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I've been receiving a lot of questions from my clients in Kelowna and the surrounding areas, so I'm just going to dive right in and answer them for you.
1. How do you get and maintain a quality tenant?
I've had a lot of bad tenants over the years, and I've learned from my mistakes. You need to run a credit check on your tenants to ensure that they're responsible enough to pay rent. Another thing you can do is treat them like a client, because they're helping you pay off the mortgage, and I think that's valuable. Remember their birthdays and stock their refrigerator with beer on moving day. Treat them with dignity and respect and you shouldn't have too many problems.
2. Will next Spring be a good season for flipping properties?
The market we're in right now isn't a good flipping market. It's good for buying, repairing, and holding onto. Right now you'd probably break even if you tried to flip a home. You really make money on a home when you buy it for a low price. It's harder to sell a property for a lot more money, even after you've put a lot of money into renovations.
If you have any more questions for me about real estate in Kelowna, please don't hesitate to contact me. I'm always excited to talk about real estate!
