All Forum Posts by: Steve S.

I would be happy to take a look you can PM me if you want to send me the file

I recommend solid wood. It's a bit more money up front, but they last longer, they're more durable and have less issues with water or humidity. It's also a lot easier to fix or repair solid wood over the cheap MDF stuff that is made by some other manufacturers.

I agree with many of the above posters, look at used cabinets, you don't have to pay full price for cabinets for rentals. But if you do because time is a constraint, pay up the good money upfront and you won't regret it down the line.

First kudos to you my friend! Trucking is one helluva hard job, the hours on the road is tough! Real estate is a great way to make a living if you can do it.  With the connections you have in windows and doors you may be well suited to fix and flip or fix, re-finances and rent it out! Welcome to BP.. I wish you a very prosperous career. 

@Thomas S. You're completely correct on this!

@Ihe O. He has no problems! He prevents them by  having his tenants pay him! Not him having to run after them.

The original poster said that @Brian Zaug had to go 2-3 times a month to certain locations to get the rent. 

That's ridiculous! 

I tell my tenants they have two options.

#1 Upon signing the lease they can give me 12 post dated cheques for the entire year

#2 They can e-transfer me the money on or before the due date.

Either way it needs to be in my account on or before the 1st of the month. I give my tenants a $50 a month discount if they pay in full on or prior to the due date. (the $50 is already priced into the agreed rent) But this way they feel that they're saving up to $600 a year just for doing what's expected.

I will NEVER purchase a  house in my area in the winter. After Oct. 31 there is guaranteed snow and it probably won't all melt until May. 

Because of the snow you can't really inspect the roof, chimney, or see how the water would/should run away from the house in rain.

If you can still see the roof, and ground grade, sure go for it. But if you can' t do a full inspection you're setting yourself up for trouble!

Your question to me sound very open ended and the answer would depend on the strengths and weaknesses of the individual.

Some will say financing and getting money will be a challenge. 

Some will say finding good tenants.

Some have issues fixing and repair.

Squirrels are just about the worst thing  you can have in a home. I agree with the above statement about closing the hole.

My advice is not as humane. You can purchase "live traps" which once triggered will just close the door and cage in the animal, but my experience is unless you're willing to drive a very long distance to relocate the animal, they will come back and try to get back in. You can use a large rat trap. I actually prefer to do a combination, I put a rat trap inside a live trap near a "high traffic area" the animal will go. Saltine crackers (premium plus) with some peanut butter works well. Once you have eliminated the non-paying furry tenants patch up all cracks & holes... take your time and inspect the whole house, anything the size of a dime or bigger is a large enough opening for vermin.. so get your chicken wire, get your spay foam sealer and building materials and patch up that residence

Get a professional in there immediately! Would you want negligent actions on your part causing a risk to somoene's health?

It's a cost.. sure.. but look at the situation as a win/win... if they don't find mold your tenant has peace of mind and you have the paperwork proving your place is safe. If they do find mold you can do something about it and get the place up to safe standards.

I'm going to throw a curve ball into the mix here...

Everyone is suggesting "investing" books with tips and strategies on how to be successful. And it's all great fantasy. But in reality you need to know the Law, and rules and regulations involved with real estate investing in your area.

So after you even have an inkling of an idea of what you may want to do, instead of going into this venture filled with fantasy of how you're going to become very successful. Learn the rules and regulations of the very business you're planning to get into.

Would you want a mechanic to try and fix your breaks first, then only after you complain that they don't work to do the research on how to do the job?

Roll up the sleeves, talk to the necessary branches of government you need to, get the information you need so you're on the right side of the law. (I have only been on BP for a short time and I'm shocked to see so many people ask questions that they should have already known the answer to BEFORE getting into this!)

It's dull, drab and boring... but get through all the paper work first, THEN learn how to make a deal. 

Wish you all the best luck!

1) I think the advice on getting a new roof is sound... anything less is just putting lipstick on a pig!

If you're going to fix something do it right the first time... (that phrase may already be trademarked but I have no financial interest in capitalizing on it... it's just sound advice!)

2) Finding good contractors takes work, just like finding good tenants. You need references and you need to do some digging. Start by asking the trades people you do know... do you have a plumber or electrician or drywaller in your Rolodex? Trades people work on jobs all time time and they will often know who's doing good work and who's not. That's a good start. Also drive around your city and look for new builds, talk to the crews and contractors there ask them if they know anyone.. if you have a couple extra coffee's in the truck I'm sure they will take 5 minutes to have a cup and answer a couple questions. Finally go down to the local big box store, lowes or HD. Talk to the people at the commercial desk. Ask them if they know anyone and give them a couple of your cards to pass out to those that are consistently in buying roofing supplies.

3) Tax laws in the states are so much different than in Canada, but I can't seem to think that there's a way you could write off an expense that you haven't purchased yet. So while you put money away for cap ex, you can't declare that as an expense as you haven't purchased anything yet. Once you use the funds then you could expense it. That's just me, and my working knowledge of taxes. A good question for your accountant I would imagine.