It's funny you posted this. I've been considering jumping in on doing rentals for awhile now. I have the cash and liquidity so that part isn't the issue, however I am risk adverse, and I don't know much of anything about property values vs. what I can get for rent. I'm doing a bunch of research, but it is overwhelming (also worried about bad tenants). The area I live near that I'm looking at I think the houses are overpriced for what they are and the taxes are high. From a housing market perspective, I feel I'm looking to jump in at the wrong time?

Isn't canadian just pesos by another name?

Isn't that money guaranteed? Or is it more about the personality types that are on it?

n/m i misread the quote

Question for everyone:

Do any of you use any form of positive reinforcement regarding rent? I know some of you say you don't raise the rent but does anyone do things such as small discount for paying early? Discount on last month of year if paid on time rest of year? Discounts for 6 or 12 months up front. Things of that nature?

Does anyone charge late fees or do you simply start the eviction paperwork the next day?

Curious, do you use high interest online accounts or just a local savings account? I ask because access to the local is faster than online (although usually just a few days difference).

Also, is that a separate account for EACH unit?

Going to look at some properties this weekend! Nervous but motivated. Still a ton of research and learning to do.

The more I research and run numbers though, the more I think I'm going to have to go outside my area.

Have been looking at properties the last couple weeks. Found one we are interested in and along the way I've had my insurance company price quoting each property to get an idea of what that is going to cost. The pricing seems very high and has a bunch of stipulations that are confusing considering what we are trying to do. Are there any insurance companies that specialize in multifamily rentals?

So I just received word that my offer on my first 4 plex has been accepted. I thought it was overpriced and offered quite a bit less than what they were asking. I didn't like their counter offer, so I was ready to walk away. My agent said, rather than just walk away just tell them you aren't going higher. I said that was fine, expecting it to be over. I was surprised to hear they accepted it.

Now for the freaking out about if I made the right decision or not.

First ever rental property. Yea, I've been reading here, and I've done a ton of reading/podcast watching from Biggerpockets etc.

Good luck to you all and your tenants. I am actually quite relieved that I decided to back away from a deal I had been looking at. Would have been horrible timing for me for a first deal...

Rest assured I'm still looking though.