Does anyone own rental property in Forest Lawn/Dover

[CapnCrunch]

...or any other area similar to these? I'm just curious as I've found quite a few cash flow positive places here lately.

I'm just looking for and experiences/thoughts/opinions/etc. I'm not looking for a flip, just a long term buy and hold type of deal.

I see some talk of gentrification, but there are so many of these areas all sandwiched together I doubt it will ever happen.

[ExtraSlow]

Don't count on gentrification to make the investment make sense.

one thing to think about is the type of people you get in those less desireable areas, you should budget more for repairs and for more frequent turnover of tennants. Still can make sense, but those areas are cheap for a reason.

[CapnCrunch]

Originally posted by ExtraSlow
Don't count on gentrification to make the investment make sense.

one thing to think about is the type of people you get in those less desireable areas, you should budget more for repairs and for more frequent turnover of tennants. Still can make sense, but those areas are cheap for a reason.

Yeah I'd bet on gentrification not happening actually.

I'm guessing I'd deal with lower rents, probably more issues with tenants missing rent payments, probably some damage to the property at some point, maybe complaints from neighbours, evictions, etc.

I'm just wondering if its worse or better than I think it would be. Someone must own rental properties there right? Lol.

[ercchry]

i think you'd be better off with a suited home in another part of town

[revelations]

I lived in Erin Woods for 5 years - its not AS bad as the lawn or Dover, but HAWCS flies overhead every night.

Even then, there are gems to be found. In Forest Lawn you can have one street where the neighbours really do care and keep up their property in pristine condition - but walk down a block and its shit. What I've found is that good people tend to stick around (stability) and the losers tend to move around, so even if you found a gem next to a dump, chances are the dump wont be that way forever (5-10 years).

[Xtrema]

Originally posted by CapnCrunch


Yeah I'd bet on gentrification not happening actually.

I'm guessing I'd deal with lower rents, probably more issues with tenants missing rent payments, probably some damage to the property at some point, maybe complaints from neighbours, evictions, etc.

I'm just wondering if its worse or better than I think it would be. Someone must own rental properties there right? Lol.

You wont find good people. if you do, turnover will be high as they wont stay for long.

cash flow looks good because rent is high right now and property is relatively cheap and chances are good that you can catch out of towners that doesn't know the area.

[BokCh0y]

Have 4 rentals in forest lawn, a 4 plex basically - close to the 711 and forest lawn high.

The type of tenants you get...not worth it. A lot of squatters, regular non payment of rent, when they leave, they leave tons of shit/garbage and destruction behind. Major repair bills are a regular. Sometimes previous tenants come back and break in and then destroy stuff because they feel you fucked them over when you booted them out for months of non-payment of rent. I try and show compassion, but business is business.

I inherited these from my father in-law, not worth the hassle.

If you're going to do this, I would buy in a better area.

[jsn]

Not worth it. My dad had a place in whitehorn. Although not quite as bad as forest lawn or dover, he dealt with pretty much everything bokchoy mentioned. A lot of lower income renters who leave garbage and damage the house, and he had several break ins. His house was in pretty rough shape after all was said and done and needed a pretty extensive fix/renovation before he sold it.

[CapnCrunch]

Originally posted by BokCh0y
Have 4 rentals in forest lawn, a 4 plex basically - close to the 711 and forest lawn high.

The type of tenants you get...not worth it. A lot of squatters, regular non payment of rent, when they leave, they leave tons of shit/garbage and destruction behind. Major repair bills are a regular. Sometimes previous tenants come back and break in and then destroy stuff because they feel you fucked them over when you booted them out for months of non-payment of rent. I try and show compassion, but business is business.

I inherited these from my father in-law, not worth the hassle.

If you're going to do this, I would buy in a better area.

Christ, that's everything I was worried about lol. Thanks for sharing.

[BokCh0y]

I can be more detailed like how I have to rent those huge garbage bins to clean out the shit the tenant leaves behind - clothes, tv, furniture. And of course, the shit they leave behind isn't stuff like what they find in storage wars or newer items like LCD TV's and Xboxes that work.

Or stories like how I found a rotting steak in one of the kitchen cabinets because the former tenant, pissed off because of eviction, smashed the window and broke it. Left a steak in the cabinets to rot for days. This after I was in there and cleaned the joint out and got it ready for show to another tenant.

Or how I've had to replace carpet and paint the joint pretty much every 6 months because of the destruction afterwards...

Or maybe you want to hear about the tenants that refuse to pay rent and stay there for free for months until I can legally have them removed. Squatters are the toughest to deal with. The law out there doesn't necessarily protect the landlords all the time, especially in these instances.

I wish I could charge $5k for a damage deposit legally, and that would sometimes cover the cost of repairs.

Hahaha...I have stories galore!!!

[TomcoPDR]

Originally posted by BokCh0y

Hahaha...I have stories galore!!!

Any bj offer exchange for rent stories?

Fuck, right behind from 711 too eh. That's non stop action central.

[BokCh0y]

No dude, not behind the school. Across from the 711 - East of the school. Across 8th Ave SE on 44 Street.

Seriously....even if someone offered me some poon for rent, not worth it. Rent is fairly cheap as it is, and there's no way a pussy in that area is worth more than $50-100 bucks haha.

[Xtrema]

Originally posted by BokCh0y
Have 4 rentals in forest lawn, a 4 plex basically - close to the 711 and forest lawn high.

The type of tenants you get...not worth it. A lot of squatters, regular non payment of rent, when they leave, they leave tons of shit/garbage and destruction behind. Major repair bills are a regular. Sometimes previous tenants come back and break in and then destroy stuff because they feel you fucked them over when you booted them out for months of non-payment of rent. I try and show compassion, but business is business.

I inherited these from my father in-law, not worth the hassle.

If you're going to do this, I would buy in a better area.

Buddy's place in Dover, husband ran away, wife on welfare, rent is late if any. After they got evicted, place is a total biohazard. They found soiled diapers in the walls.

[DeleriousZ]

Originally posted by revelations
I lived in Erin Woods for 5 years - its not AS bad as the lawn or Dover, but HAWCS flies overhead every night.

Even then, there are gems to be found. In Forest Lawn you can have one street where the neighbours really do care and keep up their property in pristine condition - but walk down a block and its shit. What I've found is that good people tend to stick around (stability) and the losers tend to move around, so even if you found a gem next to a dump, chances are the dump wont be that way forever (5-10 years).

I also lived in Erin Woods for a year and really didn't mind it at all. Never felt unsafe or had anything stolen. In fact I left a bunch of totes with random car gear out between the house and garage (no fence) for that whole year and it was never touched.

[thetransporter]

Originally posted by Xtrema


Buddy's place in Dover, husband ran away, wife on welfare, rent is late if any. After they got evicted, place is a total biohazard. They found soiled diapers in the walls.

have rental places in that neck of the woods - and also in Mission- shit is everywhere...

be like donald trump - do what you think is right.

[heavyfuel]

I make a few bucks almost each month in Forest Lawn thanks to bad renters. I wouldn't recommend it.

[CapnCrunch]

Has anyone had better luck in other parts of the city?

What property types do you have?

[Toma]

Illegal suites.....

Cost me $30k after a complaint to legalize (redevelop) my Forest lawn property and basement suite. If there was no development permit pulled at the time of construction (and most in the area did not since suites only became legal recently (prior to that you had to build a legal "duplex")), you will eventually have to deal with the City's development department, and most of them are hard to deal with lol.

The city HAS to follow up on a complaint. Neighbour, sour tenant, doesn't matter.

Only cash flow positive properties anywhere are multi suiters.

And yeah, higher turn-over here. more unreliable tenants, more repairs etc.

Most Realtors are roaches in this regard, and downplay the suite issues with excuses, and "oh, the city is relaxing it's rules...".

Just 3 months ago we had to pull the Kitchen out of the GF's basement suite, even though the house is zoned right, meets lot size etc... simple Suite built without a development permit = rip out kitchen and get rid of tenant, or spend thousands re building it to how they want it providing it meets lot, zoning etc requirements.

[Toma]

PS.... a above garage suite is now legal, but you can only have one suite, ie, basement or garage, not both.

[Isaiah]

Can many of the issues already mentioned be mitigated by thoroughly screening potential tenants?

My wife and I know a sweet couple in their fifties who live in Forest Lawn, approximately 4 blocks south of the new supermarket at 17th Ave & 44 St. They are both hardworking church-going Christians whose home looks like a serene oasis. They have been renting there for several years and take a lot of pride in maintaining an immaculate and welcoming home in spite of not owning the property.