Quotations by Gary Wong
Typically the depreciation report will forecast if upcoming special levies are needed based on the current financials and which areas of the complex are in need of repairs. More info can be obtained at https://www2.gov.bc.ca/gov/content/housing-tenancy/strata-housing and you can download a depreciation report guide at http://www.housing.gov.bc.ca/pub/stratapdf/Guide12.pdf [2015] - Gary Wong
Listing agents often allow buyers to do home inspections before writing the offer for the purpose of writing a subject free offer. Yes, there is no guarantee that you'll win the multiple offer situation and so there is a possibility that you'll feel like you wasted a couple of hundred dollars on a home inspection, but the risk of you not doing one could cost you thousands. [2015] - Gary Wong
If you're in a bidding war, cash is the king. Write subject free cash offers. It is uncommon for sellers to take an offer with subject clauses over a subject free cash offer UNLESS the offer with subject is MUCH higher than the asking price. Include a copy of your bank draft deposit with the offer. This shows that you are really serious. [2015] - Gary Wong
You need to receive the Strata's meeting minutes for at least 2 years, Strata Plan, Form B, Depreciation Report (if available), Engineering Reports for the last 2 years, Rental Disclosure Statement and Financial Statements. The most important thing is you MUST READ them. If you're working with a realtor, don't just rely on him/her to read it because your realtor will not memorize them and verbally dictate the whole thing out to you. [2015] - Gary Wong
You can obtain a copy of the title search for $10-$20 at the Land Title Office (https://ltsa.ca/contact-us). [2015] - Gary Wong
You can find out how much any home is tax assessed at https://www.bcassessment.ca/ [2015] - Gary Wong
Try to present the offer in person or have your realtor present the offer in person if at all possible. Statistically, people who negotiate in person are more likely to come to a deal than people who negotiate over email or over the phone. [2015] - Gary Wong
As of 2015, the standard allowable rent increase is a maximum of 2.5%. You can find more information on the BC government website at https://www2.gov.bc.ca/gov/content/housing-tenancy [2015] - Gary Wong
One of the things you can do to prevent difficult rent increase conversations is by having the rent increase talk at the very beginning when you have your tenant sign the lease agreement. Since most landlords don't have this conversation, let me suggest another alternative. Give your tenant 6 months advance notice before you increase the rent. If the tenant asks why, just explain that strata fees are going up, property taxes are too, inflation, etc... [2015] - Gary Wong
Always get permits for any appliance replacements that you do in your condo or ask your insurance company whether they need that. Always get sufficient insurance coverage. Speak with a professional insurance broker who can lay out all the options for you. Don't just buy the cheapest insurance policy out there. [2015] - Gary Wong
How much you charge for rent will attract different kinds of tenants. If you're aiming for high end tenants, don't charge cheap rent. [2015] - Gary Wong
Ask your tenant to provide a work place reference. Don't just call the contact number that was provided as this can be a number to their friend's cell phone who can pretend to be the tenant's employer. Call the company's office number and ask to speak to the person noted as the tenant's employer. At this time, you can also verify the tenant's income and employment status so you know whether the tenant is a qualified tenant. [2015] - Gary Wong
You should be taking pictures of your tenants and also taking pictures of your property before the tenancy begins. Take video as well. You want proof if there ever is a dispute regarding the property's condition before the tenancy. Try to get a photocopy of your tenant's driver's license. [2015] - Gary Wong
There's a standard tenancy agreement on the Residential Tenancy Branch website but I'd recommend adding more than just the basic terms listed there, especially if you have specific custom terms you want to include. [2015] - Gary Wong
10 places you can find great real estate deals: 1. Craigslist; 2. MLS; 3. Real estate investment groups; 4. Bankers; 5. Local newspapers; 6. Real estate agents; 7. Mortgage brokers; 8. Divorce/estate lawyers; 9. Property managers; 10. Contractors/builders. [2015] - Gary Wong
Pay the few hundred dollars and get the professionals to do your videography and photography and then you'll have them to put in your ads that can be used over and over again for the long run. For about $0.10/sq ft you can have a local measuring company to provide you with a professionally drafted floor plan that is very professional looking. Just like the photography and videgrahpy, you only need to do it once and then you can reuse the floor plan for whatever you need to advertise your property again. [2015] - Gary Wong
Including the utilities in the rent provides the convenience to your tenants in many ways. One, they don't need to set up their own hydro and gas accounts when they move in. Second, tenants don't need to worry about how much gas or electricity they're going to use. Include internet and TV into the monthly rent as well. [2015] - Gary Wong
Furnishing your suite tastefully without spending a fortune on $10,000 couches and $5,000 beds. Yes, not every tenant will want your furnishings; some will pay the higher rent but want to use their own furnishings. In that case, just put it in storage. There are cheap storage places for about $50-$100/mo. You'll need to furnish your rental property based on who you plan to rent out to. The style of furniture business executives care about is different from the furniture students would want, and the same goes for families. [2015] - Gary Wong
Most people just do the 1 year lease. If you want to charge more, offer 3 months or 6 months leases. Because you're adding the flexibility, it's added value for the tenant and so it's justified if you charge more. [2015] - Gary Wong
Leasehold properties are properties located on leasehold land. Leasehold land is land that is owned by the city, First Nations lands, federal government, universities and even private institutions or individuals. This land is then leased to developers for a period of 50 to 99 years to develop residential housing. Leasehold prepaid means the developer has prepaid a sum to the owner of the land already and incorporated that into the price of the property. Leasehold non-prepaid means you have to pay an annual fixed sum to the owner of the land which is assessed periodically. [2015] - Gary Wong