3 Factors as how to succeed when buying an apartment building
1- Choose a building in the proper location; location must be in safe neighbourhood and attractive to good tenants. This will appreciate building faster and provide a better opportunity for better rental income; good location, good tenants and good rents are interdependant.
2- The net income of the property must be capable of paying off the mortgage; it is as simple as that. The building must be capable of being self-sustained. To figure out the net income, due diligence must be exercised to scrutinize the declared income and expenses and especially the non declared expenses such as maintenance expenses, vacancy rates and property managment.
3- Have a good property managment to look after the building if you cannot do it yourself. Potential problems with property managment:
a- Not caring enough about selecting tenants.
b- Not caring enough about expediting rental of vacancies.
c- Spending money without a vision of priorities.
d- Spending money uncessarily.
e- Not managing relationships with regulatory body such as City people, Fire dept, etc...
How can I help you?
With over 20 yrs looking after properties, dealing with city by-laws, codes and standards rules and regulations as well as dealing with city inspectors, electrical inspectors, building contractors, plumbing and electrical trades. and with a professional engineering background, I can help you to make the right choice, the first time.
training/ experience involved the following to various levels:
Residential real estate as well as multi-units apartment buildings and commercial properties.
Building codes and standards in electrical and fire protection.
City bylaws in the Saint John area.
Provincial Tenancy Act.
Dealing with Wetlands problems.
Training in land contamination.
Training in Condos regulations.
Training in subdivision Sustainable Community Design (SCD).
Property Management Services
Quality management for selected real estate clients with buildings in good condition only.
Income and expense statements.
Optimized maintenance management.
Rental service.
24 hour service calls.
Milad Debly 506-633-2908
EXPERIENCE, RESIDENTIAL, MULTI-UNITS, COMMERCIAL
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