KatSid Housez was formed in 2003 by Karen and Bill Biko to provide an opportunity for them to use their passion and expertise to form a business of their own.
Inspired by the Rich Dad, Poor Dad series of books and others they felt Real Estate was their vehicle to escaping the rat race and they managed to grow their portfolio into a multi million dollar collection of properties. It was only a logical extension for Bill to start sharing his experiences and education and the Investors Housez blog was born.
Bill has shared both positive and negative experiences in an effort to guide, educate and entertain his readers over the years and has expanded his writing to also include a weekly column in the Chestermere Anchor newspaper which has over 30,000 weekly readers. If you are looking for information about tenants, evictions or just about anything Real Estate related, hopefully this site can be a great reference for you.
really happy to have stumbled across your site! i’m new at this property management thing, and it’s a side gig for me on top of my day job, with only one revenue property. i was off to a challenging start late last year with a less-than-ideal tenant (i was lucky, minimal hassle with eviction/damages, and an excellent learning opportunity, it could have been much much worse). i have been hunting for a local resource for info (i’m in edmonton), and am appreciative of all the info you are sharing. any tips for marketing a single family dwelling in winter? any suggestions where to find info re: the current local rental market, forecasts, typical rents, etc.? thanks again for sharing your experiences and knowledge, i am most grateful!
Welcome to the site Heather! Hopefully you can find some tidbits here to make your life a bit easier. I try to cover some of the good news and some of the bad news of Real Estate investing just so people can see both sides. It is not as easy as just buying a place and hoping for renters, but overall it can be a pretty positive experience both financially and personally.
As for marketing a property in the winter it’s not much different than the summer. Step 1, signage at the property, step 2, free sites like Kijiji and Craigslist, step 3, paid sites like Homerent, Rentfaster and step 4 hit the bulletin boards at nearby stores with your ad!
This site has some info on the Alberta market (mostly Calgary) and trends for the near future. You may also want to check out http://www.chrisdavies.ca, he is up in Edmonton and usually has some great info on the markets on his site as well.
Finally if you register on the top right side of this page I’ll send you some great tips on screening tenants and how you can avoid having to visit one of my other sites too often http://www.albertaeviction.com
Regards,
Bill
Thanks, Bill. I’ve seen a number of for rents signs in my neighbourhood, and they’ve been there for at least a month if not longer, so was wondering if it were perhaps a seasonal thing. Thanks again for your suggestions!
Hi Heather,
If possible check them out on the internet. If they have been up for a while the property may have some issues, or they are simply asking more than the market currently allows. I know here in Calgary we have seen more and more requests about looking for places, so I am sure Edmonton is also seeing the same type of activity.
Regards.
Bill
Hi Bill–lease vs. month to month: just weighing the pros and cons. my initial experience last year that led to eviction quickly, was initially under a one year lease. i regretted this soon after, as i thought if i had gone month to month, i could have provided 90 day notice and gotten them out sooner, rather than drag on with continuous late rent etc. amongst other hassles for a full year. i’m finally getting renovations completed and getting prepared to rent the property again, and am debating whether to proceed with a 6 month lease, or go month to month, allowing me more flexibility if things don’t work out. your thoughts?
Hi Heather,
I learned this from another investor a while ago. If you are unsure of the tenant, start with a 3 month lease, if it works out then start another six month lease and just repeat the process from there. It is easier to raise rents this way as you can do it every 12 months in Alberta or you can replace the tenants if it’s not working out. Month to month can create a whole set of nightmares if the tenants are borderline and there is little reason to evict. Not so with a term lease.
Regards,
Bill