Rental help needed - Landlord | GTAMotorcycle.com

Rental help needed - Landlord

LiNK666

Well-known member
Ok. I'm losing it now. Need advice and help.

I put up my newly built basement for rent yesterday. It's not a big basement. The rooms are small. I put it up at 11pm and I've had non-stop emails and calls. I thought I over priced it at $1200+utilities but people are ready to pay.

I want to do proper checks so I'm only judging people right now. Not committing to anyone. Doing credit, job check, personal references and previous landlords.

I'm turning away anyone that's more than 2 people now.

I'm at East Brampton. Highway 50 and castlemore.

Did I underprice my rental? What other checks should I do? I know Ontario government went crazy against landlords. Is there anything I should be aware of?

I'm going to ask for first last and security deposit. Should I ask for more?

I have two exits and made one with permit through the back.

This is the ad. Please advise https://www.kijiji.ca/v-view-details.html?adId=1356547838&siteLocale=en_CA
 
if you can, i would get a real estate agent to do the work for you...a friend of mine uses one for all his rentals and their fee is usually one month's worth of rent, but they do all the back ground checks etc. and can save you a ton of headaches in the future...otherwise, you can get a do it yourself rental agreement book published by Self Counsel Press at your local library...photocopy it and use that for your unit...that's how we rented out my fiance's house in Cambridge...we wrote our own but used that as a basis and added/deleted some specific items...let me know if you want a copy of what we wrote and I can email it to you...
 
sounds like your going to do a lease?
I had a house rented out for awhile

first family was good
second group paid first and last and not another cent
had to hire a paralegal to get them out, took 8 months
and they trashed the place

this is because they had a lease and the LTA tribunal is completely favored towards tenants
kinda risky, but a verbal deal with no lease is better if you get some scammers in there
put their stuff out on the sidewalk and change the locks if they become trouble
not a damn thing they can do about it without a lease
 
I just got someone who seemed decent. I was tired after 30+ people came to see it.

He works at TD so I can garnish wages after I get a judgement. New immigrant so I'm not worried. I have friends who are lawyers so i'm not worried.

I will be doing a credit check and HR check at his work place to make sure he isn't a contract employee. Just took the ad down.
 
Sounds like you're doing everything right. You can't charge more than 1st and last months rent, except for a deposit for the number of keys they get (some keys are pricey and might not get returned).

I'm on my fifth tenant over 11 years. First one was a bit difficult but she came through with the money in the end. All others have been great. I like to set a slightly lower rent and have my choice of applicants. Saves hassle and probably money in the long run. You can tell the good ones from their references and from talking to them. If they're a little odd when you meet them there's a good chance they're very odd on a regular basis.

Can't say about the price you're asking, you have to look at comparables.
 
I just got someone who seemed decent. I was tired after 30+ people came to see it.

He works at TD so I can garnish wages after I get a judgement. New immigrant so I'm not worried. I have friends who are lawyers so i'm not worried.

I will be doing a credit check and HR check at his work place to make sure he isn't a contract employee. Just took the ad down.

sounds like a good one, and you are well prepared
 
What do you check in the references? New immigrants don't have many connections. Canadians are entitled and if they live in GTA I don't want to rent to them. Outside of GTA they are amazing!

Sounds like you're doing everything right. You can't charge more than 1st and last months rent, except for a deposit for the number of keys they get (some keys are pricey and might not get returned).

I'm on my fifth tenant over 11 years. First one was a bit difficult but she came through with the money in the end. All others have been great. I like to set a slightly lower rent and have my choice of applicants. Saves hassle and probably money in the long run. You can tell the good ones from their references and from talking to them. If they're a little odd when you meet them there's a good chance they're very odd on a regular basis.

Can't say about the price you're asking, you have to look at comparables.
 
I don't understand what you're saying exactly.

If they don't have a solid reference from previous homes that's a big strike against them in my books, whether they're immigrants or not.

EDIT: People with kids are the best, but if you're living above them that might add a wrinkle to the question.
 
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Sounds like you are doing things the right way. First time being a landlord?
It's not a difficult process but familiarize yourself with the landlord tenant act.

Also do not use a agent. This is bad advice, you can judge people right away by interviewing them and showing your rental unit. Tell if they are lying, smell like smoke, and well if you just like them. You don't get this kind of feedback using an agent. Also avoid people who want to "quickly" move in. Typically they have been evicted and who know's what else.

Here is a good place for landlords
http://landlordselfhelp.com
You can purchase a lease agreement which will be enforceable in Ontario, instead of potentially opening yourself up to risk.

Go here as well Landload tenant board
http://www.sjto.gov.on.ca/en/
Go through the FAQ and whatnot.

Yes families with kids are good, you know they will stay put while kids are in school, work close by, and have other things on their mind then screwing you over.

Other one is people who go to church, or part of some whatever religion, but do practice. These are always decent people. You can tell by their manners etc.
 
Other one is people who go to church, or part of some whatever religion, but do practice. These are always decent people. You can tell by their manners etc.
I always thought church goers were retards with invisible Gods.

/sarcasm
 
I've had two tenants rent out our two condo's for the last 7 years - one near High Park and one near Fort York. The one near Fort York is a 1+1 rented at $1650/month which is about $400-500/month below market prices for that quality of unit. We break even on the unit for carrying costs each month, and the tenants have been absolutely excellent. If that tenant moves out, we will raise the rent to $150 below market value.

The condo near High Park was a 1bedroom and rented out at $150 below market rent. It was rented out to an immigrant from Uganda by way of Barbados. He was also a working professional and we had a letter of work from the financial company he was with and letters of employment from Barbados and his finanace degree from Uganda. We became such good friends that when we went to Uganda, we actually stayed with his Mom and went to the farming village he grew up in and met his family.

I went through the same agent for both my rentals and it was 1 month's rent which was so well worth it. The agent had each unit rented out to someone that met our per-arranged criteria in 1 week. He would do all the background work and meet the tenant and if he got a good vibe, he would set up a meet for me and I would have a good conversation with the tenant to make sure I was happy. This agent also helped me buy one condo and our current house.

If I ever had to find another tenant, I wouldn't hesitate to use our agent again. My brother has never used an agent and has had some really miserable tenants who were not at all like what they interviewed like and then he had great tenant following them. Everyone's experiences are different.
 
...... Canadians are entitled and if they live in GTA I don't want to rent to them. Outside of GTA they are amazing!

WTF does this mean?
 
Sounds like you are doing things the right way. First time being a landlord?
It's not a difficult process but familiarize yourself with the landlord tenant act.

Also do not use a agent. This is bad advice, you can judge people right away by interviewing them and showing your rental unit. Tell if they are lying, smell like smoke, and well if you just like them. You don't get this kind of feedback using an agent. Also avoid people who want to "quickly" move in. Typically they have been evicted and who know's what else.

Here is a good place for landlords
http://landlordselfhelp.com
You can purchase a lease agreement which will be enforceable in Ontario, instead of potentially opening yourself up to risk.

Go here as well Landload tenant board
http://www.sjto.gov.on.ca/en/
Go through the FAQ and whatnot.

Yes families with kids are good, you know they will stay put while kids are in school, work close by, and have other things on their mind then screwing you over.

Other one is people who go to church, or part of some whatever religion, but do practice. These are always decent people. You can tell by their manners etc.

I've been a landlord before just been a few years since I did this. So I get the basic jist of it now.

I don't understand what you're saying exactly.

If they don't have a solid reference from previous homes that's a big strike against them in my books, whether they're immigrants or not.

EDIT: People with kids are the best, but if you're living above them that might add a wrinkle to the question.

Sorry if I was confusing. I meant, that he is a new immigrant so he probably doesn't have many references for being in Canada. Also when you call personal references what do you check for?

WTF does this mean?

Canadians in the GTA are entitled and lazy. If you go outside the GTA, you will find that Canadian born kids are more hard working. Sorry if that offends you, but it's true. For some reason the parents in the GTA baby their kids too much and they want everything given to them, instead of working like everyone else for it. In my previous businesses my best employees have been College kids who came from outside GTA like Hamilton or Barrie, otherwise all immigrants.
 
Thanks to everyone for posting. I'm on the right track. I appreciate the input.

Just went through the ontario website. New standard forms are required... so what about house rules like no pets and tenant shovels their own snow for their areas?
 
Did you put a fire alarm down in the basement and inform your Home insurer about the change? I insisted my tenants got renters insurance too. The no pets thing is difficult so if it was me...I’d say a family member was allergic thus no pets. Put a clause in the contract to get them to keep their exit/entrance clear of snow.
 
Did you put a fire alarm down in the basement and inform your Home insurer about the change? I insisted my tenants got renters insurance too. The no pets thing is difficult so if it was me...I’d say a family member was allergic thus no pets. Put a clause in the contract to get them to keep their exit/entrance clear of snow.

Ya fire alarm every room. Insurance knows. Tenant insurance is a must.

I have a Siberian husky that will kill any dog. Snow clearance is the thing I want to make sure it's in their. The Ontario lease doesn't let me do it.
 
... I like to set a slightly lower rent and have my choice of applicants. Saves hassle and probably money in the long run.
I do this too with rental properties.

I don't have a rental property now, when I dud I asked for 2 years of CRA Statements to validate employment and income. I also ask to meet them at their current residence to sign the deal -- gives me a good idea of how they keep the place and one last chance change my mind.

I have an apartment over my workshop, we decided to try Air B&B - we're not renting it till the summer's over -- I line my yard privacy. If you're in a demand area, it pays better and you have no long term rental issues.
 
LiNK666;2567925 Canadians in the GTA are entitled and lazy. If you go outside the GTA said:
What a stupid comment.

I'd like you to tell that to my son and his friends. They were born and raised in Toronto, many of them with everything handed to them, yet they are also very hard working in school, sports and summer jobs because they see their parents success and they know what you need to do to live comfortably and are aware that mom and dad aren't around forever to provide it.

I spoiled my kid because I was able to; but I also made sure he grew up with a good work ethic and sense of responsibility.
 

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