All Forum Posts by: Simon Foucher

Code Civil Article 1861 "Le locataire est tenu de réparer le préjudice subi par le locateur en raison des pertes survenues au bien loué, à moins qu'il ne prouve que ces pertes ne sont pas dues à sa faute ou à celle des personnes à qui il permet l'usage du bien ou l'accès à celui-ci."   

The burden of proof for responsibility is on his side, and considering that he does not have a police report or a clear explanation as to how it happened, my (non-professional) opinion is that he is liable for the damage.

I would recommend to charge him, and should he refuse to pay, take the matter to the regie. Prior to the audience, make sure to review the tenant's claim as to how he can prove that he is not responsible. The decision will most likely come down to the Judge's opinion on the validity of that proof.

Make sure to save your receipts:

"1869. Le locataire est tenu de rendre compte au locateur des réparations ou améliorations effectuées au bien et des dépenses engagées, de lui remettre les pièces justificatives de ces dépenses et, s'il s'agit d'un meuble, de lui remettre les pièces remplacées. Le locateur, pour sa part, est tenu de rembourser la somme qui excède le loyer retenu [...]"

As for the 5 days, the only provision in the code civil is that if the tenant thinks it is excessive, he can take the matter to the regie, execute the work himself and charge you (which in your case would take much longer than 5 days) "Lorsque le locateur n'effectue pas les réparations ou améliorations auxquelles il est tenu, en vertu du bail ou de la loi, le locataire peut s'adresser au tribunal afin d'être autorisé à les exécuter."

On a side note; you can get used doors on Kijiji for dirt cheap :)

http://www.rdl.gouv.qc.ca/fr/pdf/ccq_du_louage.pdf

Hi,

Long time listener of the podcast, but fairly new to the community. My wife and I are completing our first project; 3ples converted into a 4plex in HOMA. Great cash flow property; rents cover mortgage/taxes, and we are living there for free, but here is the issue.

Basically, we are looking to do a second deal shortly, this time more a short term flip rather than buy/hold, but are stuck with financing. The bank was super conservative; based on their evaluation, our property has a cap rate of almost 7%, so because of this, our LTV is at 90% so we can't really use a HELOC for a while. In terms of revenues, banks only consider 1/2 of rental revenues as income, and since we are supporting a significant mortgage, our DIT is > 50% so we are not able to get a loan.

I understand the bank's conservatism, but basically we only have food as living expenses, we own a property that is paying itself and our credit rating is top notch. We are in a great financial position, just dry on hard cash and our ratios are not "bank approved".

Based on this project's experience, I'm thinking we need ~250k$ of cash (~140k down payment to avoid CMHC, ~60-80k$ renos, 15k$ purchase costs, 15-35k$ safety buffer)

We are considering JVs, but I really don't feel confident approaching investors with "no skin in the game"; I'd rather secure a loan for say 50-100k$ then approach other investors to go 50/50 or something. We could also look into temporary seller financing, but that limits our potential projects and removes some negotiation leverage...

Or any other way we could come up with this amount of cash, or other approaches we could take?