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Bo Knows Real Estate

Bo Knows Real Estate

Author: Bo Kauffmann - REALTOR

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Residential Real Estate Specialist Bo Kauffmann of REMAX Performance Realty shares tips, advice and insight for house and condo buyers, sellers and owners.

Bo shares his experience gained thru 15 yrs of award-winning service in the residential real estate field. These are great tips for anyone looking to buy or sell a house or a condo, or grow their real estate portfolio thru rental properties.

Tips also include home renovation, remodelling and maintenance advice.

For specific Winnipeg-related real estate updates, check Winnipeg's Real Estate Podcast on I-tunes, Google Play and lots of other places.

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Please subscribe to this episode on your favorite player.Or go to BoKnowsPodcast.comTo see the entire list of players, go to Podcast Player ListStart by moving the tenant out of the property. Incentivize them by offering to pay for their move, offer them the use of another property or help them find a suitable rental. Do whatever you can and have to, but get them out of the home so that you can sell it empty.I was going to explain, in todays episode, my reasons for advising to sell the property without tenant, but the episode would get too long, so we will have another podcast titled “What NOT to do when selling your investment property.”For today, let's assume that you agree, and have successfully removed the current tenant . So whats next?First, the goal is to make this home attractive to a home buyer who wants to buy it for themselves. NOT another investor (the reasons for this will be explained in another podcast)Depending on your price range, the home may appeal to a first time home buyer, so let's get it ready.Fresh paint, in and out, fresh carpets, replace old lights and switches, fix anything that’s broken. Modernize it within reason…..  if the kitchen is 20 yrs old but still looks good, don’t replace it. If the toilets are stained and gross, replace THOSE.Next, call a professional stager and stage the home. They know how to make a small bedroom look bigger, how to accentuate the positive while minimizing the negative.Interesting side story: I had a bachelor suite for sale. Seller did not want to spend any money on it, so it was clean but not staged. Potential buyers had trouble imagining living in a suite without a bedroom, so it remained on the market for a full year.When the listing expired, the seller finally took my advice and we hired a stager who showed the possibilities in this cute, quaint space.Result…….SOLD within 10 days. Staging WORKS.Ok, the place is ready for to be listed, and shown to an adoring buying public. Call your listing agent and get it on the market.🌐 𝗟𝗶𝗻𝗸𝘀 𝘁𝗼 𝗺𝘆 𝘀𝗶𝘁𝗲𝘀 ⛓ My Podcast - https://boknowspodcast.comPodcast Players - https://blog.winnipeghomefinder.com/podcast-signup𝗠𝘆 𝗕𝗹𝗼𝗴 - https://blog.winnipeghomefinder.com𝗟𝗶𝘀𝘁𝗶𝗻𝗴𝘀 - https://winnipeghomefinder.com𝗙𝗮𝗰𝗲𝗯𝗼𝗼𝗸 - https://facebook.com/winnipeghomefinder𝗟𝗶𝗻𝗸𝗲𝗱𝗜𝗻 - https://ca.linkedin.com/in/bokauffmann𝗜𝗻𝘀𝘁𝗮𝗴𝗿𝗮𝗺 - https://instagram.com/bokauffmann𝗣𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 - https://pinterest.com/bokauffmann𝗬𝗼𝘂𝗧𝘂𝗯𝗲 𝗦𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗲 - a...
Whose job and responsibility is it to fix certain items in a rental property? The tenant or the landlord? These kinds of rules are usually set at the city or state (province) level, and here is one example of how the duties are divided.Whose responsibilities are property repairs?So you're the owner of a property and you've got it rented out to a tenant and he or she calls you at 4:00 in the morning and advises you that the furnace is quit. Middle of winter. The answer seems kind of obvious. You as the owner, would be responsible for making sure there's heat in the place.Then a couple of weeks later, the tenant calls you and says the faucet is dripping. Is that your responsibility? What about the next time they call and the light bulbs are burnt out again? Whose responsibility is it? So for these answers, I turned to my good friend and property management expert Garrett Wang from Upper Edge Property Management, who has a very clear way of putting it.He basically categorized the items that needed to be repaired and fixed into two categories. And the first one would be the fixed assets that stay and remain with the house. These are things that you, the landlord, own. So, for example, the appliances, the faucets, the furnace, hot water tank, the windows, the electrical, things like that. Anything goes wrong with those things. It's your responsibility to fix it.And the second set of items is what he called the consumables. Now, these would be things like light bulbs, fuses if your electricity is run through a fuse box, as well as furnace filters, air filters, those kind of things, things that are expected to be used up and burned out in regular everyday use. Those would be the responsibility of the tenant. Please keep in mind that these types of rules and laws are often set at a state or provincial level, sometimes even at a city level. So they might be different in every jurisdiction. So be sure to check in your area, but this certainly seems like reasonable advice.So if you're a property owner and you get tired of doing this kind of stuff yourself, or perhaps you're growing, you're growing beyond one or two properties, give me a shout. I'll put you in touch with Garrett. And he will certainly love to look after you. He does an excellent job in doing so. And if you're looking to buy a rental property in Winnipeg, be it a house or a condo. Give me a shout anytime as Bo Kauffmann RE/MAX performance realty here in Winnipeg. My direct cell is 204-333-2202. Or email me at BoKnowsHomes@gmail.com.🌐 𝗟𝗶𝗻𝗸𝘀 𝘁𝗼 𝗺𝘆 𝘀𝗶𝘁𝗲𝘀 ⛓My Podcast - https://boknowspodcast.comPodcast Players - https://blog.winnipeghomefinder.com/podcast-signup𝗠𝘆 𝗕𝗹𝗼𝗴 - https://blog.winnipeghomefinder.com𝗟𝗶𝘀𝘁𝗶𝗻𝗴𝘀 - https://winnipeghomefinder.com𝗙𝗮𝗰𝗲𝗯𝗼𝗼𝗸 - https://facebook.com/winnipeghomefinder𝗟𝗶𝗻𝗸𝗲𝗱𝗜𝗻 - https://ca.linkedin.com/in/bokauffmann𝗜𝗻𝘀𝘁𝗮𝗴𝗿𝗮𝗺...
Bo Kauffmann [00:00:00] So you're thinking of buying rental property? Well, you're going to want to hear this if you're thinking of buying rental property and growing your real estate portfolio, then you're going to love this call Im about to make. I'm going to call a friend of mine. His name is Garrett Wong. Garrett is the president of the Professional Property Managers Association of Manitoba. And he runs a company called Upper Edge Property Management. Now they specialize in helping investors and property owners who have 1, 2, 3, you know, a small amount of rental properties. All in all, Upper Edge has over 600 residences in their portfolio and they're the perfect source of information. If you're looking for help in managing your properties. So let's give them a call right now.Garret Wong [00:00:55] Hello, Garrett speaking.Bo Kauffmann [00:00:56] Hey, Garrett, it's Bo, how you doing?Garret Wong [00:00:59] Good, and you?Bo Kauffmann [00:01:00] Good. Excellent. Listen, we'll get right into it. I wanted to ask you a couple of things about people wanting to get into owning rental properties. And one of the most common questions I get is, is Winnipeg still a good market? Now, I recall an article a couple of years ago that said that Winnipeg out of 36 markets, Winnipeg was actually the one with the lowest vacancy rate. Now was a couple of years ago. So I'm just wondering to hear your side of this. Is Winnipeg still a good market to own rental properties?Garret Wong [00:01:28] I believe so, yes. Those stats were a few years ago back in 2012, we actually had almost a zero percent vacancy rate with zero point nine percent. It has risen, but you know, it's it's fairly balanced. Now, I believe the last stats from CMHC last fall said it was about two point nine nine or effectively a three percent vacancy rate. And all that means is a lot of the tenants that are trying to find properties just have a little bit more choice. Right. But it hasn't really affected property values to the point that, you know, tenants can't find a place or there's bidding wars. It just means that you have to provide a decent product if you're going to be an investor.Bo Kauffmann [00:02:09] Right. You now have a little bit of competition and renters have a little bit of choice. Yeah, and there's nothing wrong with that. Right. Exactly. I mean, I can go out and find a house for one hundred thousand dollars in the core area or I can find a million dollar house in Linden Woods. Where would you say is like the sweet spot for somebody who wants to buy their first rental property? What price range and what neighborhoods?Garret Wong [00:02:31] So I would probably not concentrate as much on price range of the building. That's kind of obviously that's important because you have to qualify and you have to make sure it cash flows properly to me. I would start with supply and demand. So I would look at what is the most desirable rent for, you know, your demographic, a family of four or whatever you're trying to attract. In my professional experience, I believe that's probably around the thirteen hundred dollar range, maybe 13 to 15 hundred. If you translate that back then into your cash flow projections, you're going to end up with, you know, a set amount that you can afford for your mortgage and that will translate out to a building value. Typically, I find that most neighborhoods that will support, you know, at two hundred and fifty thousand dollar property, two or three bedroom. We can talk about neighborhoods if you want in a minute that normally will translate into a thirteen hundred dollar rent. Fourteen hundred dollar rent, which means that the property...
[00:00:08] This is actually a very common question I get from home buyers. They see a house listed at, let's say, 300,000 dollars and then find the city assessed value is just 250K. What's going on? The house is grossly overpriced, right?[00:00:23] So here's what's happening. The city assessed value is simply an average for that type, style, size and age of home in that particular neighborhood. Since the city in all likelihood has never stepped foot inside that particular home, they wouldn't know that the owner recently replaced all the windows, upgraded the heating and cooling, installed all new flooring and repainted inside and out.[00:00:45] None of those things require building permits, so the city has no idea that that's been done: so that this home would be above average when compared to others in the area. Now this can also happen the other way around, and a house which is city assessed at 255,000 might hit the market with the listing price of 220. In that case, the original owner might be selling the house in all its original glory with galvanized plumbing, knob and tube wiring and the walls filled with newspaper clippings pretending to be insulation.[00:01:16] The bottom line is: don't rely on city assessed value (i.e. an estimated average) to guide you as to the proper market value of any home.[00:01:25] After all, that's what your real estate agent is for.Get our podcast on any of your favorite pod-catchers.
Are you six months to a year away from buying a house or condo. What should you be doing right now? Lots of buyers start looking at open houses when they are six months to a year away from making a purchase. It's fun. Nothing wrong with it but it's not the most productive thing you should be doing.  Buyers should check their credit ratings when the time comes to get pre-approved. The best mortgage rates go to the buyers with the best credit ratings.  Finding out that you have blemishes on your credit at that time might be too late. So contact your mortgage specialist and check your credit now, with plenty of time to correct any issues.
Hello….. I am Bo Kauffmann of Remax Performance Realty in Winnipeg, Manitoba Canada.I’ve been a REALTOR since 2005, helping buyers and sellers of houses and condos in our fair city.Real estate is a very local game……  if you’re looking to buy or sell a home, you normally would not care what the national, let alone international real estate markets are up to.Knowing about the market conditions in Houston TEXAS is about as useful as knowing the weather in Hong Kong ……..  you would only care if you are about to go there.So in this podcast, I will try to share tips and advice that would be useful for any home buyer, seller and owner. Things to watch out for when buying, tricks to help you sell, and advice on updating, renovating or maintaining your house or condo.One thing to be aware of is that most real estate laws fall under provincial legislation in Canada, and under the individual States legislations in the U.S. So if in doubt, ask your local REALTOR for advise on anything that’s discussed here.As I’m still very much an active real estate agent, running a podcast is a bit of a hobby, so I’ll try to post once a week or so. Episodes will be short, sweet and to the point. Each episode will cover one specific tip or subject.  You’re busy, so we wont waste a lot of time on chit chat.This podcast, similar to my blog and website, are a labour of love…… I don’t collect advertising money. So if you like what you hear, please share it with someone and help us grow.For more frequent information, and Winnipeg-centric updates, check my blog athttps://blog.winnipeghomefinder.commy Youtube Channel is https://youtube.com/bokauffmannTil next time….. remember: Bo Knows Real Estate.
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