All Forum Posts by: Zach Denny

@Luke Crighton

Agreed. I don't have Facebook, but have messenger. Maybe we wait a few days, see who chimes in on the thread and make a group or chat or something!

@Luke Crighton

Hi Luke,

I own a couple of duplexes and live in Charlottetown. I agree, would love to get together with some other like-minded Islanders and grow my network.

Based on other threads, it seems that a Facebook group did exist but no longer does, so it might be best to just start fresh with this thread and see who wants to get together.

Cheers,

Hi BP,

I'm wondering what people's experience has been with partial seller financing. I've heard stories on the podcast of financing 75% conventionally through the bank and basically doing seller financing on the down payment, so 25% to them. So the buyer doesn't put much down and just pays the closing costs.

I have a seller who is willing to do this, but what about the bank? I assume they won't like this? They may ask where the downpayment is coming from?

Some mortgages also don't allow a second lien on the property, so how do you provide the seller with assurance?

Thanks BP!

Hi All,

A lesson I recently learned the hard way:

I own several multi-family homes in nice neighborhoods, targeting young professionals and young families for tenants. At first we said no pets, but all of our best applicants had pets, so raised our rent a bit and allowed pets.

Advice: always require to meet the pets.

The tenants are great, but their dogs are terrible. They are not well behaved and seem a bit aggressive as well. We are now at the point where we cannot evict the tenants (and wouldn't because they are great), but we don't know what damage their pets could do to the yard or rental.

So always meet the tenants AND the pets before signing a lease.

@Wendell Fong

Hi Wendell,

Yes, unfortunately that's accurate. Rent increases are locked to the unit, not the tenant. IRAC (the regulatory board) sets the allowable annual increases, which typically range from 1-3%. It can make finding the right deal difficult, because you have to be very sure that the numbers work at the current rents. Though it's definitely still possible to find cashflowing properties. There are two ways around it:

1. 'Renovictions'

2. Application to IRAC to increase more than the recommended.

In both cases you have to submit an application to IRAC which may be approved or denied, though I've never done this.

Aside from this, I still think PEI is a great place to invest. You can still find cashflowing deals, especially single family that were previously lived in by the owner, so you purchased

it, convert to a rental and set the rents. The homes are affordable and have lots of appreciation upside. I own one and am closing on another in January that will cashflow well.

@Andrea Hardaway

Thank you Andrea! I'll check them out and see if they're available in Canada

Hello,

I'm a new investor located in PEI, Canada. I have a couple of duplexes which I am managing myself. I'd like to start using a property management software, so it's easier as I scale. I was hoping to use RentRedi, but they are not available in Canada. Most the other options have high monthly fees or fees for each item you use, which quickly eat into the cashflow of 4 units.

Does anyone have any good low cost or free management software? TurboTenant is one I am looking at, it's free for landlords but charges your applicants $45 for an application.

Thanks BP!

Hi Nick,

Wondering which software you decided to use and if you like it?

I've been doing some research, but many have high monthly costs or are not available in Canada. TurboTenant has decent reviews and is free for the landlords. Does anyone have experience with this one?

Thanks!

Hi All,

I'm also looking for a property management software. I'm located in PEI and own two duplexes. It might be overkill now, but I'd like to get used to a software before I add more units. Most of the ones listed have hefty monthly fees or fees per item you use. Does anyone have any low cost or free recommendations?

In my research, I found TurboTenant, which is free for the landlord but has applications fees for the tenants. Anyone use this before?

Thanks!

Hi Luke,

I recently moved back to PEI and started investing in properties here. I'm relatively knew to it, currently house hacking but also closing on a multi family property in a few weeks - with a partner. I know from another thread that there is a handful of others here, who are BP listeners. I think they tried to have a monthly meet-up but it was just before Covid, so I'm not sure if it went anywhere. If it didn't maybe a group of us could try again since things are 'slightly' more open since then. I'd love to connect with people too.

Cheers,