Rental Property (nf)

[2 tone z71]

Pete last time I was at camp in Britt..I usually stop in at alban there's a great butcher shop there ..on the bulletin board was a great house ..2 car garage with a nice lot and own boat ramp somewhere on the French ..was around 115 ish

[Sinker]

I have great landlords too, but its a two way street. I take care of the place like I own it, add things to make it better, keep the place up etc......

thats just how I am.....but there are a lot of shady people out there.

 

The house I am in right now was desyroyed by the previous tenants. The landlord lives in AB, and trusted the tenants, but got royally screwed over! Im talking thousands to make the place liveable.

 

When I first came to see the house it was disgusting!!!! Trash everywhere. Inside, outside....everywhere. I told her the place wasnt even liveable and she didnt belive me! When I took pics and sent them to her I realized what was going on, and felt so bad for her that we took the place and cleaned it all up, made the property nice again, and shr hasnt said no to anything we've needed.

 

Its a great place now, I love it, but its been a lot of work for us.

 

My gf is a property manager, and the horror stories she has would blow your mind!

 

I guess you just have to really be careful what tenants you pick.

 

S.

[manitoubass2]

Sinker i hear ya! Ive upgraded this house and the landlord loves it, not only in the house but yard and lanscape as well.

 

My mom worked as a property manager in grande prairie and she too has horrific stories.

 

Ive been on the other end as well. I had an apartment in edmonton for work, it was expensive but nice. I also rented a house in fort frances for my family while i was at work.

 

I was gone on a long stretch( about 6-8 months). Came home early to surprise my family.

 

Well it was me that was surprised. My ex had turned hard into drugs. The house was unreal(basically a crack house)

 

The landlord had it accessed at at least 30 large in damages. Boy he was not happy.

 

That was the end of us lol

 

The landlord wanted to sue me because he knew i had money. But i helped clean and renovate the house and he ended up being very grateful and a good friend to this day.

 

Wise words, be VERY careful who you rent to

[mikeh]

This might be an option for short term rentals . www.airbnb.com

[irishfield]

If you're not within 20 minutes of it pete... don't even think about it. I grew up in a quadplex as the landlords kid, that was a nightmare. Can't imagine being hours away to try and deal with the Bull that goes with professional tenants... and I'm not talking the Doctor Lawyer professionals..

[dhickey]

If you're not within 20 minutes of it pete... don't even think about it. I grew up in a quadplex as the landlords kid, that was a nightmare. Can't imagine being hours away to try and deal with the Bull that goes with professional tenants... and I'm not talking the Doctor Lawyer professionals..

X2

If it's the only property you own and you don't live in it than forget it !!!

 

Save your money for the kids education and think about starting a part time business that you enjoy doing when you don't have the kids.

I have gone through this twice .

There is no easy fix.

 

Good luck

Don.

[sneak_e_pete]

If you're not within 20 minutes of it pete... don't even think about it. I grew up in a quadplex as the landlords kid, that was a nightmare. Can't imagine being hours away to try and deal with the Bull that goes with professional tenants... and I'm not talking the Doctor Lawyer professionals..

 

Maybe its because I rent and am a good tenant...but how often would I really need to

Visit the property? Othen than giving my landlord a cheque, I have no need to interact with him.

 

Would reference and credit checks and having them put utilities in their name not mitigate the risk significantly?

[Big Cliff]

Maybe its because I rent and am a good tenant...but how often would I really need to

Visit the property? Othen than giving my landlord a cheque, I have no need to interact with him.

 

Would reference and credit checks and having them put utilities in their name not mitigate the risk significantly?

Yes, it would.

[Mister G]

If you're not within 20 minutes of it pete... don't even think about it. I grew up in a quadplex as the landlords kid, that was a nightmare. Can't imagine being hours away to try and deal with the Bull that goes with professional tenants... and I'm not talking the Doctor Lawyer professionals..

X3 on this.....rented out my house years ago and it was only 75 miles away....NIGHTMARE is all I can say and I did my homework.

 

If you were very close then YES do it but they will wear you down being 4 hours away.

[Old Ironmaker]

I've had great tenants and bad tenants. I always lived in the duplex or triplex. In my opinion there is something amiss if an individual has great credit and doesn't buy their own property in these times of low interest rates. There is always the exception like a recent divorce and business failure. I always liked renting to people that previously owned their own home but no longer did for many reasons, they took care as if were their own.

 

Find a place you can rent a portion of it to pay for your mortgage. Absentee landlord especially out of town for your first property? like I said before and many here have, never.

[leaf4]

A little bit of a different situation, but I live at my house and rent it out, mind you I don't have kids or pets yet. I have 3-4 people at any given time and have had 3 long term guys in my age range (25) for the past 3 years and can assume that two of them will be in there probably after I buy my next house lol,

 

I would suggest buying a place you can rent out the basement or main floor and live in the other half so they are mindful that you could show up at any given point

[Old Ironmaker]

You are well on your way Lucas. I don't care where that property is that you own in Hamilton what I do know is that your investment has seen a 30% increase, or more, in the last 24 months. I used to work with many men at the plant that were building McMansions on a Steelwokers shift wages when people were loosing there homes with interest rates at 18%. They were in their 30' and 40's when I was in my 20's when I watched them do this. All those that made a comfortable enough life to buy their children their own homes as wedding gifts was enough for me to start owning and renting when I was 24. I learned a long time ago real estate was the way to go for a working guy like me and others especially when I lost 50K in the stock market in 81'. I retired from the plant at 45 when I sold all 3 places. Then bought 2 places in Florida for peanuts and 1 in Arizona when the real estate in the US went for a poop.

 

My wife is too young to retire and doesn't even want to think about hanging around with the likes of me all day but when she does we will choose from the 2 places we have down south that I still rent out today. I can afford to flip 35 and 45% to the property management companies there as all I need to do is deposit my cheques at the end of the month and watch the equity go up.

 

Keep it up.

[sneak_e_pete]

I'd like to thank everyone for taking the time on your posts...great feedback! The peeps on this site are amazing

[leaf4]

You are well on your way Lucas. I don't care where that property is that you own in Hamilton what I do know is that your investment has seen a 30% increase, or more, in the last 24 months. I used to work with many men at the plant that were building McMansions on a Steelwokers shift wages when people were loosing there homes with interest rates at 18%. They were in their 30' and 40's when I was in my 20's when I watched them do this. All those that made a comfortable enough life to buy their children their own homes as wedding gifts was enough for me to start owning and renting when I was 24. I learned a long time ago real estate was the way to go for a working guy like me and others especially when I lost 50K in the stock market in 81'. I retired from the plant at 45 when I sold all 3 places. Then bought 2 places in Florida for peanuts and 1 in Arizona when the real estate in the US went for a poop.

 

My wife is too young to retire and doesn't even want to think about hanging around with the likes of me all day but when she does we will choose from the 2 places we have down south that I still rent out today. I can afford to flip 35 and 45% to the property management companies there as all I need to do is deposit my cheques at the end of the month and watch the equity go up.

 

Keep it up.

Yup, I'm over near Mohawk college, bought in '09 at under market value for 190 (divorce situation) I haven't seen a house for sale at less than 300, and even then it would need some work. Neighbors across the street have the same house as me, less the detached garage it sold for 320 in a similar condition to mine, and I'm currently in the process of adding a full bath in the basement plus another bedroom, after I'm done down here the main floor bath and then the kitchen are getting an overhaul too, I'm a busy guy haha

[Old Ironmaker]

Keep it up Lucas.

[woodenboater]

what can happen if you rent to people who have bad intent on the mind. enough to put that idea to rest huh lol

 

http://www.torontolife.com/informer/features/2015/08/20/jesse-gubb-the-tenant-from-hell/

 

and

 

http://www.theglobeandmail.com/life/home-and-garden/real-estate/nightmare-rental-a-cautionary-tale-for-short-term-stays/article26033529/

[Old Ironmaker]

Some very scary reading there woodenboater. I think all of us current and former landlords all have our bad or even horror stories but having said that all of these stories should not dissuade any future individual from trying the property management route. It can be very rewarding when done right and lucrative. These experiences should help anyone considering it like Pete to go into this venture prepared and educated. One thing I have learned that is if you rent out a slum you will get the same clients that some of these landlords dread. They always don't start out as a slum but can be after a bad tenant, fast. Without backup resources or personal skills repairs aren't sometimes doable and the property suffers.

 

The biggest thing for a prospective landlord must have is a great customer relations personality or basically being able to work with people in a calm professional manner. Be able to get along with people without being a pushover nor have a personality that can be confrontational at all. Those are 2 things in ones personality that anyone renting property to strangers, or even friends can have at all. I had a pal who's cousin and his own daughter do a "midnight move" on him, of course they were behind in rent a few months when they booked on him and the rent. That was very tough on him, his own daughter. He unfortunately passed away on us this past winter and I know the stress of this property he had contributed to his poor health. He is the last person I would consider a people person and he did it after telling him my opinion and telling him of the situations I have had over the past 30 years.

[Rizzo]

4 hours away? No way

[sneak_e_pete]

I appreciate all the feeback very much!!!! I have decided not to do it

[ch312]

One needs to accept the fact that nothing in life is perfect and almost everyone goes through a rough time at one point or another. That said, I know three people quite well who own rental units and are doing quite well. From what I gather being a landlord is just like running a business or holding a supervisor position. Some people can do it and excel while others don't stand a chance and will be eaten alive.

 

I work with a "professional renter", who just won a monthly $300 decrease in rent in court against a slumlord, and his #1 advice is to have the place up to date and follow the rules as there is no better way to encourage tenants to screw you over than being a deadbeat slumlord who owns infested and unsafe buildings. A tenant should not have to call a landlord more than once about issues with the building. They call, you or someone else fixes the problem quickly. Zero excuses. It's the landlords who put off repairs or updates that will have the majority of problems.

 

 

 

I'll be renting out my mortgage free home for $1500 monthly after we move into our new place and am really looking forward to letting tenants pay our bills....and maybe the odd vacation

 

 

 

[mattybculp]

Well I own a piece of property that has one commercial unit and three residential apartments. Is it all peaches and cream? of course not. Is it a lot of work ? yes. But I don't know of many other investments where I can make the returns I will from this property in a 5 year turn around. I have had welfare tenants ODSP tenants and financially stable tenants. The most important thing I have gained in my five year experience is to really feel good about who, your renting too. Are you going to be 100% right all of the time? No. But the last 3-4 tenants I have had, have been great tenants, If there on welfare or ODSP, the cheque comes directly to me. There are great tenants out there who are on social assistance. I make sure that with all the rent there is more than enough funds to carry the mortgage and taxes, that way if an emergency happens, the appropriate trade is contacted an rectified quickly, at the end of the year if there is a surplus of funds, due to no "disasters" I put that money back into the building to increase the value of the property and avoid taxes needing to be paid on it. Its to the point now where, I give one of my tenants $50 off a month just to be my eyes and ears around the place and it has been worth every penny. I personally would not own a property 3-4 hours away, and I'm lucky as after my move to my new home im 2 mins away from my rental property, I don't even have to go there to collect rent they drop it off to me. Every month the mortgage is paid I just think of the money going into my pocket, I was planning on getting out after five years and cashing in but im thinking I may hold on to it for a little while longer yet. Lastly know your rights, and know the tenants rights , have a professional lease/rent agreement prepared and find a good tenant. Just saying for me renting has been a really positive experience. Perhaps the next home I buy I will be able to be mortgage free, all on the back of a rental home