Edmonton Real Estate Investors Association Message Board › August 11, 2009 ERPIA minutes
Sherwood Park, AB
Edmonton Revenue Property Investors Association.
Minutes of Aug 11, 2009 meeting
Michelle opened the meeting at 7:00 p.m. and welcomed everyone. New guests introduced them selves.
Our first guest speaker was Rayanne Yager from Telus. She has a special deal for Property Managers. This is for managers with 20 units or more. Companies can get a consolidated bill. Boardwalk uses this special Telus deal.
Les gave us a market update.We have had record housing sales in June and July. Mortgage rates are attractive. Condo prices dropped in July as there is more inventory. New home starts rose. The Average price for all categories dropped from July 2008.
The July average was 46 days on market - down slightly from June, 2009. There are 6500 properties for sale. Supply and demand are in balance.
There are not many new jobs and jobs are still being lost. Vacancies have increased. The average 2 bedroom rents for $ 1050.00
Les has all leases renew at the end of July. Les has been dropping rents as he has lots of vacancies. Screening is very important.
Les and Karen pre screen with questions such as “do you smoke?” “Any pets?” “Jobs?” “Can you sign a lease to the end of July?”
Then show the suite and get a detailed application. Have them sign a disclaimer to allow a credit check. Check their ID.
Les uses rentcheckcorp.com. You will need their last address for this. Dogs can be a big liability if they bite someone. Les rarely does the credit check. He prefers to phone the references. Make sure you obtain proof that he obtains his own insurance.
This was followed by creative financing and debt consolidation.
We understand that Servus is doing zero down deals and giving mortgages to self employed people.
The evening ended with draws.