Buying/Selling a Home
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Oct 16, 2007
Nicholas Street Gaol
Want to experience a haunting destination check out the Nicholas St. Gaol Youth Hostel.
The Nicholas St. Gaol in Ottawa, Ontario Canada and it was otherwise known as the Carleton County Gaol. The building was constructed in the 1862 and was via tunnel to the Arts Courthouse. At times 150 men, women and children crammed into the 60 cells as they were held as prisoners within the structure.
The crimes committed varied greatly amongst the prisoner population from misdemeanors to murder. Prisoners were never allowed to see daylight. If the prisoner was sent to solitary confinement they where kept chained to the wall. The only time they were permitted out of their cells was to eat.
During the prison basement was used to quarantine immigrants who where thought to have scarlet fever. In addition to the deaths of immigrants, prisoners there were also three official hangings at the Gaol. The dead were buried in unmarked graves.
The jail finally closed its doors in 1972 and was reopened in 1973 as a youth hostel. It continues in this capacity to this very day. Hostel staff as well as guests report eerie occurrences throughout the hostel.
With all the atrocities it is not a surprise that this location is considered one of the most haunted locations in North America. Apparitions such as Patrick James Whelan, was hung February 11, 1869 and may have been wrongly accused of the murder of Thomas D’Arcy Mcgee. His body was buried in an unmarked grave on the premises.
So if you’re looking for a vacation destination that can produce thrills and chills in a unique environment call 613-235-2595 to book your room.
Oct 10, 2007
Curious Callers
It is often difficult to dealing with comdedic, offensive or otherwise difficult telephone calls as a Real Estate Professional.
Weird and unusual clientele are all a part of the Real Estate business. Dealing with them can be an art unto itself, as we have to navigate the murky waters of the awkward telephone conversation is part of the daily grind.
Most calls are typical House buying questions such as; what is the price of that house on Any Street? What is your fee for a house listing? Can you show me your listing? The questions are often repeated to the point of being monotonous.
In most instances these oddball calls inject a mild dose of humor into our daily routine. However this comedic relief can quickly turn offensive. A good example of the offensiveness that I have referred to here is a called fielded by a female agent in our office.
While taking calls the agent accepted a call from a gentleman asking about homes in the area. His only criterion was that the homes needed a large bedroom so he could work. This was a little odd but she continued her qualifying questions. “How many bedrooms are important? One big room is all I need.” “What features are important to you in a home? I just need a large bedroom for work.”
This line of questioning went on for a while and then the questions actually turned to what the gentleman did for a living. His response was, “I want to be a porn star that is why I need a large bedroom.” This is the point in the conversation when the agent hung up the phone.
The call may have been legitimate but it was more likely a prank. The call became a humorous tale but it had crossed the line into the realm of offensiveness.
Oct 2, 2007
Tenant Evictions
Dealing with tenant eviction is one of the toughest decision a landlord can make.
One of the most difficult things a landlord ever deals with is the eviction of a tenant. Regardless of how cold hearted or callus the landlord may seem about the issue of eviction, it is a very difficult decision to make. The overall need to maintain the revenue stream and the protection of their investment of the property versus the displacement of the tenants living there.
Often however the decision to evict is most often mediated by the tenant’s actions. Excessive noise, property damage, failure to pay the rent are just a few of the reasons that a landlord may choose to terminate a tenancy relationship. Eviction is used as a last resort by the landlord to safeguard their investment and income in a rental property.
Landlords often seek other alternatives to prevent eviction, as it can be costly. Once the eviction process has begun the tenant has little invested in the upkeep of the property. Therefore there tends to be a greater potential for property damage and disruption to the other tenants in the complex. If the tenant refuses to leave then there is the costly process navigating the legal channels available to you as a landlord.
The best way to protect against eviction and problem tenants is to do your homework. Make sure that you check new tenants credit and rental histories thoroughly. Also use your own judgment by interviewing the potential tenants. If you take precautions the need to evict tenants should be rare.
Sep 13, 2007
A Daily Dose Of Success
Each of us has a success everyday. Those successes can keep us motivated and moving forward to achieve our goals.
There are a lot of instances in the day-to-day operation as a sales representative that are discouraging. Dealing with rejection and overcoming adversity is a daily staple for a Real Estate Sales Person. Each person that decides to pursue Real Estate as a career choice must be ready to deal with the highs and lows of the business.
Offers that are written don’t always get accepted. Offers that are accepted don’t always close. Clients are not always honest and upfront. It can be difficult to travel through the mire of agents, clients, lawyers, inspectors and sales people.
Staying positive in light of this adversity can be the most difficult part about being an agent. I find that personally by focusing on success is the best way to keep moving forward. There is occasionally days when my success was getting out of bed and getting to the office to get that deal killing paperwork signed but it is a success non-the-less.
Even with the slightest feeling of success in my day I find it easier to stay positive. The sunshines brighter, the sky is bluer and I just keep on smiling. I am confidant that I will have success each and everyday regardless of the grandeur of that success. You have success daily, you just have to open to recognize the successes of each day.
Sep 5, 2007
Offer on Charles St.
I recieved an offer with conditions I couldn't accept. The time frame given to not allow adequate time to do what the buyer wanted.
Offer negotiation can be difficult and I tend not to be as focused on price as I am on the conditions in the offer. This was the case with the first offer on my Charles St. property. The price was fine the conditions left a lot to be done without enough time to do it.
When purchasing an investment property if you want vacant possession of the property you need to take the time constraints of the process into consideration. There are guidelines as to how much notice is required to legally vacate the property. In my case the minimum amount of notice required for tenant eviction is 60 days.
The tenant also has the right to contest the eviction, which can extend this period even longer as we wait for a hearing in front of the Rental Tribunal. Once there, that is no guarantee that they will rule in favour of the landlord. Essentially this could stall the sale of the home preventing the property from closing.
In the event you decide to buy an investment property with a condition ensuring vacant possession ensure that there is adequate time to fulfill the condition. Be ready to expect delays. Finally as you are made aware of issues be decisive about the direction you wish to go with the deal.
Aug 24, 2007
Charles St. Listed
My Charles St. property has been listed MLS.
The sale preparation for Charles has gone into full swing, and I am poised to take full advantage of the active fall Real Estate market. Now that the listing has been posted on the Multiple Listing Service (MLS) we are already seeing quite about of activity on the property.
There is always that initial flurry of activity to track down all of the pertinent tax data and details about the home. Measurements and photographs need to be taken to show the property at its best. Also the endless reams of paperwork need to be filled out.
Now that the initial offer price has been established, the pictures have been posted and the signage has gone on the lawn the real work of the sale begins in earnest. There is a substantial amount of juggling required to coordinate showings of the property.
The time for showings needs to be confirmed with the tenants, as well as with anyone wanting to view the property. This means that some showings are lost because of impatient buyers but there is no shortage of buyers looking for affordable income properties so I am not concerned but a few no shows.
So here I am trying to be patient as I ride out the early activity as I wait for an offer to arrive. I believe that everything should go smoothly as I move through the process, but really time will tell. I will continue to update as the process continues.
Aug 15, 2007
Book Review
Review of The Complete Guide to Buying and Owning Recreational Property in Canada by Douglas Gray.
The Complete Guide to Buying and Owning Recreational Property in Canada by Douglas Gray offers great information about the buying of vacation or recreational property in Canada. His attention to detail is superb and his focus on the Canadian Real Estate market is stellar.
Douglas Gray focuses much of his attention in this book towards the motivation of buyers. He goes to great lengths in an effort to describe the different types of recreational property buyers, as well as the potential properties, which vacation goers and their families can enjoy.
At times the book lead me to believe that only investors look to enjoy recreational properties, however when you consider the expense of purchasing a recreational property you certainly need to consider it as a substantial investment. Making your real estate decision from an investor’s perspective is prudent.
There is ample value in this book. It will expand on your knowledge of the various trends in the real estate market place. The book will open doors to your motivation, help you examine various property types, as well as assist in communicating the various professionals you will need to deal with in order to finalize the purchase of your recreational properties.
Whether you’re an investor, or just looking for a great vacation spot to enjoy then Douglas Gray’s The Complete Guide to Buying and Owning Recreational Property in Canada, can offer you the basic skills and knowledge to close the deal.
Aug 13, 2007
Contractor Completed
I am still on target for work to be completed on my Charles St. duplex.
I am happy to say that the siding and capping on my front porch are completed. The work is a substantial improvement over the original look of the house. I happily paid the Larry and would recommend him to friends.
The mountainous pile of garage debris is slowly diminishing. In fact I figure I have about two truckloads remaining before the last of it is cleared up. At times the removal has been like a treasure hunt, as I find generations of lost treasures.
My son prefers to collect the empty beer bottles so he can return them for the deposit money. This deconstruction and construction process has shown me that even at 7 he has potential be a productive and successful entrepreneur.
As for the to-do list it is almost completed. Paint the front porch, move the automatic door closer for the second flood apartment, paint the foyer and finish cleaning up the remains of the garage.
That will lead me to getting ready for the sale of the home. I am sticking to my time line and the tenants will receive written notice of the sale latter this week as the work continues to progress. Saturday is my work completion date and I currently don’t foresee a problem hitting my target.
I eagerly anticipate the sale of the home, even though I have thoroughly enjoyed seeing the rejuvenation of this historic property. Once the sale is completed there will not be much time for rest as I tackle my next project.
Aug 9, 2007
Getting Ready For Sale
The final renovations are nearing completion at my Charles St. duplex.
Here I am again tackling what seems to be a long and arduous project that is my duplex. It has been in a state of constant renovation for over a year and the light has finally come into view as the end draws near. The reason for the new light at the end of this tunnel is that I have decided to sell the building.
As we speak I have a siding guy working diligently away at getting the back kitchen finished and making the final repairs to the front porch. Once he has completed that I will tack on the front foyer repairs and painting of the front deck. That will complete the overall project which has a long list of upgrades; which include new windows, roof, furnace, siding, carpeting, bathroom flooring, and the list goes on and on.
I remember buying this particular property and almost immediately thinking what have I done. The work was tremendous, and the tenants that I assumed were not particular happy with the state of the building. Yet because the tenants had exceptionally low rent nobody wanted to leave so I struggled to get the renovations completed with the irate tenants causing frequent problems and delays.
The final outcome is that the tenants are happy about the repairs that have been done. The neighbors love the fact that the worst looking house on the street is no longer the worst looking home. I am happy because I stand to make reasonable profit on the sale, and I looking forward to the work on my new project house moving forward in the near future.
Jul 12, 2007
Becoming an Associate Broker
Becoming a Real Estate Broker.
As a Real Estate salesperson there is a limit to the success you can achieve. Of course there is the ability to accumulate wealth through the day-to-day operations of a sales professional. However if you wish to grow beyond just being a salesperson then additional education and expense is required.
This is definitely not a road to travel lightly and the responsibilities and commitment to the process of becoming a professional Associate Broker. In Ontario Associate brokers are the only individuals permitted to have an active ownership interest in a Real Estate company. Sales representatives are required to work under a Broker.
So because I firmly believe in bettering myself, and increasing my knowledge of the Real Estate marketplace I have decided to follow through on the licensing requirements to become a professional Real Estate Broker. I am currently happy with the company I am working with at this time, but at some point in the future I want to be able to exercise an ownership interest in a Real Estate company.
So before the year is up I will have completed the required education and training required to become a Broker in Ontario and I look forward to be able to update you to my progress as I complete this journey.
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