All Forum Posts by: Taylor Atkinson

I have recently purchased a 4 level mixed use property.

My elevator maintenance provider has informed me that the current model of "door operator" is no longer being manufactured as of Jan 2019. He is suggesting I pre maturely replace the existing "door operator" while stocks last. If I do not change the "door operator" now, then when it fails in the future (now-5 years) it will require upgrading the entire elevator. 

His quote for the door operator is $16,840

If I wait and do all the major components at a later date when they fail the quote is 70-80k

Obviously the smart choice is change the operator. 

My question is:

-How long do all the major components last in an elevator if properly maintained. From my point of view there are 3 major components and all have different lifespans. 

-What is the cost for replacing such components. In Canada there are not many providers that can maintain elevators. 

Thank you,

Thanks for your response Chris,

Unfortunately in my area leases go to a month to month automatically after expiration. Eviction laws are strict and it is very difficult to remove tenants. 

The benefit of making them pay for wifi would be;

-This would be legal

-This May encourage them to leave on their terms allowing me to replace the tenant at fair market value

-A small $20/month fee adds 170k value to the purchase price. 

Still looking for a tech system which could help with this issue.

Thanks 

Facts:

-I am closing on a 42 unit mixed commercial (29) / Residential (13) property in Canada.

-The current owner has maintained this property to a very high standard, and has treated all of his tenants like family.

-Rents have not been increased (in some units) since 1997!!! They are currently below market value by roughly 30%

-Canada has been continuing its implementation of regulations to try and slow the market down. One of them being rent control increases favouring the tenants. For 2019 the allowable rent increase is inflation (2.5%).

-Currently the owner has most of the tenants as month to month. Regulations in Canada are an absolute pain to evict tenants without just cause, so increasing rent for current tenants will be a very slow process. 

-All tenants have free wifi included in their rent, yet not stated in their tenancy agreements. 

Plan:

-Upon closing, I would like to give notice to the tenants that wifi is no longer provided for free. It will now be charged at a discounted (relative to them getting their own wifi from a provider) monthly fee. 

Question:

-How do I implement a system which tenants cannot access the wifi without my permission. ie: like a hotel giving you a time expiring code? I need something which tenants cannot share with other tenants, otherwise one tenant will purchase the monthly code and share it with everyone else. I also need to keep it somewhat simple for accounting and cost purposes otherwise it will not be worth my time.

Thank you,

Taylor