1896 replies to this topic

[Rob Randall]

well no broker fee now just means the landlord needs to hire rental agents.  and pay them somehow.  it's not like it'll cause units to rent for 15% less.

 

 

What else does a landlord do besides sit on his ass all day?

Edited by Rob Randall, 06 February 2020 - 07:31 AM.

[Victoria Watcher]

What else does a landlord do besides sit on his ass all day?

 

takes risk.  pays all the bills taxes and maintenance i guess.  i suppose she can do that from a sitting position though.

Edited by Victoria Watcher, 06 February 2020 - 07:37 AM.

[Rob Randall]

^I think you're conflating manager with owner. I don't think the guy the collects the cheques and lets the plumber in owns a $10 million dollar piece of NY real estate.

[Victoria Watcher]

i only know how new york works based on what i saw on seinfeld.  i never saw the landlord at jerry's place i don't think.  george lived with his parents part of the series.  i know there was a story arc about elaine moving into a rent-controlled apartment somewhere and jerry lending her the deposit or something.

 

i'll have to re-watch the series.

[Rob Randall]

I also recommend The Jeffersons for insight into upper east side real estate and Welcome Back Kotter for Brooklyn.

[Victoria Watcher]

ouch.

 

[Victoria Watcher]

340 linden at mckenzie for sale.  $6,645,000 ($440k per unit)

 

https://www.realtor....-fairfield-west

 

The Stanley Apartment is a 16 unit rental building recently fully retrofitted in 2018/2019 by award-winning builder, Abstract Developments. Originally built in 1913, is two blocks from Cook Street Village, and offers a collection of thoughtfully reinvigorated Studio and One bedroom lofts. 

 

 

the renovation looks good.

 

before:

 

https://www.google.c...!7i13312!8i6656

 

 

in 2017 it was bought for $2.37m ($148k per unit).

 

https://www.westerni...lion-1.16259171

 

at that time rental income was $83166 ($448 per suite per month).

Edited by Victoria Watcher, 12 February 2020 - 06:28 PM.

[Bernard]

The units are very small in the building, it may all be bachelors, though there is a high ceiling that allows for a loft bed 

[Victoria Watcher]

The units are very small in the building, it may all be bachelors, though there is a high ceiling that allows for a loft bed 

 

8 bachelor and 8 1-bedroom it says.

[Victoria Watcher]

$3,950,000

 

Avison Young is pleased to present the opportunity to acquire a 100% freehold interest in 1321, 1325 & 1327 Fort Street, Victoria, BC. The combined properties total 17 rental units on 15,029 square feet of developable land. The properties are located in the prestigious Rockland neighborhood. 

 

https://www.realtor....ctoria-downtown

 

 

 

[Victoria Watcher]

1369 Rockland Avenue

$2.35M

 

Prominent Rockland Estate next door to Government House just a short walk away from the Ocean, Fairfield Plaza, Cook Street Village and Downtown Victoria. The Stonyhurst Mansion was designed by renowned Architect William Ridgway Wilson and was converted into 9 Legal Suites in 1978, it rests on a Private .60 Acre Lot that provides Spectacular Views towards the Strait of Juan de Fuca and Olympic Mountains beyond. There is a real mystique to this property that can immediately be felt, it resonates quality craftsmanship from another era. For those who are wanting a truly Special Property this is it. All 9 apartments are rented and generating income for the savvy investor. Aggressively priced - $502,000 below the BC Assessment.

 

https://www.realtor....ctoria-rockland

 

 

 

 

 

That actually does not seem so bad.  $261k per unit.  Plus it's close to the Ocean.  Special Property, Spectacular Views.  

 

The architect did several you might know:

 

http://www.victoriao...lson-architect/

 

• 1319-1329 Douglas Street (with Elmer H. Fisher), the Craft & Norris Block, built in 1888
• 579-581 Johnson Street – (with Elmer H. Fisher), W.G. Cameron Building, built in 1888
• 539-545 Fisgard Street (western section) – (with Elmer H. Fisher), Sheam & Lee Building, built in 1888
• Moss Street, Gyppeswyck, built in 1889 for Alexander Green. Now part of the Art Gallery of Greater Victoria
• 549-555 Fisgard Street, built in 1893 for Loo Tai Cho
• 508 Douglas Street, South Park School, built in 1894
• 1402-1406 Douglas Street, the Porter Block, built in 1900 for Robert Porter
• 1322 Rockland Avenue (Schuhuum), built in 1894 for Hewitt and Lizzie Bostock. Additions in 1901 by Samuel Maclure
• 1110-1112 Government Street, the Mahon Building; built in 1907 for Edward E. Mahon
• 1417 Broad Street, built in 1909 for John Meston and the Western Motor & Supply Company.
• 1408-1410 Broad Street, built in 1910
• 620 St. Charles Street, built in 1911 for Edward Gawlor Prior
• 1221 Government Street, redesign of facade for W.J. Wilson Clothiers, 1912
• 1611 Quadra Street, St. John the Divine Anglican Church, designed in 1912

Edited by Victoria Watcher, 28 April 2020 - 10:03 AM.

[Victoria Watcher]

Uncertainty is growing around how many Canadian tenants will decide not to pay all or part of their monthly rent on May 1 because their finances have been hit by job losses and business closures as a result of the pandemic. 

"We are seeing landlords and tenants pitted against each other today and that is just going to get worse and worse every month that this progresses," said David Hutniak, CEO of Landlord BC, which represents 3,300 rental housing landlords across the province.

 

The organization surveyed 457 of its members in April and found that 10 per cent of them didn't collect any rent, while nearly one-quarter collected only partial rent.

Those findings aren't far off an analysis done by CIBC, which estimated that 75 per cent of tenants in Canada paid April rent in full, while 10 per cent paid part of it. 

 

https://www.cbc.ca/n...-rent-1.5548502

[Victoria Watcher]

Hutniak said the province is to be applauded for its rent-supplement program, which was enacted quickly and provided $300 per month for eligible households with no dependents, and $500 per month for eligible households with dependents.

 

But he said in a province where it’s not uncommon for renters to spend 30 to 50 per cent of their income each month on rent, it doesn’t go far enough.

Landlord B.C. is calling for the current rent-supplement benefit to be increased to $750 per month for renters with no dependents, and $1,000 per month for renters with dependents. It’s also asking that the supplement be left in place until August.

“We are a wealthy province and we can afford to do this,” said Hutniak.

The province hasn’t said how much it expects to spend on the assistance program each month.

B.C. Housing, which administers the program, said there have been 64,312 applications for rent relief since it opened April 9, and within two weeks of that date, more than 54,000 renters received confirmation they would be eligible.

So far, just over 8,700 payments have been made to landlords, and about 2,000 more are ready for the next cheque run, while another 43,000 applications are being processed.

 

 

https://www.timescol...-pay-1.24127556

[Nparker]

 

...We are a wealthy province and we can afford to do this,” said Hutniak...

We won't be for long at this rate.

[UDeMan]

Owning a rental is an investment decision, just like owning stocks. I've had many stocks reduce or suspend their dividend. Should we be asking for a government bail out for the loss in income.

[Nparker]

...Should we be asking for a government bail out for the loss in income.

As a taxpayer I say no. As an investor I say yes. 

[Victoria Watcher]

Owning a rental is an investment decision, just like owning stocks. I've had many stocks reduce or suspend their dividend. Should we be asking for a government bail out for the loss in income.

 

i still find it a bit odd that people should get rent rebates or loans or forgiveness or action suspensions (no evictions) but not other stuff.

 

why doesn't the government mandate no car repos? or internet cut-offs for non-payment?  or give $300 food vouchers instead of rent rebates?

[Citified.ca]

This is Killam's second local deal, with View Royal's Christie Point apartments having been acquired earlier this year.

 

Halifax-based real-estate investment trust purchases duo of Langford rental buildings

https://victoria.cit...ntal-buildings/

[Victoria Watcher]

Conveniently located two blocks from Esquimalt Town Center and adjacent to a Municipal park. The property was substantially renovated in 2009 and offers 6 Two Bedroom strata units. Upper units offer skylights throughout and exterior decks. Average unit size is +/-759 SF and average rent is $2.10/SF per month. There are 6 on-site stalls for tenants and an additional 3 visitor stalls. Cap Rate of +/- 3.7% on current stabilized net income.

 

$2.4M

 

average rent now $1595/mo.

 

https://www.realtor....toria-esquimalt

 

i'm not sure if that's a good investment or not.  might be for a semi-retired handyperson that wants to spend some time maintaining/improving it him or herself.  maybe as a live-in.

 

Edited by Victoria Watcher, 25 May 2020 - 04:34 AM.

[GetLisaSomeHelps]

Conveniently located two blocks from Esquimalt Town Center and adjacent to a Municipal park. The property was substantially renovated in 2009 and offers 6 Two Bedroom strata units. Upper units offer skylights throughout and exterior decks. Average unit size is +/-759 SF and average rent is $2.10/SF per month. There are 6 on-site stalls for tenants and an additional 3 visitor stalls. Cap Rate of +/- 3.7% on current stabilized net income.

 

$2.4M

 

average rent now $1595/mo.

 

https://www.realtor....toria-esquimalt

 

i'm not sure if that's a good investment or not.  might be for a semi-retired handyperson that wants to spend some time maintaining/improving it him or herself.  maybe as a live-in.

 

screenshot-www.google.com-2020.05.25-08_31_17.png

 

Assuming 35% down and 100% occupancy it probably returns 4-6% post maintenance costs and pre-market changes (400k for a 2br strata unit is arguably above market value). Probably are worse investments one could make but I've vowed to never touch an Abstract development.

Edited by GetLisaSomeHelps, 25 May 2020 - 07:49 AM.