David Setton : Answers In Real Estate

Recently, the Parent Advisory Committee (PAC) at the Jewish Community Centre (JCC) was tasked with raising $350,000 for development of a naturalized playground to serve ten different daycare and school programs at the JCC. We volunteered our time and then made a strategic financial donation to hire a professional facilitator, Debrah Coll, who took the PAC's efforts to a new level. This turned out to be a turning point - and as a result, a private donor stepped forward to sponsor the entire naturalized play space! Congratulations to the JCC and its sponsor (yet to be announced).

Whether you give your time or your money, you are probably making more of a difference than you think.

Want $1,000 towards your favourite charitable cause? For anyone who buys or sells through me and mentions this, I will gladly donate $1,000 towards the cause of their choice.

1.  Look for units in buildings that have good curb appeal – it will be easier to rent out and you will have more tenants to select from.
2. Review rent expectations on Craigslist – this is where renters go, so go there first! It will give you an idea of how much you can rent out a unit for. Then, go in a little bit lower to attract more prospective tenants. The ability to select a good quality tenant is crucial to minimizing your turnover and repair costs.  
3. What to pay for – when you purchase a condo, you pay on a square foot basis. However, when you rent it out, you can charge rent based on the number of bedrooms. For example, a 600 sq. ft one-bedroom condo will cost a lot more than a 500 sq. ft. one-bedroom, but they may rent for the same amount. However, keep in mind that views, amenities, a quiet location and well managed building are things that will retain a good tenant once they are there, so pay attention to these intangibles.