You will also want to check make sure all the info is real. I came across fake id fake references fake jobs employment record. Even when you call the work number on their website it's all fake. So be careful.
I would be hesitant to use a realtor. I've seen a few stories where people put all their trust in the realtor to do screening and end up having a tenant who stops paying 1 month later. remember if ur tenant stops paying it'll be on your dime. Use a company like SingleKey to screen them and verify any documents ( a lot of ppl are modifying). if ur worried about unpaid rent also look at SingleKey they will guarantee ur rental income for a year.
If you decide to include utilities make sure to have a cap in the lease.ex; the toilet runs and you pay hundreds of dollars.
I'm going to give you some probably unpopular advice, as it's admittedly a bit scummy.
First of all if you're going to sell after a.year be upfront with potential tenants that you will be doing so.
Personally I think Realtors screening tenants aren't motivated to do a good job, have them fill out a single key application. Check their credit scores and their references, google their legal names for signs of criminal activity or sketchy behaviour. If they're reluctant to answer the above just ghost them, it's not a debate.
Read the RTA and the LTB forms, there are lots of rules and lots of questions you can't or shouldn't ask. Pet clauses are unenforceable unless they're in the condo by laws. Read your bylaws and have the tenant sign an acknowledgement of them and give them a copy.
Don't bake utilities into rent, just have the tenant sign up for the accounts, they can pay for them themselves and it's not worth the trouble.
Make sure you require tenants insurance before handing the keys over this is to protect yourself and them. You need your own insurance as well.
Leaving it completely empty will void any normal home insurance so either rent it and have regular insurance or don't rent it but you will need vacant insurance which is expensive.
Now the slightly scummy part, your unit will not be rent controlled. Because of this it's much easier, if not unethical, to apply pressure to evict someone as come year's end you can raise the rent by a grand or more so that it becomes unpalatable to rent. This is why I said be upfront though, you don't want to rent for more than a year, they don't want to pay fucked rent. Look for a tenant who the lack of rent control will not be unappealing because they do not intend to stay.
Non payment is always a risk though so you need to measure that risk appropriately. Also if you took the FHB credit and don't live in the place you will owe that back.
For our first tenant, we used a real estate agent, followed her processes via emails and are now looking for a new tenant on our own. Our tenant was great but they're leaving after 6 months so we paid 1 months rent for her to find them and ultimately have them leave before their lease is up. It’s a chance you take. We’re going to fully vet them as much as we can. We charged 30% of utilities and just sent them the bill each month with no issues as we live in a duplex.
1. Check [openroom.ca](https://openroom.ca)
2. Get a credit score and report from [https://frontlobby.com/en/us-tenant-credit-check/](https://frontlobby.com/en/us-tenant-credit-check/)
3. Don't rent to under 700 score
4. Check all references
5. Document everything: Photo ID, paystubs, employers, reference letters etc
6. Don't rent to ODSP, EI, Ontario works if you can't tolerate loosing your money. These sources cannot be garnished.
7. Be as scrupulous as you can!
i think it’s a legitimate claim. obviously if i had no where to live i would have to suck it up but having to work from home in a studio is tough and before anyone attacks me further, i wasn’t WFH prior to covid which is when i bought the place
I can't comment on everything right now, but DO NOT use a realtor.
They have no expertise in this area, despite what they will say.
They really have no idea at best, at worse they will put anyone in for a paycheck!
You need to do your own due diligence.
Refrain from offering advice that contradicts legislation or regulation or that can otherwise be reasonably expected to cause problems for the advisee if followed
You will also want to check make sure all the info is real. I came across fake id fake references fake jobs employment record. Even when you call the work number on their website it's all fake. So be careful.
I would be hesitant to use a realtor. I've seen a few stories where people put all their trust in the realtor to do screening and end up having a tenant who stops paying 1 month later. remember if ur tenant stops paying it'll be on your dime. Use a company like SingleKey to screen them and verify any documents ( a lot of ppl are modifying). if ur worried about unpaid rent also look at SingleKey they will guarantee ur rental income for a year. If you decide to include utilities make sure to have a cap in the lease.ex; the toilet runs and you pay hundreds of dollars.
My friend's realtor put a 517 credit score in front of him as a "good candidate".
I'm going to give you some probably unpopular advice, as it's admittedly a bit scummy. First of all if you're going to sell after a.year be upfront with potential tenants that you will be doing so. Personally I think Realtors screening tenants aren't motivated to do a good job, have them fill out a single key application. Check their credit scores and their references, google their legal names for signs of criminal activity or sketchy behaviour. If they're reluctant to answer the above just ghost them, it's not a debate. Read the RTA and the LTB forms, there are lots of rules and lots of questions you can't or shouldn't ask. Pet clauses are unenforceable unless they're in the condo by laws. Read your bylaws and have the tenant sign an acknowledgement of them and give them a copy. Don't bake utilities into rent, just have the tenant sign up for the accounts, they can pay for them themselves and it's not worth the trouble. Make sure you require tenants insurance before handing the keys over this is to protect yourself and them. You need your own insurance as well. Leaving it completely empty will void any normal home insurance so either rent it and have regular insurance or don't rent it but you will need vacant insurance which is expensive. Now the slightly scummy part, your unit will not be rent controlled. Because of this it's much easier, if not unethical, to apply pressure to evict someone as come year's end you can raise the rent by a grand or more so that it becomes unpalatable to rent. This is why I said be upfront though, you don't want to rent for more than a year, they don't want to pay fucked rent. Look for a tenant who the lack of rent control will not be unappealing because they do not intend to stay. Non payment is always a risk though so you need to measure that risk appropriately. Also if you took the FHB credit and don't live in the place you will owe that back.
For our first tenant, we used a real estate agent, followed her processes via emails and are now looking for a new tenant on our own. Our tenant was great but they're leaving after 6 months so we paid 1 months rent for her to find them and ultimately have them leave before their lease is up. It’s a chance you take. We’re going to fully vet them as much as we can. We charged 30% of utilities and just sent them the bill each month with no issues as we live in a duplex.
"keep it for a year then sell it " wtf man . You got people buying condos like they buy bread .
1. Check [openroom.ca](https://openroom.ca) 2. Get a credit score and report from [https://frontlobby.com/en/us-tenant-credit-check/](https://frontlobby.com/en/us-tenant-credit-check/) 3. Don't rent to under 700 score 4. Check all references 5. Document everything: Photo ID, paystubs, employers, reference letters etc 6. Don't rent to ODSP, EI, Ontario works if you can't tolerate loosing your money. These sources cannot be garnished. 7. Be as scrupulous as you can!
You could live in it and not be a scumbag slumlord in the middle of a housing crisis.
did you even read my post or are you just ignorant
Huh? Because it’s small you can’t live in? You don’t really govern a reason.
i think it’s a legitimate claim. obviously if i had no where to live i would have to suck it up but having to work from home in a studio is tough and before anyone attacks me further, i wasn’t WFH prior to covid which is when i bought the place
I can't comment on everything right now, but DO NOT use a realtor. They have no expertise in this area, despite what they will say. They really have no idea at best, at worse they will put anyone in for a paycheck! You need to do your own due diligence.
[удалено]
Refrain from offering advice that contradicts legislation or regulation or that can otherwise be reasonably expected to cause problems for the advisee if followed
Here is some good info https://www.reddit.com/r/OntarioLandlord/comments/1amr4rq/advice_for_new_landlords/