All Forum Posts by: Sara Bradford

Hi BP Folks,

I am looking for a reputable and reliable company to handle the property maintenance for 3 or 4 (and possibly more) properties in the GTA - specifically Scarborough area for the first ones.  Someone to do lawn care, snow removal, spring and fall clean ups, etc.  Anyone have any recommendations?? 

Thanks!

Sara

Hi BP!

We are looking to start renting out three cottages in Kawartha Lakes, ON. What is the better platform to use for rentals? Airbnb or CottagesinCanada? Or is there something better? Does Kijiji work? How do you keep track of using multiple systems?

Thanks!

Our tax lawyers are always fretting about the passive income we are targeting to be taking in. I have made this my full time job. Do other Canadian investors all maintain active income to reduce the burn?!

Hi BP!

I own three SFH's in Toronto (Scarborough area, accessible by transit). They are in rough shape and require major gut Renovations to be rentable/sellable

for top dollar.

We inherited the properties through a business amalgamation so did not pay any $$ for them. They were purchased in the 80’s and have appreciated greatly and due to the structure of our business there are HUGE gains to be paid if sold. So we opted to hold, flip and rent out.

For home #1 we opted to put a boat load of $ into it to convert it into a legal duplex (which required underpinning, complete fire separation, etc.). In the long run, the CapEx will help to offset some gains and hopefully rent rates will be great since home is essentially all new and utilities are completely independent by unit.

Homes 2 and 3 are awaiting the TLC but will also cost boat loads of money. My intention was to mortgage home 1, let tenants pay mortgage and use it to finance Home 2 and so on...

Question is: Do I keep dropping loads of money into these homes or do I just sell the others and buy something requiring less work? My GC has been working for many months on House 1 and my patience is wearing thin. But then I remind myself that I am already so far ahead to hold these unfinanced homes. Gah!!!

Thanks!

My PM consultant has recommended Naborly.com and I am happy with them so far!

This is amazing and inspirational! 

Just gotta say how envious I am of the prices in the US!!  My first home (which was a complete gut Reno requiring underpinning to become a legal duplex) was valued at $800K even though it was falling apart. It’s MUCH harder to break into the market in Toronto. 

I wonder if I should start looking South of the border?!...

The red flags are more concerning than the ethics of the realtor. :) 

1.  Driveways are relatively inexpensive to pave, so that would not be a major deterrent to me.

2. Is the train line running? How often? Noisy properties generally won’t get top rent, so when setting rent you will likely need to take this into consideration. 

3. Could char be from a BBQ too close to house? We charred our bricks after leaving grill on for hours by accident. Took lots of elbow grease but we got it off.  At least he is the owner - so you will get an accurate answer if you ask. If there was a fire, I would be suspect. 

4. If you consider making an offer - hire a really good home inspector.

5. My rule of thumb - trust your gut!! If one of you is weirded out - Run. 

@Hai Loc I keep hearing so many horror stories and the LTB always finds in favour of the tenants.  There are so few protections in place for the LL.  I would far prefer to put the responsibility in the hands of a professional who won't fall for the sob stories. :) 

Thank you so much!  These will really come in handy!

Hi BP! 

I am 85% completion on my first property (2 doors) and have two more in the permit stages. I am looking to hire a PM company to handle the day to day on my behalf as I am terrified of the "professional tenants" that have plagued the Ontario, Canada rental market.  

How do I screen for a good PM? What questions should I be asking? What qualifications/offerings should I be looking for?  What a reasonable percentage rate for their services?

Thanks for any input! 

Sara