All Forum Posts by: Sailin Li

Hey BP Nation!

Are there any actually good property management and accounting software for Canadian landlords? I'm just looking for a good app that can help me record receipts and expenses, help me management income. 

I've heard Stessa and Buildium for the most part but find it's actually very difficult to use for the average small scale landlord (I have 7 doors)

The cost of Buildium I think is way too high for the small scale self managed landlord like myself. 7 units comes to $55/month

As for Stella, the UI isnt the greatest and probably tailored for more property management companies, and the accounting features are rather lacking for Canadian tax laws. On top of that looks like their app isnt available in the Canadian app store. 

Any of you small scale self managed landlord find any apps you truly enjoy? Or for the most part are we doomed to Excel spreadsheets?

Quote from @Stevo Sun:

Hi Sailin,

I can't say I have personal experience with this, but I would call some insurance brokers. They would be your best bet to help you find the necessary insurance. The reason is that they will work with multiple insurance providers and they can do the research for you. I would love to see what you find.  Best of luck!

Thanks Stevo! That’s been my strategy but most seem to be baffled at my situation. Honestly surprised this isn’t more widespread considering all the room rentals you see in the city. Will keep trying! 

Any brokers you can recommend? 

I'm having trouble finding insurance companies that will insure my homes in this situation.

Property 1: Renting the main floor to a family, and 3 separate room rentals in the basement. 

Property 2: My main residence, renting 3 separate bedrooms in the basement

In both properties the insurance company considers 4 families to be living in each house and does not offer any insurance that covers this. 

Is anyone in the same situation and found insurance that will cover this? I'm located in Calgary, Canada. 

Thanks in advance!!

@Melanie Dupuis I'm also looking at STR in Costa Rica. Do you know the language or what's your method of getting around Spanish? Not sure where to start in that journey

@Char Tovar That's sad to hear. Interested in LTR as well as I think it's a great area if I can find the right deal. Same as Nicholas, also curious if this ban applies to city limits only. 

Are you familiar with the Ashford and Packwood areas? Very interested in buying land and building a cabin or starting a glamping thing there. Wondering if there's any insight or advice you can share. Thanks!

@Bryan Waller Thanks for sharing! Can I ask what your occupancy % is currently and where it has to be for you to break even or generate net income?  

@Zac Lindquist Definitely interested in the Portland area as well, we visit the PNW often and Portland is our favorite city to stay. I'll DM you, I'd love to hear about some properties there. 

300K is the total amount of cash I have on hand, so without outside lending this is what I have to work with. I'm in the process of trying to find a lender either in the US or Canada that will work with Canadian buyers which will allow me to take on bigger projects and reduce my own capital investment. If you have any connections to banks or private lenders what work with Canada, I'd love to know too!

Hey Everyone,

Canadian here looking at purchasing my first investment property in the states this year. Hoping to get some expertise and guidance on where you think is a good area. Price range of around $300k US, and ideally a location with strong STR and LTR potential.

Huge proponent of the BRRR strategy, renovating to add value or even purchasing land and building something from scratch and building equity.

Im currently drawn to the Ashford or Packwood, WA area for STR. Close to Seattle, Portland and the Rainier National park. Considered buying a piece of land and building a cabin or even glamping (somewhere we'd love to visit often and use). Concern here is definitely the lack of long term rental options should any ordinance come down against STR.

Also considering Gig Harbor as an area that has both LTR and STR potential, although 300k is stretching it thin that area.

Thanks in advance!!