Tenants From Hell

I just finished reading the articles in the Saturday and Sunday "Toronto Star" written by Dale Brazao about the "Tenants from Hell" The article reveals that these tenants have been evicted from five luxury houses across the GTA and left the landlord with some $ 30,000.00 in unpaid rent and other expenses. For the full article go to the Toronto Star web site, www.TorontoStar.com.
 The lesson taken for all landlords and especially landlords who are just starting in the business is be prepared for all situations or trust your rental property to very experienced property managers. There certainly are proper ways to establish your relation ship with all new tenants.
 1) Make sure that you have a very detailed lease that has been approved by your solicitor, and that explains in detail to the tenant their responsiblities and yours ( landlord)
 2) Ask for references and check them all out yourself
 3) Ask them for the name(s) of previous landlords and check not only to their payment history but, how they left the property and buildings when they concluded their lease.
 4) If the tenants are responsable for the payment of electricty/utilities as a part of the lease agreement, you the landlord  could be responsable for the payment, if the tenant fails to pay the bill. Therefore if the tenant skips and leaves the landlord with a couple of months unpaid rent, the landlord may also be responsible for the unpaid utilities. This applies to our supplier in Peterborough, and it may apply to your supplier in your municipality.
 5) As a landlord, be very knowledgable  with the Tenant ACT and know your rights as a landlord.
 6) Join a landlord's association. In our city of Peterborough, we have a very active association of landlords and they meet once a month.
 If you decide to delegate your landlord responsabilities to a Property Manager make sure that again,you do your due diligence as to their track record with landlords and their history with tenants and the tenant profile in the buildings that they manage.
 Done properly investing in multifamily or investment properties can be a very good investment with a good return on investment and usually a good increase over time in your capital investment. Interest rates are still very low, so let's get started!

There are no comments

Thank you! Your comment has been submitted and is awaiting approval.

Harry Huffman

Harry Huffman

Sales Representative
CENTURY 21 United Realty Inc., Brokerage*
Contact Me