Based upon this thread alone, landlording looks like an alternative form of hell.
I've read articles in which the advice was given to avoid being a landlord and instead invest in self-storage. Why?
Originally Posted by Jon_Snow
"If someone fails to pay for their storage unit, you keep their stuff and rent the space out to someone else."
Sounds far less risky than dealing with humans.
Unfortunately we usually hear about all the bad stuff and rarely anyone posts about good experiences.I own 5 rentals and I have never had any issue with tenants ,worst that ever happened is had to get the furnace serviced on a weekend and that was easy since my husband owns HVAC company.
I think we have been successful at this because we can afford to be picky ,we have $50,000 float sitting in a checking account for our rentals ,we have high equity (20-35% down on purchase) and have bought all nearly new homes.
I won't rent to anyone on welfare or on job less than 2 years.One person on lease must have a good stable job and decent credit ,that is my rule although I keep these things to myself.
There are many people looking for rentals with good credit and savings in the bank but these people will be looking for a nice home not a place in need of much repair or having to deal with tenant in a basement.I pay about $400 a year for Lawn Care to service each house ,my tenants have to water and mow the lawn and I do pay the water bills.
If I buy another rental it will be in the executive short term rental market , I know the demand is there as I just had to pay $7000 for one month to put one of our client VP in a place for May 1.Email Hydro ,GM etc and you will find a person whose job it is to find accommodations for their out of Countries partner VP ,Scientist etc.
Can't serve the papers she paid after I texted her saying I need the rest. But the first is coming fast!
Next tenant I will be pickier, she did have a good job but I have a feeling it wasn't for a long enough period, she lost it and hasn't found anything since. Odd since she is in the medical field.
You could serve different papers. File an N8 for persistently late rental payments.
On the one hand, it may piss off the tenant and they won't pay you rent anymore until you kick them out. Plus it will take a month or two to process. On the other hand, September is a long time to be chasing someone all the time.
Well I'll be giving the 60 days notice soon so September actually isn't that far away now if you think about it (just 4 months). I'll even take a hit if they leave august 31st so I can have it rented for the 1st of september which is the best time for new tenants it seems.
EDIT: Oh that is the N8 ... good stuff. I'm going to talk to my tenant first and ask what they want to do. I want them out end of lease, but I'm willing to let them leave early if they would like to.
Last edited by jamesbe; 2012-04-30 at 12:59 PM.
I'm tired and busy so I served N4 and N8 today after many attempts at resolving the issue.
Hopefully my new tenants turn out better. But I'm stuck with these until sept 1 unless they move out early.
Jamesbe you are aware that in Ontario tenants have tenure right? At the end of the lease she automatically goes month to month. Maybe she doesn't know this and you're golden but she has no legal obligation to move unless you can terminate based on continual late payment or non payment.
The first time you go to the Landlord & Tenant Board with a continual late payer, they'll give you an order that says that she has to pay on the 1st. If and only if she breaches that order can you get a termination based on late payment. Unless she doesn't show up.
We should get Marina to help, she's great at poker I hear... the point is if you know the law you can bluff if you're holding the cards.
Yeah. But I figured I would give the N8, and hope . I filled out the N8 for continual late payment. I have feeling they were planning on leaving at lease end, because when I asked a few months ago they were pretty coy about the topic.
Well an update on this. Tenant found a job, paid the remainder of June rent like June 28th or something and then paid July rent on the 6th. Now they are fully caught up. I did serve the N8 but as we know it doesn't mean all that much. The tenant wishes to now go month to month at the end of the lease. They spent a bunch of money making the backyard nice adding grass and plants and stuff -- I wish they would have paid the rent before making the yard look pretty.......
Anyways, they want to stay so I guess I just hope they keep paying.