Real Estate Advisory in Montreal?


I was speaking with investors this weekend about their properties while visiting friends in the Laurentians north of Montreal. A newbie asked me if he should buy a 6 unit property in a town near his cottage.

Yikes!

I asked him how he plans to deal with trouble when he is back in Montreal 3.5 hours away from the property.

He pondered the question and said, "I hadn’t thought about that."

Hard criteria

If you are thinking about buying such a property, then perhaps one of your hard criteria should be, "do I know one of the renters personally". At least, this way you can try to incentive them to keep a watchful eye on the other tenants when you are not there.

What's at stake?

One of the conversations we had this weekend included a story about a renter who basically stole a complete kitchen (cabinets, appliances) out of the unit he was renting during his lease. Yes, yes, he stole the kitchen sink as well!

Quebec Laws

In Quebec, once you have a tenant with a lease mandated by the rental board (Regie du Logement), you are tied to its' resolution process. In Quebec, our laws under the Civil Code protect its' citizens first. And so, learning the law BEFORE you get into properties with tenants is strongly advised.

It would certainly be nice if owners could get advisories such as the one below we read each spring before heading up in to Tuckerman's Ravine in Goreham, NH on Mount Washington.

Advisory Montreal, Quebec

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Better information to help you buy or sell real estate confidently in Montreal, QC

Meilleur d'informations a vous aideront à acheter ou vendre immobilier en toute confiance à Montréal, Qc

  John B. Joseph, B.Comm
       Certified Real Estate Broker
          Courtier Immobilier Agréé
    www.johnbjoseph.com

         John B Joseph on Facebook   John B Joseph on Twitter   John B Joseph on Linkedin

 
Posted by John B. Joseph on 08/22/2010 08:37 PM   Comments (3)   Buying in the Real Estate Investing Channel   buying property  
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3 Comments on Real Estate Advisory in Montreal?

AUG
23
2010
255,375 Points 2 Featured Posts

John, good advisory about the perils of being an absentee landlord.
8:33am • #1
AUG
25
2010
274,769 Points 3 Featured Posts Attended Rain Camp Called Shot Master

Hi John, I admire your honesty and looking out for the interests of your clients!  That is great advise that an individual unfamiliar with being a landlord know full well what he/she is getting into!

I like your advisory tie in to the avalanche warnings!
5:30pm • #2
174,688 Points 2 Featured Posts Localism Sponsor

Larry, We hear about these perils regularly whereas the public unfortunately learns from experience. Thanks Larry!

Bruce, As you know, there are many reasons to become a landlord, best to know both sides in advance then learn the hard way. Hence the tie-in with avalanches. Thanks for the compliments. They are appreciated.
5:50pm • #3


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