Saturday, March 8, 2014

Finding Tenants for your condo

If you want Toronto Tenants, you need to ask the Right Tenant Questions....

You may not ask 

  • Do you want Kids?
  • What is your ethnic back ground?
  • Are you Gay or Lesbian?
  • What is your religious Back ground?
Or you will land at the Human Right Tribunal.

You may ask

  • What is your income?
  • Where do you work?
  • How many people will be living here and what are their names?
  • Do you have pets?
  • Do you smoke?
  • Will you be operating a home based business?
  • What do you do when you can't sleep?

You could ask;
Tell me about yourself and watch their voluntary disclosures.
Remind them you need references, a credit bureau and you will be making enquiries.

You can ask for First and Last Month's Rent

  • No Key Money 
  • No Security Deposits
  • No Cleaning Deposits

No 3, 4 or 6 months in advance because they are new to Canada.

Because THEY [your prospective tenants] even if they agree, cannot be held to comply with what is illegal with the Landlord Tribunal. A Tenant application at the Tribunal will result in all of those deposits / charges refunded immediately.

Real Estate Investment - Condo Investment is so popular because it currently guarantees a 97.5% success rate.  (Sheriff's evictions result in less than 2.5% of all rentals) There is no rent control on units constructed post 1991. Even at 25% down per unit; someone is paying your mortgage for you.

Will there be fewer people living in Toronto in 20 years? Is 1% per year on your savings the return you need to retire?

So.... What are we waiting for? 

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