P021, Why do I receive the lease renew 60 days earlier?

Why do I receive the lease renew 60 days earlier? "Why do I receive the lease renew letter, while the current lease ending date is still around 60 days away?" Fair question. There are 3 main reasons why: One, in the current lease, it says 60-days written notice shall be given if either side like to renew it, after the current lease expires. It is one of our best practices to send the renew letter to the so-called "preferred residents" 60-days prior so that you may…

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P014, Here is what to be shared with the rental receipts…

A few notes on the receipts Quite often, some residents in our Culfidant community naturally ask for the receipts each time when the rents are being paid every month. This is totally normal and yet here is the common practice we do in our community in terms of rental receipts During the beginning stage when a prospect applies and is being approved for the rental lease agreement, our office shall issue receipts for any transaction that involves money exchange (for example, initial deposit, security deposit, and…

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How to set the rents right

How to set the rents right What is the right rents to be set for a residential rental property? There are many ways to do it. In this article, I will share what are the common ways to set rents that might limit the true potential of your investment, what are the best way based on the sound principles and years of practice, and how to do it step by step. Firstly, below are the most common ways to set up the rents by manyPick a number…

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Case Study – How Garage door repair job went bad

Case study - How "a garage door repair job went bad... What have been learned from it Brief backgroundThe garage door came with the original house (built in Year 2002?). Was being hit once by a drunk old handy-man, not in best shape. The tenant's father did fix a few months ago The lady (tenant) called in May 2020, was not working again Quick note: the lady has habits of over-exaggerating/being dramaticThe time consequences and key notesIssued the work order to Mark door works on May 14. Received note from Mark…

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How to connect with your tenants truly

How to connect with your tenants truly To be a true winner as residential real estate investor, one will need to master how to to connect with the tenants truly. In this article, I have shared the 11 steps from beginning to the end of this exciting journey. Enjoy!It took me many years to realize the true title of "landlord", like any other professionals, need to be earned. One of the most important traits to set the awesome landlords from the rest is how he/she connects…

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What does “20/80 Rule” truly mean in Real Estate?

What does "20/80 Rule" truly mean in Real Estate? We all hear "20/80 Rule"often. It loosely means a small portion among a defined group (~20%)  contribute (or take) the total results that the rest of 80% can do combined. I often wonder if this rule also applies to the residential real estate field. After many years in it, my answer is a resounding "YES"! In this post, I will share with you the why, what, and how. Firstly, the"Why" - there are many ways to invest…

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How to communicate effectively with Condo board/Property managers?

Where was the $378.00 invoice from? How to communicate with the condo board/property manager effectively? To work with a condo board/property manger, one needs to be extremely clear and keep good record to avoid any confusion. Here is an experience we have to demonstrate what could happen if one does not. A few months ago, one tenant called in to report that there was no hot water in his unit. He is living in a condo building. As a precaution, we called the property manager who was…

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Q107, When should I receive the 24-hr advanced notice and how does it work?

How do home visits and advanced notices work? There are two scenarios when we need to access the properties. non-emergency and emergency. No emergency cases include, not limited to, the following: 01). various inspections to ensure our clients enjoy the home safe and sound. the examples of such inspections are: 1. The first home visit within the first week after you move in, 2. 1-3 times of annual safety inspections 1-3 time safety inspection 3. Maintenance-related access (with the exceptions when you choose to stay at…

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Condo Investement – A Dare Prediction to 2037

Let's mark the date - March 20, 2019, is the date this record happened. For more about this article on CBC "Don't have a hope - Edmonton Condo Sales Slump Drags on" - Click here for the article I happened to work on my newly developed model to guide my personal investment. To test it out, I plugged all the numbers as close as I can, and what I concluded that in around 2037, this property should be back to the break-even status if the owner…

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