Red_Liner740
Well-known member
Your buddy is screwed. By law they cannot be kicked out until spring. So thats 4 months of no rent.
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Are we on the cusp of a recession ?
- Thread starter chiller
- Start date
Actually, no. Renting rooms to university students who share bathroom, kitchen and common areas is a whole different animal than renting out separate apartments. The landlord tenant act doesn't apply here. Boarders have way less rights. You could throw somebody out in 24hrs. Having rented out for 8yrs, I've learned serious foreign students are the best bet, no white Canadians. I've never been beat for rent(the white Canadian tried) and no damage to speak of. A positive side benefit is more money per square ft. potential and if you lose a tenant it's only 1/6 lost income not 50% or 100%. It's just comes down to being bothered to do it, altho couple weeks back picked up a commercial grade washing machine "just in case"
Actually he's not. There is no law stating that you cannot kick a tenant out in the winter. Doesn't exist. People think it does, but it doesn't.
http://www.ltb.gov.on.ca/en/Key_Information/STEL02_111483.html
It's a misconception that's been around forever and people think they can't be evicted in the middle of winter.
Actually, no. Renting rooms to university students who share bathroom, kitchen and common areas is a whole different animal than renting out separate apartments. The landlord tenant act doesn't apply here. Boarders have way less rights. You could throw somebody out in 24hrs. Having rented out for 8yrs, I've learned serious foreign students are the best bet, no white Canadians. I've never been beat for rent(the white Canadian tried) and no damage to speak of. A positive side benefit is more money per square ft. potential and if you lose a tenant it's only 1/6 lost income not 50% or 100%. It's just comes down to being bothered to do it, altho couple weeks back picked up a commercial grade washing machine "just in case"
Ah I see....I thought student renters / boarders also had the same rules as regular tenants....in that case I will consider this as I'm looking for a house near a college, and would definitely look to rent to someone to help cover the mortgage in order to pay it off faster.
I've also had to pick up a new commercial washer as the tenants (5 of them) went through the first one in four years...which I guess isn't too bad...but still sucks having to buy a new machine. Ah well...such is slumlord life!
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A friend of mine runs a business managing and maintaining student rental properties for absentee landlords(usually Torontonians) in Hamilton. A lot of these border on the slum lord. Don't be like that. Don't make 4 students share one 14cu ft fridge etc. I still have 5 full size fridges in my house ready to be used again. Treat people right, it makes a difference.
Fully agree with that. I'm not interested in being a 'slum lord' as if you treat the renters, and your own properties, with little care...then those people renting will return the favour. Treat the tenants fairly, and most people will return in kind.
Well my plan is to sell the big house when we're retired and the kids are settled and move somewhere warm...
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