So, there are plenty of perspectives on this. You'll have to figure out what works for you.

The call we recently had with William Lederer was a great one for learning to find, screen and select tenants and he had a 59 page e-book that went with the call. It might be worth checking the call out or his Ultimate Property Management book. While not Canadian, it's really an excellent resource for landlords and property owners.
 
http://revnyou.com/Real_Estate_Investing_Lessons_Teleseminar.html
 
As for the financing - go back to your goals once again but that financing is sweet and prime minus anything has gone the way of the dinosaur. For the most part I think you're better off to keep that sweet mortgage and just pay down the principle on your mortgage while you can. If you fall on hard times or find you need to lengthen your amortization period to improve the cashflow then you've got that option.
 
That said, the experts we follow are calling for rates to continue to increase. So ... take a look at the possible scenarios and determine what risks you are and aren't willing to take.
 
I will make a few final notes on your situation only because I happen to be very familiar with the building you live in. I do have a few concerns with that area because of the glut of other very similar units that are also rentals, the poor access to the Subway, and the maintenance fees which, which last time I looked at them, were substantially higher than most other buildings in the downtown area.
 
Given these concerns I would try to do whatever you can to make this a positive cashflowing property from the start because you may find it's tough to keep renters in there at times and rent rate increases could happen very slowly over time due to the continued growth of similar units all around it. It's just something to be aware of as you're weighing the risks and the rewards.
 
Phew!! I do hope this helps you a little bit Scott. You've definitely given us a really big case study to share with our students. We'd love to know what you end up doing and how it works out for you.
 
Best regards,
Julie

Posted on July 6th, 2009

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