All Forum Posts by: Sheldon Caruana

Any property mangers out there able to help me with understanding some terminology.

I recently made it the final stages of an interview process for a property inspector position, and have been assigned a case study in which I am shown a number of photos of a rental unit and asked to identify any "deficiencies" in the photos.

I realize that this includes damages to the unit, , things that need to be replaced, but I feel like I am being too detailed in my observations, for example minor marks on the wall, would you report that? Also what else should I be looking for ando defincenies also include parts of the home that the tenant has not cleaned? Any help guidance, resources, would be really appreciated as I'm really trying to get into this industry as I love real-estate :)

Hey BP, I am looking to invest in the Vancouver, BC Area, I am looking to get a condo or small home under 225k. I'd like to live in it, for the time being and if it has another unit rent it out. I have been looking in Abbotsford, and wonder if anyone have any recommendations for places to invest in this area, I have read a lot of posts saying that it is becoming less profitable to invest in this area, any investors out their still purchasing? What are the thoughts? I will be working in this area, so I do need a place within communing distance to Vancouver Airport.  

Thoughts?

@Greg Hutchings

Thanks for all the info much appreciated. You mentioned something important which is that you use data from your portfolio, and as a new investor I'm guessing on expenditures, sure there are guides but they vary based on market location. So perhaps reaching out to other investors for average numbers on expenses in a local area is a safe way to make estimates.

It also sounds like the realtor/investor has alot of pros, I will definitely look into it, thanks so much to everyone for there contributions!

@Anthony Wick

Thanks for the advice. So the new home warrenty will cover any failures in existing appliances / fixtures for the first year. So when things need repairing your eligible for a reimbursement rather than going out of pocket, too install all new after an initial purchase?

Have I got this correct? If so I'm surprised this agencies don't make you sign for warranty contracts for more than one year. Great stragety though thanks for sharing!

@Anthony Wick

It's interesting I just noticed my neighbor has the decals on his van and is one of those HGTV home flippers.

I'm kinda in the middle of changing careers, 26 and wondering if getting in into construction renovation as a future real estate investor, or perhaps there are other complimentary careers more suited?

@Anthony Wick

Hey Anthony,

Are you only able to negotiate new home owner warrenties with new homes?

.

@Roy Cleeves Thanks for this update Roy, as someone interested in being a full time Real Estate investor, it seems a significant amount of time may require analizing deals, discovering listing as soon as they arrive, and having access to sold data on a regular basis. I've head in a few podcast based in the US market that full time investor should invest in a realtor license, if only to analyze and approach potential deals as they hit the market.

Any thoughts on this? What info does realtors have that the public do not, other than closing prices? Any full time investors with realtor licenses and what are your experiences?

I would want to value the time of my Realtor and imagine as a full time investor, sending multiple requests for market data espically when seeking new markets to invest may become a bit burdensome.

Any thoughts?

Hey BP Canada, 

I am starting to practice analyzing ROI and rental income properties in different areas using the realtor.ca for housing prices, Kijiji and Craigs list for average rental estimates. One of the numbers I find really hard to locate is the recently sold houses for comparisons, does anyone know where I can find this info, realtor.ca only seems to show for sale and for rent.

Thanks! Also super happy for how active this forum is, it's really motivating!

@Jerry Maggiore  Hey Jerry, I think it gets easier once you get your foot in the door and get in. I think its a great idea to save for a duplex, triplex, I am thinking of investing outside my local area 2-4 hours away, but since it is my first property I am required to live in for the first year, which I don't  know if I am able to do, due to work. 

@Anthony Wick - that was originally my thoughts find a duplex/triplex and rent it out and if I can do  a live in flip, though I am not sure I will able to do it at the same time as I am renting it out. I also have a 24k student loan, so I have been trying to think other real estate options to gain capital, flipping sounds like a good approach but I don't have any the skills do do it myself at the moment.