Monday, 17 September 2018
Penny bio!
Penny has been active in real estate sales and investing for 39 years! She started at the age of 18. Penny has owned over 40 properties including realizing her dream of an oceanfront condo in Kauai. She has consistently been a top producer in Canada and internationally. For the last eight years she has happily teamed up with her son, Bryce. TeamKander has continued the tradition of being a top producer. Penny loves to inspire both young and old with a vision and a path to a better future. She has enjoyed opportunities to speak to various groups on real estate investing and is available to speak and inspire at your events. She has a charitable heart and a great desire to feed orphans and empower families in impoverished countries as well as supporting charitable programs locally. Being a Realtor is not just a career to Penny; it is her passion! In her spare time she looks at open houses and watches home shows on TV and studies the market both at home and abroad. Penny has brought her unique perspective to her business and was doing creative financing such as rent-to-owns before it was cool. She puts the create in creative financing. With Penny you will get honest, authentic, and entertaining insight from someone who truly cares about your success and you’ll receive solid instruction on how to help you achieve your goals and make your dreams come true no matter your age or station in life.
Friday, 7 September 2018
Increase your revenue from a property
Another great way to increase your revenue from a property that you own is to build a garage. Build the biggest garage that you can possibly build. If you can build a three car garage build that if you could build a four car garage do that. You can generate anywhere between $100 and $200 a month for indoor parking. Especially if you live in a cold climate where no one wants to scrape their windows and they like to get into a warm car. This is a great idea. Again this will also increase the resell value of your property. I love garages I may love garages more than I love houses. People always want to rent garages. This will also set your rental apart from other properties because you offer this option of having covered indoor parking. Trust me this is a winner!
Top questions to ask a prospective tenant!
Reference questions that you can ask when a tenant applies to rent from you.
On a scale of 1 to 10 how clean are they? It’s actually the tens that I worry about. If people are so much a perfectionist your rental may never be good enough for them no matter how much you do for them.
Would you rent to them again?
If you were me would you rent to them?
Did they pay their rent on time in full every month?
How long were they your tenants? You’d like to find some tenants that actually have some Long Jevity and don’t just jump around from one place to another.
Did they leave the place clean when they left? Where there any damages to the property when they left?
Did you have any complaints from neighbours about any noise or disturbances?
Would you rent them your own house?
When you’re talking to the employer you could ask them if they felt that they would be able to pay the rent of blank. If the guys only making 1500 a month and his rent is 1000 unless there’s a wife working he’s probably not going to be able to swing that. It’s a gentle way of asking how much the guy makes.
Also ask him if he’s a good worker and shows up on time? Really want to know if he is actually going to have a job so that he can pay your rent.
On a scale of 1 to 10 how clean are they? It’s actually the tens that I worry about. If people are so much a perfectionist your rental may never be good enough for them no matter how much you do for them.
Would you rent to them again?
If you were me would you rent to them?
Did they pay their rent on time in full every month?
How long were they your tenants? You’d like to find some tenants that actually have some Long Jevity and don’t just jump around from one place to another.
Did they leave the place clean when they left? Where there any damages to the property when they left?
Did you have any complaints from neighbours about any noise or disturbances?
Would you rent them your own house?
When you’re talking to the employer you could ask them if they felt that they would be able to pay the rent of blank. If the guys only making 1500 a month and his rent is 1000 unless there’s a wife working he’s probably not going to be able to swing that. It’s a gentle way of asking how much the guy makes.
Also ask him if he’s a good worker and shows up on time? Really want to know if he is actually going to have a job so that he can pay your rent.
Tuesday, 4 September 2018
How to INCREASE your CASH FLOW without buying another property.
How to INCREASE your CASH FLOW without necessarily buying another property.
One interesting option that is now available to you with which to increase your monthly income is a website called Airbnb or VRBO (Vacation Rentals By Owner). Through this service you can rent out everything from one room, a shared space, a Basement Suite, or an entire house. You could literally start earning income from your present house immediately. Even if you only have an extra bedroom you can post an ad to rent it out. A friend of ours has a place in Vancouver and he travels a lot so he rents out his bedroom and makes more (A lot more) then he’s actually paying for rent. We have personally rented through these sites as close as Edmonton to places all over the world.
An executive rental is also an option. This is where you add furniture and possibly basic linens and kitchen items and you rent your income property out on a more short-term basis (preferably one month at a time but some people will do it even for two or three days). It does require more management but it also means more profit. I had a property that would normally rent for approx. $1200/month but I bought $5000 worth of furniture and household items and I ended up at one point renting it out for $2650 a month. That’s a pretty great return for a small investment.
You could take a little Basement Suite that you have and instead of getting $600/month you could furnish it and probably get $900/month instead.
Just a few options to think about!
#TeamKander
#HowToBeALandlord
#CreativeRentals
#YouHaveOptions
One interesting option that is now available to you with which to increase your monthly income is a website called Airbnb or VRBO (Vacation Rentals By Owner). Through this service you can rent out everything from one room, a shared space, a Basement Suite, or an entire house. You could literally start earning income from your present house immediately. Even if you only have an extra bedroom you can post an ad to rent it out. A friend of ours has a place in Vancouver and he travels a lot so he rents out his bedroom and makes more (A lot more) then he’s actually paying for rent. We have personally rented through these sites as close as Edmonton to places all over the world.
An executive rental is also an option. This is where you add furniture and possibly basic linens and kitchen items and you rent your income property out on a more short-term basis (preferably one month at a time but some people will do it even for two or three days). It does require more management but it also means more profit. I had a property that would normally rent for approx. $1200/month but I bought $5000 worth of furniture and household items and I ended up at one point renting it out for $2650 a month. That’s a pretty great return for a small investment.
You could take a little Basement Suite that you have and instead of getting $600/month you could furnish it and probably get $900/month instead.
Just a few options to think about!
#TeamKander
#HowToBeALandlord
#CreativeRentals
#YouHaveOptions
How to attract more tenants!
A great way to attract tenants to your property is to offer an incentive.
For example: Bryce offered a free iPad mini with the signing of a one-year lease. (You just write in the lease that if they don’t stay they have to give back the iPad mini or pay for it). It’s a great marketing tool!
Some people offer a free months rent or a portion of a month at the end of 6 mo or a year. If you do it in December its like a Christmas present or year end bonus and money is often tight for people then.
Never offer a free damage deposit as its wise to have a full damage deposit in place for cleaning or damages at move out.
Another interesting idea I heard of was a landlord who offered $1000 to the tenant at the end of each year that was to be used toward something to improve the property of the renters choice. For example, if they wanted $1000 towards new flooring, they wanted a new washer/dryer if the other ones weren’t working that well, or maybe fresh paint. It’s a win-win! The tenants feel more ownership of the unit and get to make it feel like their own. It’s also a tax write-off for the landlord and just keeps the property improved and looking great.
You can get creative and even though incentives cost a bit they are tax write-offs.
It beats having the place vacant and sets you apart from other rentals!
#TeamKander
#RentalIncentives
#HowToBeALandlord
For example: Bryce offered a free iPad mini with the signing of a one-year lease. (You just write in the lease that if they don’t stay they have to give back the iPad mini or pay for it). It’s a great marketing tool!
Some people offer a free months rent or a portion of a month at the end of 6 mo or a year. If you do it in December its like a Christmas present or year end bonus and money is often tight for people then.
Never offer a free damage deposit as its wise to have a full damage deposit in place for cleaning or damages at move out.
Another interesting idea I heard of was a landlord who offered $1000 to the tenant at the end of each year that was to be used toward something to improve the property of the renters choice. For example, if they wanted $1000 towards new flooring, they wanted a new washer/dryer if the other ones weren’t working that well, or maybe fresh paint. It’s a win-win! The tenants feel more ownership of the unit and get to make it feel like their own. It’s also a tax write-off for the landlord and just keeps the property improved and looking great.
You can get creative and even though incentives cost a bit they are tax write-offs.
It beats having the place vacant and sets you apart from other rentals!
#TeamKander
#RentalIncentives
#HowToBeALandlord
Monday, 27 August 2018
Where do I go for rental questions and forms?
When you become a landlord you will need contracts and notices. You can go to your local landlord and tenant advisory board and you can pick up brochures on the rules and regulations in your area. He’s a great thing to have and give your tenets a copy of as well. That way if there’s ever any disagreement on things you can refer them to the information provided in the pamphlet. Also there is a great website that we often use it’s cold law depot. You can go on and the first time you use it is free. It has all the contracts he will ever need and you can personalize them to your specifications. It is a very user friendly and The lease contract will look very professional and it can spell out everything that you need to make note of. For example if you want to add in that there’s a $25 a month pet fee you can type that in. If you want there to be a $30 in our fee for mowing the lawn if they don’t look after it you can write that in. If there’s a $25 a day late fee you can type that in as well.professional looking contract site
https://www.lawdepot.com/ (I use this site to create all of my rental forms)
http://www.servicealberta.gov.ab.ca/pdf/tipsheets/Information_for_tenants.pdf
https://www.lawdepot.com/ (I use this site to create all of my rental forms)
http://www.servicealberta.gov.ab.ca/pdf/tipsheets/Information_for_tenants.pdf
Sell the shovel!
People tend to be afraid of buying a condo because of the monthly condo fees so I did a little survey and asked people what they spent on maintenance, utilities, etc. on their own houses.
SURVEY SAYS...It’s cheaper to live in a condo!
There are a lot of savings because you basically have a whole bunch of people helping you care for your house.
Typically condo fees cover:
*Insurance (except you pay contents insurance)
*Utilities (sometimes you pay your own electricity)
*Garbage/Recycling
*Snow removal
*Lawn Care
*Maintenance and Repair of the condo building. A little bit every month (maybe $100 or $110 of your condo fees) goes towards a big fund that replaces everything in your building. The nice thing too is that if you need a new roof you don’t have to fork over 5-10 thousand dollars to pay for it. The condominium Corporation has already factored that in and they pay for it.
All of these things you would have to pay for anyway if you lived in your own home and the amount could be much less predictable than knowing what your condo fees will be each month.
SOOO don’t be afraid of condo fees. If you look at the overall picture it’s actually a lot less expensive to live in a condo and have it maintained well as opposed to owning your own home. Just make sure when you buy a condo that the reserve fund is in good shape. That it’s fully funded, and that the property is in good repair. Other than that you should be good to own a condo. AND you don’t have to shovel your snow, mow your grass, weed your lawn, or paint your house.
#DontLetCondoFeesScareYou
#CommunalLivingSavesMoney
#NoMoreSnowToShovel
#SellTheLawnMower
#TeamKander
SURVEY SAYS...It’s cheaper to live in a condo!
There are a lot of savings because you basically have a whole bunch of people helping you care for your house.
Typically condo fees cover:
*Insurance (except you pay contents insurance)
*Utilities (sometimes you pay your own electricity)
*Garbage/Recycling
*Snow removal
*Lawn Care
*Maintenance and Repair of the condo building. A little bit every month (maybe $100 or $110 of your condo fees) goes towards a big fund that replaces everything in your building. The nice thing too is that if you need a new roof you don’t have to fork over 5-10 thousand dollars to pay for it. The condominium Corporation has already factored that in and they pay for it.
All of these things you would have to pay for anyway if you lived in your own home and the amount could be much less predictable than knowing what your condo fees will be each month.
SOOO don’t be afraid of condo fees. If you look at the overall picture it’s actually a lot less expensive to live in a condo and have it maintained well as opposed to owning your own home. Just make sure when you buy a condo that the reserve fund is in good shape. That it’s fully funded, and that the property is in good repair. Other than that you should be good to own a condo. AND you don’t have to shovel your snow, mow your grass, weed your lawn, or paint your house.
#DontLetCondoFeesScareYou
#CommunalLivingSavesMoney
#NoMoreSnowToShovel
#SellTheLawnMower
#TeamKander
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