{"id":7123,"date":"2017-10-11T11:11:23","date_gmt":"2017-10-11T18:11:23","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7123"},"modified":"2017-10-02T10:02:44","modified_gmt":"2017-10-02T17:02:44","slug":"maximize-the-investment-property","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/10\/maximize-the-investment-property\/","title":{"rendered":"Maximize the Investment Property"},"content":{"rendered":"<p style=\"text-align: justify;\">Wasim Elafech of Century 21 Bravo Realty in Calgary is among the banner brokerage\u2019s top sales agents in the world. Century 21 operates in 78 countries with over 100,000 agents, and Elafech managed to become their number one unit producer in 2015 and number three in Canada last year, so he knows a thing or two about getting the best bang for your buck out of a rental property. He shared some of those tips with us.<\/p>\n<p style=\"text-align: justify;\"><strong>1. Maintain the property<\/strong><br \/>\nElafech says some he\u2019s sold properties to clients who in turn rented them out, but without putting in the necessary work. \u201cThe work you do doesn\u2019t have to be expensive, but it has to be brand new,\u201d he said. \u201cIt will be liveable but it won\u2019t look good. The floors will be cracked or peeling, and when people walk in they get the impression it\u2019s a rundown property, but they won\u2019t if you do the work. Make sure all the fixtures work, that they\u2019re not broken; make sure door handles are loose or need to be replaced. If the place is well-maintained, 100% of the time you\u2019ll get more money for your rental.\u201d<\/p>\n<p style=\"text-align: justify;\">Elafech added that properties are often reflections of the people who live in them.<\/p>\n<p style=\"text-align: justify;\">\u201cA really good tenant won\u2019t look for a rundown place, first of all, so they wouldn\u2019t take that place. You\u2019ll attract the type of people your property looks like. People who accept living (in shabby properties) aren\u2019t the best tenants.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>2. Bungalows yield higher rents<\/strong><br \/>\nBungalows are excellent rental properties because the top and bottom floor can be rented out as separate units. \u201cOne guy I know pretty much made his whole house different rooms with a common living room, couch and TV.\u201d<\/p>\n<p style=\"text-align: justify;\">Typically, however, the upper and lower floors of a bungalow can be rented as separate units. \u201cBungalows are the easiest houses to sell in certain areas here because you can rent the upper and lower levels, if it\u2019s properly treated. In an area where you\u2019re renting a whole house to a person, you\u2019d get, say, $1,600 a month, but if you\u2019re renting the floors separately, you can get maybe $2,200 a month. It\u2019s about volume.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>3. Screen your tenants<\/strong><br \/>\nScreening tenants adequately ensures your rental investment doesn\u2019t become a nightmare. \u201cI see it a lot,\u201d said Elafech. \u201cThey don\u2019t want to lose a month on the mortgage payment, so if it\u2019s been sitting for a couple of weeks they\u2019ll rush into a deal and rent it to whoever comes next, and sure enough the people either do a midnight run or don\u2019t pay. I\u2019m going through that now with my client.\u201d<\/p>\n<p style=\"text-align: justify;\">Elafech recommends waiting it out, even if that means the property sits empty for a month or two. Ask tenants for references and their job history. \u201cIf the tenant is reluctant, there\u2019s usually a reason. Keep a look out for red flags.\u201d<\/p>\n<p style=\"text-align: justify;\">He also suggested hiring a rental management company if an apartment building, rather than two or three properties, needs to be maintained. While pricey, they\u2019re well worth it \u2013 and they screen tenants.<\/p>\n<p style=\"text-align: justify;\">Sometimes, though, less is more.<\/p>\n<p style=\"text-align: justify;\">\u201cI have a client that\u2019s renting out a house with a garage for $1,000 month that usually goes for $1,800, because he has a good tenant. He cuts the grass and maintains the property. He does everything for the landlord, so that peace of mind is worth more than the money he\u2019d get from renting the parking pad and garage in the back.<\/p>\n<p style=\"text-align: justify;\"><strong>4. Rent the garage and parking spot separately<\/strong><br \/>\nElafech mentioned a rental property he\u2019s currently showing. \u201cThe owner is going to park his trailer on the parking pad, rent out the garage and both floors of the bungalow separately \u2013 rental income from upstairs, downstairs and the garage.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>5. Location, location, location<\/strong><br \/>\nLocation is everything in real estate, so Elafech recommends investing in a property that\u2019s surrounded by prime amenities like transit and schools.<\/p>\n<p style=\"text-align: justify;\">\u201cIn Calgary, we have LRTs and buses. Even having shopping centres and schools nearby is important. A client had a condo with an LRT across the street, and he got more for it than a similar place he owns that had a similar layout but was a bit bigger, because it was six or eight blocks away and farther from the LRT. In Calgary, when it\u2019s minus-40 outside, you\u2019re not walking, or waiting for a bus when it\u2019s cold. People pay for convenience.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/five-ways-to-maximize-your-investment-property-231768.aspx\" target=\"_blank\" rel=\"noopener\">Five Ways to Maximize Your Investment Property<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wasim Elafech of Century 21 Bravo Realty in Calgary is among the banner brokerage\u2019s top sales agents in the world. Century 21 operates in 78 countries with over 100,000 agents, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/maximize-the-investment-property\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-7123","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Maximize the Investment Property &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/10\/maximize-the-investment-property\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Maximize the Investment Property &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Wasim Elafech of Century 21 Bravo Realty in Calgary is among the banner brokerage\u2019s top sales agents in the world. 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