I'm currently trying to purchase some infill lots in the Winnipeg area and have found a few that have homes on them. The homes are in very rough shape and are ready to be torn down but they still have people living in them. I was wondering what is the best strategy in approaching the home...

I'm from Winnipeg and I use REIN member Peter Kinch from Port Moody, BC. 98% of his cliental are investors. Work with the best, not with someone who happens to be working close to you. Click Here to go to his website.

Brett, when you advertise do you for example put in the ad "Rent $1,000.00 per month + $150.00 per month for electricity + $100.00 per month for Gas Heat" or do you just say "Rent $1,000.00 per month + $250.00 per month for utilities"? do you give the tenant a refund if they under consume?

You might want to pre-screen/qualify your prospective tenants over the phone before wasting your time and theirs showing the suite.

Jon. In who's opinion is it they are questionable? Maybe find out for yourself first. Treat them with respect and they may do so in kind. I believe life is to short to start playing tactical games with my tenants. Find out what it takes to get them out. Probably some sort of $ payment, but...

Another thing to consider is the 150 rule. For every dollar you reduce the rent per month you lower the value of your property by $150.00 So if you reduce the rent by $100.00 per month you de-value your property by $15,000.00 based on an 8% Cap Rate.

Sorry I can't help with finding you a contractor. I'm from Winnipeg and I did all the work myself. At the time I was doing maintenance at a hotel. Make sure you get references from your contractor and don't pay them the full amount until you are satisfied with the work.

Visit this forum often. Be Grateful Surround yourself with like minded self motivated people. Be Grateful Stop reading all the crap in the newspaper. Smile and laugh often. Be grateful. Always think and speak positive thoughts. Stay away from negative people. I cannot over state this...

We dabbled in RE for 15 years before making a commitment to playing offence and stop only playing defence. You have to score a goal once in a while to win the game. I had a federal gov. job as a system analyst/programmer and would listen to some of my older co-workers start counting the sleeps...

Another thing to consider is sewer and water. Check with the city about the sewer levels, water can only flow down hill and if you lower the basement you might have some issues with this. You might have to install a pump system on the sewer if you are to low.

I've done dozens of these and would recommend changing the drywall. I would replace it with a concrete board and I usually change the taps at the same time.

REIN has an association with Park Insurance, I'm sure they can help you.

My Bookkeeper uses Logmein to access my books remotely instead of driving to my office. She loves it.