On Being a Landlord...

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On Being a Landlord...

Postby bermbits » 26 Aug 2009, 19:56

I am having a house rehabbed - it should be ready in a month or so. Any good tips (or sites) on being a landlord?
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Re: On Being a Landlord...

Postby pilvikki » 27 Aug 2009, 00:58


yes, email me a sample of a potential tenant's hand writing - in longhand... i can give you ideas on how it's going work out.

seriously.
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Re: On Being a Landlord...

Postby MWB » 27 Aug 2009, 01:46

Hi Bermbits.

Ensure you get a large bond & rent in advance. A month of each.

Make one of the conditions of the rent agreement that you can do a house inspection every 6 months. And with 24 to 48 hours notice.

No dogs but cats negotiable.

Those would be my most important. You want to be a good landlord also. Here's a couple of links.

http://ezinearticles.com/?Tips-For-Rent ... id=1401951

http://realestate.msn.com/article.aspx? ... d=13108372
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Re: On Being a Landlord...

Postby bermbits » 27 Aug 2009, 05:22

Helpful - thank you!
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Re: On Being a Landlord...

Postby threenorns » 27 Aug 2009, 08:50

regarding pets: in ontario, "no pets" clauses, like "no children", are illegal unless the tenant is sharing your kitchen and/or bathroom (in which case, the landlord/tenant act does not apply). also illegal are security deposits, damage deposits, and key deposits are limited to the actual replacement value of the key.

get a good working knowledge of your local landlord/tenant act (or equivalent). here's a link to the canada landlord/tenant website where it loudly states that canadian landlord/tenant laws are PRO-tenant: http://www.globalpropertyguide.com/Nort ... and-Tenant

do the place up ***nice*** - spend the money on good-quality plumbing fixtures and hardware because they'll stand up better to abuse plus you can set your rent high enough to avoid low-rent paying tenants who are more likely to be lousy tenants.

be prepared - when you tenant moves out, you WILL have to clean the place up and do fixes and repairs. that's just how it goes.

seriously, unless you're "johnny on the spot", it kinda sucks being a landlord.
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Re: On Being a Landlord...

Postby Ice.Maiden » 27 Aug 2009, 12:58

Also consider how long the tenancy agreement's going to be for. The tenants need to sign for a 6, 12 or however many months rental of the place. This gives them some protection, and gives you the right to terminate the tenancy after the time's expired, or to renew it.
Always give them written notification of inspection, in advance of you turning up, and you could add a clause to your agreement that any breakages are to be paid for by the tenant. You could keep an inventory for anything you put in the place.
Make sure that all amenities are working - gas, water, electricity - and if you have a phone line installed, a payphone's often better than receiving a bill which the tenant might welch on.
If the property's part-furnished, i.e. with carpets, cooker, etc., make sure that these are of a decent quality.
Stipulate whether you accept children and/or pets.
Have fire/smoke/carbon monoxide alarms installed.
Finally - best to interview the prospective tenants yourself!
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Re: On Being a Landlord...

Postby mamie » 28 Aug 2009, 05:32

We went that route for several years with an apartment that we owned. We couldn't wait to get away from all the headaches associated with being a landlord!

All of the advice you have received here is good. But one more tip if I might. Be sure to go through your house and take pictures of every nook and crannie and closet and piece of hardware and window and floor and wall in the whole place! Take pictures of the outside of doors if you plan to allow pets!

Let the applications for renting pile up initially and then choose the one that involves a single person or just a couple with no children. Tell each prospective renter that someone else has an interest and that you will "get back to them" (toss any application that cannot give you a phone number!!). Do not rent to any divorced mothers with or without children.

Be very, very picky. This is your property and you want someone who will treat it with respect.

And once more - get out that camera when all is complete!

Edit: Check the prices in your area for similar rentals. Be sure to charge near the high end of the scale to avoid people that would tend to default on a contract. And for your own protection, read the law on what is necessary to evict a tenant for non-payment - it's an eyeopener in most areas.
Last edited by mamie on 28 Aug 2009, 05:38, edited 1 time in total.
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Re: On Being a Landlord...

Postby bermbits » 28 Aug 2009, 05:37

Again, thank you all.
The place is a 3-4 bedroom, so it's probably too big for a single person. The guy doing the renovations offered to manage the property for one month's rent (he has several of his own). I'm thinking that's the way to go.
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Re: On Being a Landlord...

Postby pilvikki » 29 Aug 2009, 20:28


hell yes!
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Re: On Being a Landlord...

Postby bermbits » 29 Aug 2009, 20:37

:grin:
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