# Landlording in Ontario???



## Gimme the Green (Feb 4, 2014)

Is landlording in Ontario a wise investment or not??? I have read some informal books on landlording in the past and have lurked on the Ontario Landlord Associations website long enough to know of the potential pitfalls especially with the rules skewed in the tenants favor in this province. Is there a definitive resource specific to this topic in Ontario? Books, websites, videos ect... I'm the type that likes to know exactly what i'm getting myself into and i'm not convinced that this is worth the trouble in this province. I do invest in reits and have been happy with them but every now and then I get the urge to check out income properties....


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## Beaver101 (Nov 14, 2011)

^


> *but every now and then I get the urge to check out income properties*....


 ... why? ... looking for challenges? or something else?


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## Gimme the Green (Feb 4, 2014)

Beaver101 said:


> ^ ... why? ... looking for challenges? or something else?


Usually I see some rental property for sale, read the listing and start running some numbers. I don't know, I like to invest like everyone else around here, just another way to hopefully provide a nice return in the long run. I'm at a point in my life where I would rather invest in something that could provide a return then to just run out and drop a pile of cash on a sports car or a boat. I like the challenge of finding ways to make cash i guess?


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## Davis (Nov 11, 2014)

If you are viewing income properties as just another investment, and are really just looking for a nice return, I suggest you do a ton more research on income properties. Unless you hire a property manager, you are signing up for a second job. 

Preparing a house or apartment for rental, showing it, screening tenants, doing repairs, dealing with the washing machine or toilet overflowing at 2:00 am, painting the place after a tenant moves out - all of this is real work. If you liked doing those stuff, being a landlord can be lucrative. If it really just is about return, look at difference stepchild or Real Estate Income a trusted that won't call you when they'be lost their key, and won't bounce rent cheques. 

There are lots of threads here where landlords discuss the issues they face. I'd suggest reading those so you get an idea of what landlording entails.


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## Gimme the Green (Feb 4, 2014)

Davis said:


> If you are viewing income properties as just another investment, and are really just looking for a nice return, I suggest you do a ton more research on income properties. Unless you hire a property manager, you are signing up for a second job.
> 
> Preparing a house or apartment for rental, showing it, screening tenants, doing repairs, dealing with the washing machine or toilet overflowing at 2:00 am, painting the place after a tenant moves out - all of this is real work. If you liked doing those stuff, being a landlord can be lucrative. If it really just is about return, look at difference stepchild or Real Estate Income a trusted that won't call you when they'be lost their key, and won't bounce rent cheques.
> 
> There are lots of threads here where landlords discuss the issues they face. I'd suggest reading those so you get an idea of what landlording entails.


Thanks for the reply. You bring up great points and a lot of what you mention crosses my mind when the wheels start turning in my head. As I mentioned, I have done basic research concerning overall landlording. I guess my main concern is where to go to find out information specific to the challenges faced by landlords in Ontario. I have started poking around the Residential tenancies act for Ontario as I know the "rules" are in there. I will do some more reading on here as well. Can you recommend any books/websites or whatever specifically geared to the landlord business in Ontario? What about accounting for landlords in Ontario, is there a dummies type book or is going directly to the income tax act the best way to go?


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## marina628 (Dec 14, 2010)

If you do it buy newer homes so you can increase the rent whatever you want .


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## Davis (Nov 11, 2014)

Here is CRA's guide on expenses you can deduct: http://www.cra-arc.gc.ca/E/pub/tg/t4036/README.html

I got out of the business because I didn't want NB the second job, but it does help me get into the real estate market many years ago. I don't know of websites or books, but you could search this forum for posts by "Just a Guy", who had written a lot about it.


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## Gimme the Green (Feb 4, 2014)

Davis said:


> Here is CRA's guide on expenses you can deduct: http://www.cra-arc.gc.ca/E/pub/tg/t4036/README.html
> 
> I got out of the business because I didn't want NB the second job, but it does help me get into the real estate market many years ago. I don't know of websites or books, but you could search this forum for posts by "Just a Guy", who had written a lot about it.


Thanks, I have a lot of reading to do. The people that I know that are involved in this business do well but I know they put the time in. I'm a handy guy and enjoy doing repair type stuff. I'm a good 20 years out from retirement but another part of my reasoning is the fact that landlording would give me something hands on to do once I do finally quit my day job.


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