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Old 05-27-2023, 02:07 PM
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slopeshunter slopeshunter is offline
 
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Default Renting Property

Hey everyone,
A couple weeks ago my mother inlaw passed away. My wife and I need to decide if we want to sell or rent her condo (she was 98 and lived in a 55+ condo development lol). We are in no rush to decide but if we rent it we’re not sure if we want to manage it and I’m curious if anyone on here has any positive experiences with any property management companies in Calgary that I could reach out to to do some research. Thanks!
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Old 05-27-2023, 03:40 PM
fishtank fishtank is offline
 
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Sorry for your lost .
A couple things to consider is that what is the rental rate and your mortgage payment and fees , is it worth the time and money for you? property management fee is around 1 month rent + all the expenses/ repairs.

Last edited by fishtank; 05-27-2023 at 03:48 PM.
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Old 05-27-2023, 05:32 PM
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sewerrat sewerrat is offline
 
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Sorry for your loss,
At least she was in a 55 plus condo so if you rent it out you would have a better chance of having long term renters.
A few years ago we had a newer home that we used as a rental and we had a management company in it, they took care of everything, we just watched that the cheque was in the account. That comp took 9% of the rent.
As for your unit I would do it my self I would think people over 55 are a bit more mature and don’t move around as much.
Just my thoughts.
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Old 05-27-2023, 05:54 PM
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mooseknuckle mooseknuckle is offline
 
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PM sent, just so happens my elderly parents are looking for a condo/apartment to rent in Calgary. Not an easy find I'm told. Just a thought.
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Old 05-27-2023, 07:07 PM
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Trochu Trochu is offline
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Being a condo, my first task would be to check the bylaws to see if you can actually rent the units out. Secondly, I'd run the numbers to see if it's financially sound to rent vs selling. Thirdly, I'd strongly consider managing it yourself if you're able.
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Old 05-28-2023, 07:10 AM
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3blade 3blade is offline
 
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Quote:
Originally Posted by Trochu View Post
Being a condo, my first task would be to check the bylaws to see if you can actually rent the units out. Secondly, I'd run the numbers to see if it's financially sound to rent vs selling. Thirdly, I'd strongly consider managing it yourself if you're able.
This

Plus you need to look at long term value, history/potential of a special assessment, history of condo board decisions, and ALL the condo rules

I own two I can’t get out of, constant upkeep and growing mortgage costs eating my personal cash flow because rent can never go up, never made a dollar of profit. So my opinion is unless you really need the monthly income and it works out like that, to sell it and get the heck away from real estate.
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Old 05-28-2023, 08:44 AM
Scott h Scott h is offline
 
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I used Hopestreet property management to look after a house in Calgary for a few years. I had no problems with them and the process was very straight forward.
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Old 05-28-2023, 09:21 AM
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Cement Bench Cement Bench is offline
 
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Location: alberta
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places like horizon village make money

old farts are clambering to get in

don’t even need to use a realtor most neighbour's want their friends to move in

larger units go for big money
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Old 05-30-2023, 10:12 AM
Big Grey Wolf Big Grey Wolf is offline
 
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When I managed my apartment building had nice profit each year. When had management company All the profit went into their pocket. Something to consider.
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