Blog

10 Land Buying Questions to Help You Vet a Parcel

Jul 13th, 2017

Searching for land to build a new home is exciting. However, buyers should be aware that purchasing raw land will require extensive due diligence. Do you know the right land buying questions to ask?

You should know that most sellers won’t have all the answers, so the onus is on you, the buyer, to investigate the issues thoroughly until you’re confident in the purchase.

Here are ten questions to help vet the future site of your dream home.

7 Things Your House Painter Wishes You Knew

Jun 15th, 2017

 

With the exception of hardened DIY-types (you know who you are!), just about all homeowners will hire painters at some point—whether to prepare their home for moving in, or for a sale, or perhaps to kick off a remodel with a new colour scheme.

5 Renovation Mistakes to Avoid

Jun 09th, 2017

There’s no one way to approach a successful home renovation. No matter what methods you use to tackle your project, you’re bound to run into some snags along the way. However, learning from others’ past mistakes and learning what NOT to do can greatly help you make the most of your time and money. Check out these 5 renovation fails, and learn how you can avoid making the same mistakes!

6 REASONS YOUR HOME WON'T SELL

Jun 09th, 2017

Are you ready to sell your home and want it to have a great first impression on the market? Or maybe your home has been listed for a few weeks or months, and you can't figure out why it won't sell, and you know your agent is working hard to market it. We've listed below the top 6 reasons your home may not make a good impression and end up stagnant on the market.

Notice to Quit - Why is it important?

May 26th, 2017

The Notice to Quit is a type of eviction notice form used by landlords, property managers, and property management companies to notify tenants that they must either comply with an order, or quit and give up possession of the rental property within a certain period of time. Notice to Quit forms are commonly used to inform the tenant of nonpayment of rent, lease termination, and health hazard or injury to the property.

You can use the notice to quit form to end your Residential Lease if the tenant has failed to pay rent. The Notice to Quit Form should not be confused with the "Writ of Possession" (read more about eviction notice) which is issued by the courts. The Notice to Quit Form is the beginning of the eviction process, and it communicates the intention to initiate eviction proceedings if a tenant does not comply with an order and remains on the premises beyond the specified date. If the tenant does not comply with the notice (for example they must pay rent or quit the lease and vacate the premises), you may be forced to take legal action to have the tenant removed from the property. If the notice has been ignored by the tenant and the move out date in the notice has passed, you have grounds to bring forth a lawsuit for "unlawful detainer", in which case the tenant has the option to fight the eviction in court.

  • Serving a Notice to Quit is one of the first steps property management companies can take to regain possession of rental property from the tenant.
  • Notice to Quit notifies tenants they have violated the terms of the lease agreement and must vacate the premises within a certain period of time if they cannot comply with the remedy order

Notice to Quit - When should it be used?

Before the eviction process, when a landlord or property manager in wants a tenant to either comply with an order or vacate the rental property if they cannot comply, they will use the Notice to Quit Form to inform tenants they must remedy the problem within a short period of time (often 3-7 days), or leave the premises (quit) by a certain date (usually 30 days).

  • Notice to Quit can be used when a tenant in hasn’t paid the rent.
  • Notice to Quit can be used when a tenant causes damage or injury to the property.

Notice to Quit can be used when a tenant in hasn't left the rental property after the lease has expired or if the tenant doesn't have a written Lease Contract.

Notice to Quit - What should be included?

The Notice to Quit Form must contain the reason for serving the Notice to Quit and the amount of time the tenant has. The problem must be clearly stated on the notice, so the tenant has reasonable awareness and can either correct the issue, or vacate the rental property. Here are some of the basic details that should be included if the rental property is:

  • Name of Tenant and Other Persons who need to comply with the order or vacate the property
  • Address of the Rental Property
  • Reason for ending the Rental Agreement
  • Number of days the Tenant has to correct the issue
  • Date for Tenant to vacate the Rental Property if the problem cannot be resolved
  • Date that Notice to Quit is served
  • Signature of person serving Notice to Quit

Notice to Quit - What should I do with it?

The Notice to Quit Form must be "served" to the tenant by either Personal Service or Mail Service. However, it is usually better for you to have an independent party take two copies of the Notice to Quit to the rental property, give one to the tenant in person, and get their signature on second copy so that you can retain for your records.

Notice to Quit - What else should I know?

There are generally three types of Notice to Quit Forms. The Notice to Quit for Nonpayment of Rent can be used when rent is not paid, and the tenant may be given a short period to either pay up or move out. The Notice to Quit Form for Termination of Tenancy is similar to the Notice to Vacate Form and can be used to inform the tenant to leave after the lease is up (common with month to month leases), or if there is no lease and you just want the tenant to leave. It is different from the Lease Termination Form, which terminates the Lease Agreement when there are other breaches in contract. The Notice to Quit Form for Health Hazard and Physical Injury should be used if the tenant creates a health hazard or physical injury to the property which is serious or continuing. These forms must be detailed and specific, because an inaccurate or incomplete statement of the problems could cause a later eviction complaint to be dismissed.

How to Keep Rentals in Move-in Ready Condition

May 22nd, 2017

Peak leasing season or not a new tenant may be in a hurry to move-in in your rental. It is therefore, important for the rental to be in move-in ready condition so that you don’t have to give any lame excuses and ask the tenant to hold for a little longer.

Professional Property Management vs. Self-Management

May 16th, 2017

Seven considerations for the Rent Estate Investor. 

Congratulations! You have decided to turn your home into Rent estate or you have purchased an investment property and are now deciding whether or not you want to hire a professional property manager. Many real estate agencies offer property management services for a percentage of the monthly rent, plus a tenant placement fee, then add administrative fees, and perhaps a mark-up for management fees. This can cut into your bottom line, but most successful Rent Estate™ investors who have built significant portfolios agree: a good property manager is worth their weight in gold.

Four Ways to Entice Tenants to Stay

May 09th, 2017

When you've found reliable tenants, you want them to stick around. Flipping your rental unit can be both a hassle and an expense; in addition to seeking out new tenants, you also need to ensure the unit is in move-in ready condition, which might require cleaning, painting, and updating. Keeping your current tenants allows you to avoid these costs and rest assured that your property is occupied by reliable people with whom you've already formed a relationship. Fortunately, there are a few things that you can do to ensure that the tenants you enjoy stick around.

Learning To Say No

Apr 27th, 2017

Let’s face it, making a bad deal is far worse than not making a deal at all. It may be difficult to walk away from a deal, but very necessary if an investor is not getting the deal he/she desires. The ability to reject a deal if it is not up to your standards and requirements is a useful tool to have in order to avoid a potential pitfall. When negotiating a deal, it is essential to have a game plan in place. By doing so, you can negotiate from a position of strength. A mental attitude of being prepared to walk away if you cannot make the numbers work is vital.

Off Plan Investments in Real Estate

Apr 18th, 2017

Introduction

Off plan investment refers to the purchase of property before completion, generally driven by the high price of real estate and the long-time taken to deliver units. The buyer hence buys the property off the plan or design stage in the development. It has become increasingly popular as the prices of the property sold are much lower than the market, and can be up to 50% less than the price of a completed house.