent.

i'm just wondering, is the written notice that they gave enough to force them out if they decide later that they change their mind and wish to remain? do i have to provide them with some type of notice as well? does the fact that i'm moving in change anything? i know if its owner-occupied, i can legally evict them but it has to be done 6 months in advance and we're already past that point. i'm hoping their written notice will be enough.

thanks,

Russell

Hello, does anyone have any popular places to list rental properties online (besides kijiji)? i've also set up a couple advertisement campaigns using google adwords. 

its a student rental in kingston, i'm hoping to get it rented out on a 1 yr lease by may 1st 2020. i know its a bit late to be moving out, but the current group only just decided to move out. 

thanks!

i'm in sherbrooke. market is pretty hot right now (good multi family deals are sold within days if not hours of listing). most people use centris.ca to list

appreciation hasn't happened yet like it has in montreal/toronto/ottawa/vancouver, so its still possible to get good deals approaching the 1% rule (monthly rent = 1% of purchase price) but these properties tend to go quickly. 

also there's quite a bit of new development happening around the outskirts of sherbrooke, population is growing but maybe not as fast as new dwellings are being constructed. i've seen rental listings where the tenants are offered a free month's rent to sign.

i've been renting for the past 5 years in sherbrooke. i payed $420/month (nothing included) for a 3 1/2 from 2014-2017 for a property in murray st. (fleurimont, which is the eastern part of sherbrooke). right now i'm paying 875$/month (nothing included) for a large 4 1/2 (new building) on thibault st. which is further from downtown but the property is much nicer. before that i was paying 675$ (heating, electricity included) for a 4 1/2 on rue Grand Monts. 

so to summarize yes the market is good for rentals and more people are starting to notice. triplex, quad, and 5-plex are especially attractive if you can get the right deal. 

there's a large ($100 million) project currently underway to transform wellington street's downtown core (link below). something to keep in mind, if you plan on buying near that area (can probably expect some good appreciation as the project progresses).

https://www.sherbrookerecord.com/well-sud-project-gets-the-go-ahead/

feel free to message me if you have any more questions about sherbrooke, i'm currently closing on a duplex (in sherbrooke) that i'll be living in next year, i'm actually just getting started in the real estate market here but i grew up in the area so i know it quite well. 
 

thanks, good to know. guess i'll just have to bite the bullet and hope they re-sign or move out on a favorable data :(

Hello, i currently own a student rental in Kingston Ontario, renting to university students. i'm using a property manager to manage the lease/maintenance, as i reside elsewhere.

the property is currently leased to a group of 4 students, from May 2019-April 2020. as of right now, the students have not committed to another 1-year lease (May2020-April2021). i asked my property manager to secure another 1 year lease, either with this group, or with another group.

however, the property manager told me that the students have decided to continue on a month-to-month basis. as in, i can't force them to leave when their lease expires (May 1st 2020) in order to make room for another group of students.

i'm a little mad because this screws up the leasing schedule for student rentals, students typically sign for 1-year periods starting in may and ending in april the subsequent year. 

my question is, is the property manager correct in saying that if the students decide to continue month-to-month, i can't kick them out when their lease expires? it seems a bit unfair to the landlord, after all, they signed a 1-year lease so unless they resign, i feel like i should be allowed to kick them out (thats just my opinion though obviously).

thanks!

no, the 200k property has sold. too bad because it looked like a good deal. i'm just finishing my doctorate so my income is kind of low but once i start working full time i plan on purchasing in the area asap. 

my goal is to acquire 20 doors over the next 5 years, so i'll have to start soon ;)

interesting info, thanks. what is your experience (if any) with bringing in external investors through your corporation vs personal? 

also, what do you see as advantages for owning property in your own name vs as a corporation?

Interesting, good to see a real-life example of BRRR (assuming they actually refinance you, haha).

have you thought about using a mortgage broker instead of working with the bank directly?

thanks for the info. it sounds like they want to see your corporation build up a credit history before they approve any loans. do you think you will eventually be able to buy only in the name of the corp (instead of using personal guarantee) once you have built up a decent-sized portfolio?

 interesting, thanks. so you have yourself/friends/business partners with money who will co-sign on the loan purchased in the corporation's name? how does it work exactly? 

how have you found the process of registering the corporation? is it long and complicated? i've talked with some attorneys but they said i should buy individual, i disagree however, for the long term i believe incorporated is better. 

what lenders do you plan on targeting once you have your corporation up and running?