There are two possibilities when looking for a good cleaning person/team. One is to use a company and the person that they send you varies. The other is to look for an individual who will always be working on your units.

Something you should figure out before either purchasing or renting a place is do you want to run this yourself? You need to figure out how much time you have and how much money you want to make. Obviously, if you run it yourself there is a much larger time commitment compared to just giving the keys to a management company and not worrying about it. When I did my first Airbnb, I did everything. I wanted to get the entire picture to see if this was something I could do more of or if one was enough.

You have now figured out whether you want to rent or buy a place now you must figure out what kind of property you want to buy/rent. As always, there are benefits and consequences to each. I’ll start with a condo.

If you are thinking of investing in an Airbnb, the first question to answer is whether you want to rent or buy. There are different pros and cons to both.

Renting

Airbnb has become a forbidden subject into Toronto. Most people that I speak to are adamant that it is ruining the city and there is no place for it. I completely disagree. I think Airbnb is a wonderful thing which was the reason I got into the business. I run a number of Airbnb’s in the city which are doing very well. My next set of blog posts are going to discuss all of the different aspects of Airbnb, what to look for and what to avoid.

For the last few posts I have been talking about capitalization rate. There is another way to determine whether an investment property if a good investment. That is appreciation. Appreciation is how much the value of the house will increase by.

One of the investment properties I have had is a student house. It was a six bedroom house that I rented to six friends. The most important thing I learned was that even though they started the year as friends, they usually didn’t end the year that way. Here are some tips that I have for dealing with this situation.

I have had my share of crazy tenants. Here are some tips I have learned the hard way.

If you have watched any of the flipping shows on TV, I will burst your bubble right now. Flipping is not as elegant as it seems. You must go through a number of flips that you either lose money or break even before you become a pro.

I began my flip thinking that it would be a piece of cake. I have investment properties which I have done renovations on, I have worked with contractors before and I have done budgeting with no issues. Boy, was I wrong.

Yesterday I spoke about what you do if a tenant doesn’t pay rent and they are still residing in the unit. The other situation is what happens if tenants don’t pay rent and then leaves the unit or breaks their lease early. This is a situation for small claims court. You can only use the landlord tenant board if they are still living in the unit.