All Forum Posts by: Account Closed

Hi @Ming Lim

Have you found any properties in Hamilton? I'm not sure if you're looking for another multifamily building. If you're interested there is a new group specifically for MF investors in Hamilton. I'm going to the first meeting next Tuesday.

Here are the details: http://www.meetup.com/TheChinGroup/

Hi all

I have a vacant triplex (4/2/1 beds) that I am getting ready for rent. During the repairs/renos I added hookups for stacking laundry in each unit but I don't have the budget to buy individual machines right now. I also added a hookup in the common area. 

My plan is to buy a washer and dryer for the tenants to share until I can get them individual ones. Prepay coin/card machines aren't an option. The house main and hot water is on a separate bill so I need to split it between the tenants. I know for sure there will be complaints about who uses it less or more so the percent of the bill has to be agreed in writing before anyone moves in.

My question is how should I split the cost in the lease agreements... per bedroom, person listed on the agreement, another way? What are your stories and lessons from dealing with this type of situation?

Congrats Justin!

Welcome from a southern Ontarian. Hope to see you on the boards.

Hi, welcome from Mississauga. Hope you make yourself at home here on BP.

There's no obligation to disclose, but I did notice the owner struck it off the conditions. The city's crime stats have been going down over the last few years. The area's reputation is bad but there are changes. As far as the area is developing, these are the positive signs:

The city has a business improvement area in this part of town and this property is right in the middle of it. So there have been improvements over the last few years. A major developer has purchased an old building at the end of this area to redevelop into luxury condos.

Other things along this street ... There is a major transit station 2km away being built, the 2015 panam games are holding all soccer matches in the stadium, a major mall with all the stores (walmart, cdn tire, banks) opened in the last couple years.

The one thing every single investor has said is "get the right tenant." Even if I have to stay vacant for a couple months, I want good people living there. The kind that don't get violent. That seems like the best way to mitigate the less desirable tenants, so managing doesn't drive me crazy.

Hi thanks for the feedback already. I talked to my realtor who is an investor and knows the area inside out. He said for the time (2.5 years ago) this was "normal" for the area. He said good luck trying to find a multiplex without issues like this, because that was the way it was. Since the area is really transitioning, he's encouraging me to improve and get good tenants.

The numbers work really well. Cash flowing almost $1000/month (20% COC). We can get out of the deal next week with the inspection report if needed.

I don't know if I wasn't excited about it or if it's just nerves about my first deal.

-- and apparently the woman didn't die, just had life-threatening injuries, but the homicide detectives were involved.

Hi all, I submitted my first offer for an investment triplex in a developing area of Hamilton, ON (Barton Village). The area is still on the rough=ish side, but doesn't look too bad. I've only been there once.

Anyway, while the seller accepted my low price, the offer came back with changes on the conditions. The one that I was most surprised about was about no deaths, suicides, hidden defects, etc -- was crossed out.

So I googled the property (can't believe I didn't do it before) and there's a news article from 2012 about a woman who was stabbed to death in the neck there! Looks like the property itself was used as a rooming house with people always hanging out on the porch.

Not the kind of property I want.

It is vacant and I would like to do some improvements to get good tenants in there. But what do BPers think about the reputation of a place like that? I feel very nervous all of a sudden. I'm not sure if that's a "trust your gut" reaction or just the feeling of a first-time buyer.

Hi @Sumeet Rahal and welcome from another GTA-er. Great intro!

I'm also a beginner, looking for my first property and planning to get into multifamily properties.

Congratulations on your success for last year! It seems like quite a jump from SF to 10 units. Are you planning to buy anything in between or just jump to the next level?

Just another thought on the gift idea... I know an owner of two 40+ unit buildings. He makes a charitable donation at Christmas on behalf of the tenants and sends a copy of the thank-you letter to each tenant. On a smaller scale I think it would still be nice, depending on the tenant profile.