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Just built a new townhouse (possession Nov 22) and I'm planning on renting it out until the time is right to flip it. I'm thinking I'll just start with a 6 month lease and see how it works out. Of course I'll have a full month's rent for security deposit, all the reference checks, insurance etc.

Can anyone offer advice for a first-timer?
 

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Send me a pm with your email and I'll send you a copy of the lease that we use. It's a word doc so you can modify it to taste. Also, go find yourself a nice book with Canadian rental laws and regs in it...you want to know more than your tenants do.
If you have any concerns about a person, ask them to go on a month to month basis at first. Down here, it's a lot easier to kick someone out that way should they prove troublesome.
 

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I know that in Quebec the renter as more protection than the owners, make sure you check on the government web site what are your rights as the owner. I would never rent anything to anyone over here because of some stupid law. You can not even trow someone out even if he's not paying you here :eek:
 

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Phob's.... always reserve your right to break the lease at any time for any reason with a decent amount of notice. Make sure you read that lease that nhfirefighter sends you and make sure and add anything that makes you feel comfortable. I like to add a cleanliness clause that makes them keep the house semi-clean as to avoid hazards of any kind, and protect from additional costs to you. Make sure and get the insurance and add some of that cost into the amount you charge your tennant.
 

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I do month to month rents on my condos. Plenty of students to fill when empty, so no reason whatsoever to have a long term lease (unless you want to prove it as income for loan purposes).
Anyway, I have it written to be able to axe them on the tenth if no payment - plus the laws here are very favorable to people that actually own property. Due on the first, have until the fifth before any fees, after the fifth the fees are big. The tenth is drop dead date with no return of deposit.
But my situation is different with an endless suppply of students and never any concern of an empty spot.

Then again, I'm getting ready to liquidate.
 

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I have debated leasing out property. I'm not sure if the cost and profits are worth it though.

As of right now I have my wife's cousin living in my old place. She doens't pay a dime and I don't ask. I'm not saying that some donated funds wouldn't be nice, but at least I know that the house isn't just sitting and rotting with no one living there.

I don't and won't sell though because I like the land and property. Plus my wife's grandparents live just a few acres away. There's no need to have a stranger pester them if there's no need in it.

Phobe, so far you have gotten some good advice. Good luck with the Canadian laws.
 

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Send me a pm with your email and I'll send you a copy of the lease that we use. It's a word doc so you can modify it to taste. Also, go find yourself a nice book with Canadian rental laws and regs in it...you want to know more than your tenants do.
If you have any concerns about a person, ask them to go on a month to month basis at first. Down here, it's a lot easier to kick someone out that way should they prove troublesome.
:plus1: , No such thing as too much knowledge of the rental laws you will be subject to. All the other posts are good advice, too.
My :twocents: would be to take your time in making your decision even though someone meets all the criteria. Also have someone who you respect meet the prospective tenant and give you their opinion of them. This may sound insignificant, but if you ever have to evict someone, you will appreciate avoiding it at all costs.:crying:
 

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What about the Dirty Sanchez?

I expected I'd get a response like that, and I was pretty sure it would come from you. :p
It's been awhile since I had anything intelligent to add to your threads, but I still like to be part of them :smilebig:. Sometimes when I can't find anything to say, I just put on some Nickelback and watch that video of you riding around the segway, and feel better.
 

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It's been awhile since I had anything intelligent to add to the org, but I still like to be part of it :smilebig:.
PERFECT! I just realized there is my single 1 line explanation for why I am no longer a board admin...thanks for uh, letting me quote myself here :cool:
 

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That or go pay an attorney.
:plus1:


Know the law, check whether it's useful to employ an agent (I presume you want to do it directly, but sometimes it's useful to have an intermediary between you and the tenant, at a cost), make sure any tax responsibility is clear between you and tenant, ditto utilities. Make sure you communicate with utilities accordingly, also local council if relevant. Make sure you understand the taxation position on rental income, what is allowable for expenses against taxation. Understand tax position on capital gains on a rented property if relevant (either on its own or if you own more than one property). Check if it's worthwhile setting up a company if there are taxation issues.

I don't know Canadian law or taxes, but here it's plenty complicated.
 

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Phobe, rent the movie "Pacific Heights" with Michael Keaton in it. It is full of encouragement to be a Landlord.:evilaugh:
Still makes me cringe...
 
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