Edmonton Real Estate Investors Association Message Board › ERPIA Sept 13, 2011 minutes
Sherwood Park, AB
Edmonton Revenue Property Investors Association- Minutes of Sept 13, 2011
Harvey opened the meeting and introduced Les, our president. New members introduced themselves. The minutes of the August meeting were read.
Les gave us info on the market rents in Edmonton. Presently rents are flat.
In the USA many more jobs are needed with underpriced homes flooding the market.
Landlords need good renters. Prices are starting to swing up here now with the oil sands and pipelines bringing in cash flow.
Our guest speaker was James Knull, of James Knull Real estate. (Phone 780 695 3214) James specializes in creating basement suites. In Edmonton almost all homes are rated RF1; RF2: RF3: and RF4. All these zones are o.k. for adding a suite. It was an excellent presentation with an informative handout included. The web site is www.JamesKnull.com
You will need to comply with fire safety and building code requirements, such as adequate window size, and proper handrails. Wood panelling will need to be replaced with fire safe drywall.
James included tips for effective land lording of suited homes. You need good systems and procedures and you need to give good customer service. You need to screen the prospective tenants to attempt to match their lifestyle to others living in the same home.
Good News. The city of Edmonton has cornerstone grants available to create a suite in your home, and getting approval is not difficult. The grant, - up to $24,000 is currently available.
Book draws completed the evening.