All Forum Posts by: Ryan Kenneth

So we recently had a tenant leave and the unit needed just about an all new bathroom as well as an entire unit paint (ceiling, walls, trim and patching drywall) and a number of smaller fix ups. In total about 10k of work.

Timeline:

-6 days after tenant moved out our PM only then informed me the unit was vacant. (Yes, I've informed them to tell me sooner next time)

-PM gave me the renovation quote on day 14

-PM completes work on day 28. Listed for rent on day 32. Rented on day 49.

The unit was vacant for 2 months in total.

For those that have owned multi-family longer than I have. Is this an acceptable time frame or would you push the PM harder to have the unit renovated and filled in 1 month?

Hi all!

What do you guys consider to be a cap ex item?

Each month I set aside a percentage of rent collected and place it in a savings account so that it builds up and is eventually ready to go towards the costs of large cap ex items that come up (roofs/furnace/driveway etc).

One of the more common expenses that comes up is on unit turnover where a tenant has stayed for years and the unit needs new floors/paint before the next tenant moves in.

Does anyone consider those to be cap ex? Are you dipping into your cap ex reserve fund to cover those?

Thanks guys

Ryan

Allen Ming at RealFile CPA has been fantastic for me. I'm happy to share his contact in a DM if you'd like.

@Chris Baxter, this is a great idea. Count me in!
Thanks for setting this up with the word collage.

December 31, 2022 I now own at least 27 multifamily units and will have capital in place ready to deploy for the next  building.

For commercial loans paying the mortgage broker, as opposed to having the lender pay the fee, does seem to be the standard.  Usually it's a percentage of the borrowed amount.

I can't speak for others but I have Canada Homes For Rent managing for us and they have done an amazing job. They've been very pro-active and hands on during some big projects for us. I highly recommend them!

Vince,  welcome!

I've been investing in NB for a year and have a number of great contacts in place there.  PM me and I can share more!

Hey Manny, you would do very well to speak to @Jordan Perry. He brings lending solutions to solve a variety of problems. He's also an investor there and knows the NB market extremely well. He has been an amazing person to work with.

 Thanks guys.  I will likely have the PM sweep for leaks.  It was unexpected because this unit was just reno'd and doesn't have a washing machine. 

I've had a new tenant move in and noticed that the water consumption has spiked higher than normal. I don't have water meters in the building so I dont have a way of charging that back to the tenants nor do I see other buildings charging back with rubs type systems in that neighborhood. 

Curious how or if you guys step in to situations like this. Do you reach out to your PM? Looking at it from his perspective I'm not sure I'd know what to do in his shoes.

How do you guys handle this?