My previous episode, I spoke about the mistakes Investors make with their Realtors. This episode I discuss the opposite. Most Realtors are focused on owner-occupieds and Canadian property investors can find it difficult working with agents who don’t understand their needs and goals. I hear many Investors complain about how frustrating it is working with their Realtor. I recently read an article in The Canadian Real Estate Wealth Magazine that lists the Top Five Mistakes Realtors Make with Property Investors. If Realtors want to service their investor clients properly, they may need to step up their game and consider these factors.
It is so important to establish a good relationship with your Realtor when it comes to searching for your home and income property. I hear many Realtors complain about how frustrating it is working with some of their Buyer Clients. I recently read an article in The Canadian Real Estate Wealth Magazine that lists the Top Eight Mistakes Property Investors Make with Realtors. So if you think you are not getting the best from your Realtor, it could be you are making one, if not all, of these deal-killing mistakes. I provide my opinion in this episode and would be happy to hear yours as well.
How can a company like Zipcar or Autoshare create value in a specific location for Property Owners and Tenants? We interview Chris Ho who is a Real Estate Investor and Research Analyst and we ask him what he plans on presenting to these companies in the near future.
Transportation is an Economic Fundamental when it comes to having an impact on a particular City. You can add these companies to an area to make transportation more accessible. What this means for Renters and Home Owners, now you have more ways to move around the city without the burden of car ownership. Therefore, Renters will be more attracted to rent from your property because they have an option to commute in a very convenient way. For Home Owners, this can definitely have a positive impact on property values.
There is a lot of information that a Landlord needs to know about the Human Rights Code and Housing.
Where do housing rights apply? “The right to equal treatment without discrimination applies when renting or buying a unit. This right also applies to choosing or evicting tenants, occupancy rules and regulations, repairs, the use of related services and facilities, and the general enjoyment of the premises.” – Ontario Human Rights Commission
Believe it or not, there are rules to posting rental ads and Landlords cannot deny a tenant housing based on certain criteria which we discuss in this episode. There are some ads that openly discriminate for example: “Seeking mature couple”. And there are some ads that discriminate by accident for example: “Suitable for single professional”. There are many things you can and cannot say and in this episode I provide examples. The Human Rights Code also outlines what information you may ask for when choosing tenants or screening them.
For more information: Ontario Human Rights Commission: www.ohrc.on.ca
This is going to be another massive renovation project to convert this original Beach Duplex into a high end executive Beach Duplex with gorgeous lake views. The owners Tommy and Kelly have purchased this property for $730,000 just three houses from the Lake. This property is surrounded by million dollar homes and will attract a very niche tenant profile who understands the value and benefits of living in the Toronto Beaches…and more specifically 3 houses from the Lake!
This episode is the “before” picture. We are very excited to be capturing the entire project and ultimately showing you the final product when it is all complete.
Stay tuned!
If you have any questions about the scope of the project or about the potential financial details please feel free to contact me to discuss.
Results of the (AIC) Appraisal Institute of Canada’s Home Renovation Survey have been recently tabulated. Based on the informed opinion of Canada’s professional fee appraisers, the three most frequent renovation improvements undertaken by homeowners, which provide the highest payback potential for property owners:
This information is valuable for homeowners to measure what effect home improvement projects may have on the resale value of their homes. Consumers should be aware that home values and returns on renovation investments are dependent on many factors such as the location of the property i.e. province, rural/urban, the neighbourhood. Notably important is the quality of workmanship and materials.
In this episode we discuss the greatest payback potentials, the ten average payback potentials, and the top trends in home renovations.
To check the R.O.I on your proposed renovations visit: www.aicanada.ca and click on the RENOVA Logo!
You can always call me to discuss these matters…it is always an interesting topic.
What is the value in having floor plans? There are several reasons why someone should consider drafting floor plans. We interview Dan Kapelus from Toronto Drafting Company about the benefits.
Toronto Drafting Company creates As-Built Floor Plans and CAD drawings, showing the existing conditions, layout and structure of all types of buildings. The measurements are taken on-site with state-of-the-art lasers and the drafting work is performed on and off-site by an architectural technologist with a background in Computer-Aided-Design (CAD) and Civil Engineering.
Who can benefit from this?
Real Estate Investors: Floor plans have a big impact on rental values so it is important to have a copy of the floor plan of an income property to ensure you can project potential rents more accurately.
Home Owners: When planning a renovation or obtaining building permits, many homeowners will get floor plans drawn before contacting an architect, or the architect will tell them to get the drawings first so that they have something to work with. Many of the homes in Toronto have no drawings at all, or they are outdated. Is it important to have good accurate drawings to help plan the construction, and the cost for the service is extremely reasonable compared with other associated architectural services and permit fees.
Architects, Engineers and Interior Designers: They want the Base Drawings for existing buildings in CAD format so that they can create their designs from. This saves them time from going on-site to measure themselves. Our technology is also faster and more accurate.
Realtors: Use the floor plans as part of their marketing for a listing. Floor plans are important to provide to buyers because they help them to visualize the space and the room sizes in relation to one another. They are beneficial to give out at open houses, so that buyers have takeaway material they can review afterwards, causing that house to be more memorable, and may be the key to more and higher offers. Floor plans are also useful for filtering out buyers who aren’t interested in a particular size or layout, thus saving time for both parties.
Property Managers: To get commercial space measured for accurate square footage, for building leasing and sales, insurance purposes, marketing, and fire plans.
Architectural Floor Plans for homes start at $300. Realtor floor plans for Agents start at $200. The difference is that architectural plans are more detailed, showing the size of every opening along with additional ceiling and structural details. We also have a package that includes elevation drawings and a site plan (not a survey), starting at $600. This is usually required by the city for any renovation that alters the exterior look of the building.
Why should a Seller think twice before accepting a conditional offer in a bidding war?
Let me give you an example: Imagine you are selling your house for $500,000. Your house is worth approximately $520,000, but you have listed your house for $500,000 to create more interest and you’re hoping to get a bidding war. So you hold back offers until 1 week after you put your house on the market.
On offer date, you receive 2 offers:
First Offer: The Buyer offers you $520,000. The price you really wanted! There is also a Home Inspection Condition as well as a Financing Condition attached to this offer for 5 Business Days. This essentially means that if the Buyer is not satisfied with their financing arrangement or anything about the home inspection they can walk away from this deal with no questions asked (as long as it’s within the 5 day conditional period).
Second Offer: The Buyer offers you $500,000. The price you listed it for, but were really hoping for more. However, this offer has no conditions. This essentially means if you accept this offer their is no walking away for this Buyer. It is a firm deal.
Which offer would you choose and why?
Watch the video and listen to what happened with my client’s conditional offer just recently…I couldn’t believe it when it happened!
Learn how to flip houses…Learn how to design…Learn how to manage your trades…Learn how to empower your trades…Learn how to price your renovation projects…
These are only some of the things you will learn by taking Jeff Reed’s Course. Jeff is a full time Real Estate Investor, House Flipper, and has been doing this for over 20 years. There is nothing that Jeff has not seen or experienced when it comes to renovating houses.
What really impressed me during this latest project in the Toronto Beaches is that Jeff really put a lot of attention to detail. Jeff is not a typical “Home Depot” house builder. He is truly a custom home builder that puts his heart and sole into every aspect of a house and converts it into a home.
Don’t take my word for it. Listen to some of his students in this video.
If you are interested in learning how to flip houses please let us know. We’ll inform you about the upcoming project/course!
*This video is a continuation of the following episodes:
Learn What The Rich Teach Their Children About Money And Creating Wealth…
WHAT IS THE CASH FLOW GAME?
Created by Robert T. Kiyosaki and based on his bestselling book “Rich Dad, Poor Dad”, the board game was designed to teach accounting, finance, and investing at the same time…and makes learning fun!
Looking for ways to generate residual passive cash flow? Want to get involved with real estate but unsure how? Then you should come out and play this game with other like-minded individuals.
WHY DO YOU NEED TO COME OUT AND PLAY?
Because it’s time to get out of the Rat Race that’s why! The main reason people struggle financially is because they have spent years in school but learned nothing about money. Traditional schooling, while very important, is no longer enough. We all need to understand money and how it works. The object of this game is to increase your financial IQ so you can get out of the Rat Race and onto the Fast Track, where your money works for you instead of you working hard for your money.
I invite you, your family and friends to join us! Check out the events page to see when the next game is being held.
