Three Things I Learned from Owning an Apartment Building...1. It’s better to lower the rent and fill it with great tenants than to have it sit empty. #Math #FullyRented #Investment2. Hire the right property manager, otherwise it's like shooting yourself in the foot. #Trust #HireWithIntegrity 3. If someone criticizes your building, write down their points and use them as a "to do” list to improve your building. #MakeLemonade #SmartThinking #MakeThingsBetter
The traditional way of flipping houses isn’t working as well right now so we have to think outside the box and look at a new way to flip!One of the best ways I have found is to buy a property at a reasonable price that has the potential to be legally suited. Once you legally suite the house it changes the designation of the property therefore potentially increasing the value of your home. Then you can get it reappraised and put a new mortgage on the property and finance out a lot of the improvements. At TeamKander we would recommend that you keep the property as part of your long term investment portfolio, but if you do want to sell it this will give you a great chance to sell it at a profit.ADDED BONUS: We have a company that will oversee everything from the paperwork to applying for the legalization of the suite with the city, to hiring the contractors, right down to completion and final approval for only $600. That will be the best $600 you’ll ever spend. Give us a call and we can help you find that perfect property in which to do this type of project.**Not all properties qualify to be suited #TeamKander#NewWayToFlipHouses#ThinkOutsideTheBox#Investment#SuitedProperties
Your insurance company will want to make sure that your tenant has their own contents insurance. When you rent to someone, they may not be aware that your insurance on the property does not cover their contents. Let them know it is required, give them your email address, and tell them to have their insurance company send you a cover letter so that you know that they have insurance. I’ve seen instances where insurance companies will cancel your insurance policy if your tenants do not have this in place. The great thing is that if there’s ever a fire or flood then you know that everything will be covered for them as well as for yourself.#TeamKander#PeaceOfMind#Insurance#Tenants#Investing#Landlord
Realtor vs Broker explained...
Real estate broker: A person who has taken education beyond the agent level as required by provincial laws and has passed a brokers license exam. Brokers can work alone or they can hire agents to work for them.
Realtor/Agent/Real Estate Salesperson: A licensed professional who negotiates the buying and selling in real estate transactions. Most agents work for a real estate broker.
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#NowYouKnow
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#Broker
What is an Infill Home?
It is a brand new home built in an existing, older neighbourhood. Infill homes are often built on lots that had an older house on them. Sometimes the combined value of the lot and location is too great to just have a small, older home on it. This situation is common in established areas where there is high value in the lot, but not much value in the existing house itself. Therefore, one great strategy is to buy a premium lot in a fantastic location, tear down the old house and build a new one rather than buying an average lot in a new neighbourhood for the same price.
This Parkvale home is exactly that type of property. The location is premium and the cost of the lot is much less than a similar newer lot in a brand new subdivision. It’s what every buyer dreams of...a brand new house, in a rare location on a park, at a phenomenal price!
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#ParkLocation
