See you all at the next meeting,
Your cordial President, Les
Michaelson
About the
Author: Les Michaelson has been an Edmonton Real
investor since 1978. His interests are in the hands on
operation of acquiring managing and selling of revenue
properties of all types.
HIGHLIGHTS
FROM OUR LAST MEETING
Edmonton
Revenue Property Investors Association
May 13th, 2008 Minutes
Karen, our chairperson opened
the meeting with happy news that she and Les are expecting a
family in December.
Les showed us his photos
called “a day in the life of a landlord.” It shows a car
stuck in one of his apartment units. The bad news was that
the Insurance Company has a different idea of replacement
insurance. They will only pay 40% and Les will have to pay
the other 60% of needed repairs. His only option is to deal
with the insurance company of the driver at fault.
New guests introduced
themselves. Michael warned us all to be careful when
lighting a pilot light. He suffered first degree burns to
head, neck, arms and hands, because of a flashback. He
lost his eyelashes, but his eyes ore o.k. So, Michael
recommends that you wear gloves, glasses and a hat when
staring any pilot light.
Lillian read the treasurers
report. Les suggested we need a projector for power point
presentations. We now have some money to look at this
purchase.
Our guest was Michelle
Trudeau, from the Landlord and Tenant Advisory Board in
Edmonton. She explained that B.C has rent controls. The
board has no real power, but gives advice. She explained the
benefits of a fixed term lease. You can send a courtesy
letter to terminate tenants at the conclusion of the lease,
whether it is for 3 months, 6 months or 1 year. Six months
is best. Lapsed leases go automatically to a month to month
term. Give the option of two dates for the move -out
inspection, in writing. With month to month you do not have
this option of terminating tenants.
An increase in rent can only
occur after 365 days, with the same tenants, whether fixed
term or month to month. Three months notice is required for
a notice of rental increase.
If a new tenant is added and
you wish to have both sign a lease, then it is a new
contract with a new rent, taking into account there will be
added expenses. If the additional person is not added to a
new contract, then the rent cannot be increased. It is the
landlord’s decision.
Michelle suggests that you
give proper 24 hour notice and change the furnace filters
every 2 -3 months, between 8 and 4, avoiding holidays and
Sundays.
If your tenants sub-lease
with out talking to you, you can give a 14 day notice to the
unauthorized occupants. Option 2, you can insist on a
full application and do reference checks. One suggestion:
with a 6 month renewal lease, you can send a letter setting
the rent at $1000.00 month, and if they fail to sign a
renewal lease, the monthly rent will be set at $2000.00 per
month. This would ensure that they co-operate and sign a new
lease agreement, or move out.
The term to use is
“security deposit”, not “damage deposit”.
Security deposits can be
increased with a new lease.
A condo board can evict a
tenant that breaches the by-laws, even with out the approval
of the landlord. By-laws need to be approved by 75% of the
owners. The court will decide the case.
Les gave us the latest stats
on prices and vacancy rates. Average days on market are now
52 days.
If you go to (RTDS)
residential tenancy dispute services, take all letters and
documentation with you.
Draws completed the evening.
Katherine Callfas
Annual
Executive Meeting of Edmonton Revenue Property Investors
Association.
The Keg
May
29, 2008
10 people attended the
meeting, including Les and Karen Michaelson; Lorraine and
Brian Horsley; Gail Nelson; Lillian Karpoff; Mike and Trudy
Lefevre, Harvey and
Katherine Callfas.
Les our chairman
called the meeting to order at 9:40 p.m. Lillian gave the
treasurers report. Our balance is $2941.81
Les has set up a new
subscription system at a website called http://realestate.meetup.com/501/
This service will automatically send reminders of meetings
to all members.” It costs the club $12.00 month and our
members are encouraged sign up for the meeting reminders.
Agenda: Les is considering
resigning. Lillian may also resign, but will perhaps stay if
we have an assistant treasurer, to help with registrations;
collect the money and greet people as they arrive. Brian
made a motion to have Michael step in as co-treasurer.
Passed. Gail will add new members in Microsoft Word or
Excel, to a master membership list. Gail is to email new
members to Les to be added to the e-mail newsletter list.
Les wants three people at the
door to shake hands, gather information, collect the money,
and give out tickets for the draws at the end of the
meeting. He especially wants the executive to greet everyone
at the door as they arrive. Directors could have name tags
and introduce themselves. We need guest name tags. Tickets
need to be checked, to make sure everyone has paid at the
door. Guests for the June 2008 meeting are 1) Concrete
Equities, 2) Info on paying down your mortgage quicker.
Brian suggested that new
members talk about their purchase and three things: 1) How
they make their living, 2) their goals and 3) what they want
to get out of the club.
Harvey can cover for Brian,
and be Lillian’s assistant, when Brian is away. Michael is
to be Les’ assistant.
It was agreed that we need
good speakers. One suggestion : Richard Goatcher, from CMHC.
Suggestion: start meetings on time, and have set time limits
for guest speakers. Say 30 minutes if we have three speakers
and 45 minutes if we have two speakers. Gail is to be the
timer, and give one minute warnings.
Suggested time table for
meetings:
7:00 to 7:30 preamble by
Karen & Les
7:30 to 8:00 guest number one
8:00 to 8:30 guest number two
8:30 to 9:00 guest number
three
9:00 to 9:30 final summary
and draws for door prizes.
We are saving up to purchase
an overhead for presentations.
Michael: We could all
contribute to a vacation in Mexico with all expenses paid
after arrival.
Les suggested an 8 day/ 8
nights cruise especially for landlords starting in San
Diego, headed to Acapulco, Jan 23 to Jan 31, 2009, with
special guest speakers. Cost is about $1000.00 and could be
tax deductible. The web site is www.mrlandlord.com
. For complete cruise details or to book, phone toll free 1
800 881-4561.
One suggestion by Michael –
Invite Darren Weeks to be our guest speaker.
Brian will setup a trip to
Mexico, including free hotel and meals for Puerto Vallarta
for 3 or 4 nights. There is no pressure to purchase. The tax
rate in Mexico is 1%.
The meeting was moved
adjourned at 10:45 by Brian and seconded by Lorraine.
Katherine Callfas
LETTERS
FROM OUR MAILBAG
