Results 1 to 9 of 9
  1. #1
    Junior Member
    Join Date
    Jul 2007
    Location
    London
    Posts
    196
    Rep Power
    31

    Question Do you have a rental property?

    HI there,

    I am thinking of purchasing a townhouse/condo apt to rent out. Now my biggest concern is how to screen the tenants and how to maintain the property if I am out of town. Any suggestions/advice?

    I have some specific questions if you can share your opions with me. .

    Q1. Do you screen the potential tenants by yourself? How do you prepare your lease agreement?
    Q2. In case you have a bad tenants, how can you get them out of the property? What are the regulations by law?
    Q3. Where did you find your manitenance team, i.e. plumber, and electrician?
    Q4. Do you use a property management company? How much does it charge?
    Q5. Do you inspect your property once/two a year?

    Your experience/advice/suggestions would be highly appreciated. Before I put an offer, I would like to reduce the risk associated with it by understanding more.

    Thanks a lot and wish you have a great weekend!

    Betty

  2. #2
    Expert Forum User Siana's Avatar
    Join Date
    Jul 2006
    Location
    At a computer :p
    Posts
    3,536
    Rep Power
    168

    Default

    I don't, but this site will have some information to help you out a bit:

    Ontario Landlord and Tenant Board
    http://www.ltb.gov.on.ca/en/index.html
    Mama to two
    Etsy store: Merry Medley

  3. #3
    Expert Forum User

    Join Date
    Jan 2008
    Location
    within walking distance of downtown but a good part
    Posts
    4,699
    Rep Power
    229

    Default

    we are looking for a townhouse sept or later .... maybe you can be my landlord



    I sell AVON I sell SCENTSY JOIN THE PARTY!

  4. #4
    Senior Member Madie&Logan's Mom's Avatar
    Join Date
    Jul 2006
    Location
    London
    Posts
    1,329
    Rep Power
    78

    Default

    Don't have a rental property but hoping to in the future. I worked for a company for 5 years that helped landlords by renting out their properties. I know it can be a lot of work and you can get some difficult tenants. On the other hand though you can have fun and meet some great tenants. Just make sure everything is noted by paper and with signatures. The site PP mentioned is a great one.

    Were hoping to buy a condo when we catch back up with our debt etc.

    Good luck! I'm so envious!!!
    ~Christine~

    Mom to Madison Anne (5) and Logan Douglas (2)

  5. #5
    Expert Forum User The Ultimate London Mom!
    Ingalls's Avatar
    Join Date
    Apr 2008
    Location
    london
    Posts
    22,762
    Rep Power
    1246

    Default

    We just looked into some of this, because we were sure we could rent our house (here in windsor) easily, while selling is a slow, hopeless process here. Well...we decided to wait and see if anyone buys!

    If the tenant does not pay the utilities, before you can use or rent out that house, YOU have to pay up those bills.
    If they stop paying rent, several months of the year you can not kick them out, because of some clause about cold weather.
    We worried, too about how people would treat the property, as sometimes it's hard to know what kind of tenant you are getting. When we were looking to buy here we viewed many rental properties that were up for rent or sale, and so many reeked of cat urine or of dog, had those yellowed walls from years of smokers, etc. There were holes in walls, carpets with holes, etc and we thought WTH?! but the agents all said "It was a rental" as if this explains it???
    So yeah...
    we didn't do it.

    But then again some peoplehave had great successes with it, so who knows.

    Keep in mind you have to factor in the mortgage, insurance and taxes, in order to figure out what rent to charge -- and may not make a big profit once you factor all that in, kwim.
    DD1 age 7 DS age 11
    "I will remember you." July/10
    Baby Elaina born October 28th, 2011. Making every single day that much more special.
    INTERESTED IN BUYING DVDS OF OLD KIDS' SHOWS. Mr.Rogers', Mr.Dressup, Polka Dot Door, etc

  6. #6
    Expert Forum User

    Join Date
    Jan 2008
    Location
    within walking distance of downtown but a good part
    Posts
    4,699
    Rep Power
    229

    Default

    pick me .. pick me.. lol i am good tenant ... but i need to find a decent place/... lol keep me in mind.. but for london not windsor



    I sell AVON I sell SCENTSY JOIN THE PARTY!

  7. #7
    Junior Member miasmom's Avatar
    Join Date
    Sep 2006
    Location
    st.thomas
    Posts
    553
    Rep Power
    47

    Default

    I owned a rental property for 4 years, and sold it in just 2 weeks this past October, for $30,000 more than we payed for it!!!! It was a great investment for us personally. We purchased it just before our wedding and lived in the one part of the duplex and then rented out the other half making us mortgage payment free! It was lovely.

    Not to say there weren't any difficulities;

    When you purchase a duplex you need to have at least 5% down ( I do belive, don't quote me it might be more now!) You have to have fire saftey checks, electricty checks and they cost money ($400 total we payed)

    As for maintence, we did it all ourselves. Last winter the pipes burst but we caught it too quickly and it didn't do enough damage so we had to pay for repairs out of pocket. So we hired in help for that. But minor things we did ourselves. Like leaky toliets, installing new showers, things like that we took care of. And hired help if it was beyond us.

    Its hard to get rid a tenant once you've got them, even if you hate them. If they are paying rent, they are pretty much coverd by the tenants standard act. Check it out on Goggle, theres LOTS to read!

    As for screening tenants, you go with your gut, check refrences, ask LOTS of questions and have a REALLY good contract, if I can fish my up somewhere around here, I'll pm it to you. I got it for free off line.

    Peronally I would never use a property managment team. The cost is too much for small things you can do. Just know that you'll have to be available all the time, and owning a property for others to live in is ALOT of work! For us living on site was great! We could live our livies and maintain it all at the same time. I would def. try to buy something close enough to your current house so you could always keep an eye on it and be readily avalible if needed.

    If you have any other questions feel free to pm me!





  8. #8
    Moderator The Ultimate London Mom!
    ChinUp's Avatar
    Join Date
    Feb 2007
    Location
    LesBotLand
    Posts
    14,709
    Rep Power
    1419

    Default

    My previous house I owned I had roomates that I rented the basement out to. They will definately not take care of the ppty as well as an owner would, but it was still worth the extra $$ at the time. Anything you buy for the ppty is tax deductible. Eg, I rented out the basement, 50% of the house, so anything I bought, lawnmower, outside plants, paint for common areas (shared kitchen) was 50% deductible.

    I believe if you own a rental ppty for more than 4 years then when you sell it the capital gains ARE taxable. So mine was only a rental for 3.5. But double check on my numbers, gov't likes to change things.

    I also have forms avail at work that I used for my roomates to fill out. They were made up by a lawyer in London, I used them assuming he must know what he's doing. PM me if you want a copy Monday.

    The lawyer mentioned has several pptys he rents to students, he put a clause in some that they get a cleaning lady once a month/week (I forget) and the cost is covered by the rent. It was his sneaky way of getting someone inside to make sure they weren't destroying the place.

    As for maintence, I lived in mine so I did it all myself. Except for Weedman...
    Last edited by ChinUp; 04-25-2008 at 08:51 PM. Reason: spelling
    Stop thinking you’re not ready. – Nobody ever feels 100% ready when an opportunity arises. Because most great opportunities in life force us to grow beyond our comfort zones, which means we won’t feel totally comfortable at first.

    ~ Breastfed for 7 months, 2 weeks and 3 days ~

  9. #9
    Junior Member
    Join Date
    Jul 2007
    Location
    London
    Posts
    196
    Rep Power
    31

    Default Thank You All!!!

    Hi ladies,

    Thank you all for the information. It is helpful. I wil keep looking for a property that I like.

    Wish you have a great week!

    betty

Similar Threads

  1. Who lives in a Sifton property?
    By mum_of_four in forum Chit Chat
    Replies: 6
    Last Post: 07-19-2007, 12:58 PM
  2. Breastpump Rental
    By funkymom in forum Chit Chat
    Replies: 11
    Last Post: 04-25-2007, 04:34 PM
  3. property line restrictions
    By Donna in forum Home & Garden
    Replies: 5
    Last Post: 04-21-2007, 10:11 PM
  4. Where can you get a rental property for a month?
    By Noahsmom in forum Chit Chat
    Replies: 4
    Last Post: 03-27-2007, 10:14 PM
  5. cottage rental
    By momx2 in forum Chit Chat
    Replies: 6
    Last Post: 01-12-2007, 10:10 PM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •