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  1. #1
    Moderator The Ultimate London Mom!
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    Default Does anyone own a rental property?

    Just wondering. In my old house I used to rent out the basement to help with the mortgage - but I lived there so it's different...

    Anyone own a place they rent out? I have a few questions:

    How much above the mortgage payments do you charge?
    Are utilities included or is they pay seperate better?
    How do you make sure the place doesn't get trashed?
    What if they move out and it trashed?
    What if they don't pay rent?
    Where do you advertise for tenants?
    Do you get a 25 year mortgage on it?
    Is there a way to not let people have pets if you don't want them to?

    That's all I can think of right now. PM me if you don't feel like answering on here.
    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 ~

  2. #2
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    I've downsized to a sweet little yellow brick home in Old East. My backyard is a haven for birds :)
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    I know a paralegal who specializes in landlord and tenant issues. She'd be able to answer many of your questions. PM me if you'd like her name and number.
    Love seeketh not itself to please,
    Nor for itself hath any care,
    But for another gives its ease,
    And builds a Heaven in Hell's despair.

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  3. #3
    Moderator The Ultimate London Mom!
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    Thanks Old Gal, I'm not having any issues. Just exploring owning rental ppty again. But this time I wouldn't be living there...last time I was there and able to keep an eye on everything and maintain the house.
    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 ~

  4. #4
    Expert Forum User The Ultimate London Mom!
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    Is there a way to not let people have pets if you don't want them to?
    nope, thats not a legal clause and will to my understanding possibly void the lease.

    you can not ask for key or damage deposit either only last months rent which you must pay interest on

    if they trash it you sue them in small claims

    if they don't pay rent again small claims court and the landlord tenant board to evict them

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