All Forum Posts by: Solome Ejigu

Hi all,

I'm a real estate investor in Halifax NS, looking to network and meet others in the area! Contractors, Investors, P.Ms, lawyers, real estate agents etc.  Would love to connect, share experiences and chat real estate! 

I started with a SFH, but knowing what I know now my regret now is not starting with a duplex. Live in one, and learn how to manage the other while also getting income to pay for your mortgage. It can be a bit of a dive but you'll learn quicker along the way. If you can afford the mortgage on your own your safe, also your downpayment would be less as an owner occupy which you can use to your advantage and keep some money liquid. Rather than buying your first SFH home for 5% downpayment then your next income property for 20%. Or look for SFH homes with potential for basement suites. Thats just my personal and brief advice. Hope that helps!

Hi all,

I’ve found a good deal but the current tenants are paying wayyyy below market rent. About $600/mon with heat included. the deal for that type of 4 Plex and location is great but the current tenant leases make it tricky. If I could Reno and rent at market rent, it would be amazing but my question is other than cash for keys what are some other ways to consider when trying to clear out units. With the halifax tenancy act and the 2% rent cap there is barely any wiggle room. Anyone have creative ways around this?

TIA!

Hi all, 

I’ve found a good deal but the current tenants are paying wayyyy below market rent. About $600/mon with heat included. the deal for that type of 4 Plex and location is great but the current tenant leases make it tricky. If I could Reno and rent at market rent, it would be amazing but my question is other than cash for keys what are some other ways to consider when trying to clear out units. With the halifax tenancy act and the 2% rent cap there is barely any wiggle room. Anyone have creative ways around this?

TIA

 Thank you Roy, will try that!

Hi BP! So, I have found an off market fourplex but its currently zoned for a SFH (R1). There is a big city centre plan thats been happening and zonings are changing. There is a housing crisis and the city is getting dense, low supply high demand. My question is should I still go for this 4plex despite the zoning? There is potential it could change in the future with the city plan, I could try to get a legal non-conforming letter from the city if its applicable and/or try to rezone it but what if I'm not approved? Is it worth the risk? Anyone experience this? how did you troubleshoot?

Hi BP! So, I have found an off market fourplex but its currently zoned for a SFH (R1). There is a big city centre plan thats been happening and zonings are changing. There is a housing crisis and the city is getting dense, low supply high demand. My question is should I still go for this 4plex despite the zoning? There is potential it could change in the future with the city plan, I could try to get a legal non-conforming letter from the city if its applicable and/or try to rezone it but what if I'm not approved? Is it worth the risk? Anyone experience this? how did you troubleshoot?

Thanks!

Hey Shayne, I'll tell you what I would have done differently when I started. I would put only 5% down to keep as much money liquid as you can. Make sure you real estate agent has experience and knowledge with real estate investing and the market. House hack your first property. Look for potential in properties ie. larger lot size, can you force appreciation, location, property sqft, does it have a shed/garage etc. (not sure the rules in Windsor but some places you can turn it into a backyard suit) Finding good contractor is the hardest part I don't have much tips there. But when your renting make sure to do your due diligence and do a through screening, I got caught up in wanting to rent mine right away and didn't do a proper screening and it was the wrong move in the long run. There are leasing agents who can do that for you to save you the headache but I recommend doing it and managing it on your own first for experience. know your lease inside out and add a schedule A with all your rules and expectations that the lease does not cover. I've learned a lot and still have lots to learn. Its not as easy as it looks but definitely worth it if you have the passion for it! Best of luck!