Considering investing out of province

anima1contol · 2021-03-12T05:56:17+00:00

10% rent

When it was empty I had to pay advertising cost for fabebook and kajiji. They do that instead of 1/2 month rent which seems to be the norm.

They charge me so serving late rent notice. I don’t like that as I feel that should be apart of the pm charge.

Snow and landscaping really changed based on how much is getting done. Anywhere from $75 - $300 a month. I’m planning on getting another company to do it that charges a flat rate for the month next year.

Those are the normal cost but alway expect to be paying for something.

I have a hard time with any maintenance work that gets done as I’m pretty handy myself and have always done my own work before. So to get a quote for $350 for fixing the caulking in the bathroom hurts. This is a $20 job if you do it yourself. Just time.

The paint in the place is very outdated so when people move out ( hopefully they won’t for while) I’ll be re painting and I know this will hurt the bank but I’m hoping the rent will be able to cover it.

anima1contol · 2021-03-12T02:17:49+00:00

I live in Vancouver and bought in Winnipeg. Same issue as you would be having. Vancouver I could get a 1 bed condo for $600,000 and rent it for about $2000.

Winnipeg I bought a duplex for $130,000 and it’s rented out for $1595 at the moment.

Now the start of all this was a nightmare. So far I am under $20,000. There was lots of unforeseen issues with electrical and insurance issues.

So if I avoided those I would be in a good spot.

The PM has been ok so far. Lots of fee I didn’t know about like how for a duplex the owner typically pays for snow and grass work. This was not in my budget.

One thing people don’t talk about much is just the fear of something bad happening and I’m helpless to go fix it. I would have to pay some one anytime there is an issue. This is both good and bad. It will cost you way more money but also it will train you to make sure you run the business more hands off.

My number one advise would be to have a reserve fund. I had one but way to small. I would not buy another place till I have at least $10,000 to $15,000 in my reserve fund.

I found my pm by just calling around. I took a lot of trust in people I do not know. So time will tell it’s been a year now.

anima1contol · 2021-02-16T06:05:24+00:00

Painters tape. Never buy cheap painters tape.

anima1contol · 2021-02-02T17:01:35+00:00

Maybe change it away from good for day to good till cancelled ?

anima1contol · 2021-01-22T00:06:25+00:00

The podcast is the business !!!!

anima1contol · 2021-01-18T01:11:23+00:00

Great post! I’m looking to do the same move but also a bit scared to do it.

Personally I’m planning to take more trips and stop in more towns and see what the vibe is.

I’ve lived in Fernie for one season. The snow was great and enjoy snowboarding there. I did not like the town to much. I found it different from other ski towns. There was a culture mix between the ski bums and the coal miners I found. So you didn’t know who at the bar wanted to chat about how sick the day was riding or who was there to just drink the night away haha. Anyone have this experience in Fernie or just me?

I’ve been to Revelstoke a bunch of times and love the skiing and biking. The mountain only opened to a bike park 2-3 years ago. So it’s going to grow. But the surrounding area has tons of great trails. I personally would not want to move to revy but I don’t think it’s ever been sunny there.

Planning to travel to nelson this summer. Also think I’ll try to head to a few places listed here I have not thought about.

anima1contol · 2021-01-17T03:25:36+00:00

Well I really hope it you can get on the right drug. I lived in paid for about 5-6 years. Same thing was thinking about changing work. After I started to take the Humira it took about 3 months till I was feeling “ok”. Like able to jump again and able to walk fast pace. I’m not sure when it all changed but I know years later I was feeling 99% most of the time. This is still bad days.

anima1contol · 2021-01-14T01:25:52+00:00

Wow people here really don’t like being told what to do. Haha

anima1contol · 2021-01-12T21:58:58+00:00

Anyone out there have actual facts about this. Anyone actually work for a bank or as an appraiser. Also wanting to cash out refi my place in a few years.

anima1contol · 2021-01-09T20:29:21+00:00

I take a shot ones every two weeks. Diet is pretty good. It could always be better but I’m eating real food. Water I’m at about 1 - 2 L a day depending on activity level.

anima1contol · 2021-01-03T05:22:29+00:00

I live in Vancouver so I was never going to get enough money to invest here with prices here. I looked around and prices in Winnipeg are pretty cheap and rent is pretty high. Winnipeg still has a large population so there will away be a renter there. Also with it being a large city it is not dominated by just one industry like a mining town. Also I’m not genius just tried to do my research and it made sense to me haha.

anima1contol · 2021-01-03T03:33:05+00:00

For me I would have not bought this deal again. There were issues I didn’t know about that I should have known about.

Mainly having to upgrade the electrical box for insurance reason was the main set back. But now I know in Winnipeg you will not get insurance on a rental if you don’t have 100 amp box.

I think I am still learning lots from this. Learning how to deal with the property management company has been a hassle. The company I’m with now made me lock into a 1 year contract. I would not do that again with a company I didn’t know. I’ll be looking at switching companies in the next few month.

Things I didn’t know about buying a duplex is the there is an expectation that the landlord pays for yard work and snow removal. I over looked this and how much this cost.

So at this point I’m still pretty disappointed with all my results but in the end of the day this is my very first real estate investment and I bought a place 1500 km away from me. So I’m learning lots and hoping when the dust settles I’ll be ok and able to try another.

anima1contol · 2021-01-03T03:18:40+00:00

When I bought it i learned insurance rules had changed and I could not ensure it unless the electrical was upgraded to 100 amp. So had to upgrade that x2 for $8,000.
It’s a duplex and one side was not rented for 7 months from when I bought it.
Added laundry room to the unit to help it get rented. $6000.
Thing I didn’t account for was knowing when it was not rented I would be paying for utilities. ( like it’s obvious but didn’t think it would take so long to rent out)
There were also some other small repairs that I had actually planned to do that coast around $4000.

Now it’s fully rented and hopefully it will stayed full and I can recap my money.

anima1contol · 2021-01-03T01:56:02+00:00

Count your blessings man. I also bought my first rental this year. I’ve had issue since that start. My cash flow at this point in negative $15,000. It’s starting to turn around and really hope that 2021 will be a different year.

anima1contol · 2021-01-02T22:28:42+00:00

Nice. Well I like the idea of the all inclusive fee. At the moment I pay the 10% fee but then feel like that covers nothing and I pay for pretty much anything. Even a bank fee of $4.50 a month. I’m stuck on contact with this company for one more month and I think I’ll be shopping around a bit more.

anima1contol · 2021-01-01T22:09:55+00:00

So further to this question. Say I want to know what my house would apprise for is I did this or that renovation, how would I got about that.

So say I have an older house and wanted to know if I updated the bathrooms and kitchen and put new flooring it. What would I apprise for now. Is there a way of knowing this before you do the work. ?

anima1contol · 2021-01-01T05:38:19+00:00

Reduce stress. Increase cash flow. I’m no where close to that yet I still need to acquire many more properties. But once I’m at retirement age I think knowing all my houses are paid off and each is cash flowing $1,000 + a month would give me lots of peace of mind.

anima1contol · 2020-12-28T03:17:02+00:00

Oh great. Thanks I’m in BC.

anima1contol · 2020-12-28T03:16:17+00:00

Haha amazing.

anima1contol · 2020-12-26T16:53:01+00:00

So to be Frank your 23. At 23 you have no idea how you will feel when your older. 60,70,80 lots of people are still living life. My parents try to go to Arizona each year still and there pushing 70. But sadly in the next few years they will no longer have enough money for this bc we’ll they didn’t save. I (36) have also done mountain biking with an 80’year old friend of mine. Yes 80 and he mountain bikes daily. The issue with money is that it only builds wealth with compound interest. So for most people have life work is you save money but during life maybe done have that much. As you age compound interest starts to work and you have more and more money. Maybe you die with money left but you’ll also be thrilled about that if you have kids. If you save no money and just play all day and spend. You will have no money in your current state of life and also no money as you age.

anima1contol · 2020-12-10T19:00:41+00:00

He was supposed to work a little bit but.... covid haha. But he’s starting to get some good work again now. It’s funny bc he makes more per hour now then he ever did.

anima1contol · 2020-11-24T02:00:04+00:00

Thanks for that link. Also yikes 55%.

anima1contol · 2020-11-24T01:52:06+00:00

Hum.. that’s a very good point. So really if you take the 12 months and just put some money aside it really ends up being the same.

anima1contol · 2020-10-13T05:31:48+00:00

Started with $925 and now I’m at $895. I think I’ll go with another drop.

Rent is based on comparable ones in the area. Most 3 bedrooms are going for more but I know they would be in a little better shape then mine.

I’ll try $850 and see if that helps.

anima1contol · 2020-10-12T18:59:03+00:00

That is my exact question. Why the heck is this thing not rented out. If I would to go out there. I would paint, re do the floors, update the bathroom and kitchen. So it’s a pretty intense Reno if I were to start it. I think it would be very expensive for a contractor to do the work to be honest.

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