Comments on: Landlording and Screening Tenants http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm Building Wealth through Saving and Investing Fri, 19 Mar 2010 10:48:38 -0400 http://wordpress.org/?v=abc hourly 1 By: Dave http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-105546 Dave Tue, 29 Sep 2009 02:48:13 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-105546 I have been learning all I can about stocks, until recently. I have come to realize that I won't be able to outrun my rent and taxes fast enough to achieve my goals. This is why I have switched to researching real estate. It solves these problems. The rent I currently pay could go to cover the mortgage and the renter could help me build my equity quicker. The smith manever will make it tax deductable. These strategies together help with your 2 biggest expenses. Housing and Taxes. Stocks aren't going to do that. I have been learning all I can about stocks, until recently. I have come to realize that I won’t be able to outrun my rent and taxes fast enough to achieve my goals. This is why I have switched to researching real estate. It solves these problems.

The rent I currently pay could go to cover the mortgage and the renter could help me build my equity quicker. The smith manever will make it tax deductable. These strategies together help with your 2 biggest expenses. Housing and Taxes. Stocks aren’t going to do that.

]]> By: FutureLandlord http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-96953 FutureLandlord Fri, 07 Aug 2009 02:14:38 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-96953 This article is helpful because I am going to become a landlord in the near future. Can someone tell me which company you are using to screen your potential tenants? BTW, I am in Ontario and I think there are not many of them in Canada and are you satisfied with their screening service? How much approximately do you pay for tenant screening service? This article is helpful because I am going to become a landlord in the near future. Can someone tell me which company you are using to screen your potential tenants? BTW, I am in Ontario and I think there are not many of them in Canada and are you satisfied with their screening service? How much approximately do you pay for tenant screening service?

]]> By: Bill http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-83651 Bill Fri, 22 May 2009 17:28:04 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-83651 A couple of other handy tips are to try and meet the prospective tenants at their current residence and to meet the pets if you are accepting pets. By seeing their current residence you get an idea of how they maintain their current property and by meeting pets if they described their cuddly lap dog as a wonderful pet you can verify it in person. Although many of Frugal's tips seem like a bunch of extra work, they pale in significance when you have to go through an eviction process. This can eat up a considerable amount of time and drain you emotionally. At least in Alberta we have the Residential Tenancy Dispute Resolution Service now which streamlines the process, but it still drags out and invariably costs you lost rent. Here is a walkthrough of one my recent evictions which shows how long it can take and how much the costs can be, http://www.investors.housez.ca/?p=83 A couple of other handy tips are to try and meet the prospective tenants at their current residence and to meet the pets if you are accepting pets.

By seeing their current residence you get an idea of how they maintain their current property and by meeting pets if they described their cuddly lap dog as a wonderful pet you can verify it in person.

Although many of Frugal’s tips seem like a bunch of extra work, they pale in significance when you have to go through an eviction process. This can eat up a considerable amount of time and drain you emotionally. At least in Alberta we have the Residential Tenancy Dispute Resolution Service now which streamlines the process, but it still drags out and invariably costs you lost rent.

Here is a walkthrough of one my recent evictions which shows how long it can take and how much the costs can be, http://www.investors.housez.ca/?p=83

]]> By: wayne http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-49091 wayne Thu, 21 Aug 2008 21:03:14 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-49091 barry #56 i am also in ontario. i have heard that if you rent out rooms and you have an item in the fridge that is yours then you can evict them easier as they can "injure" you or cause harm. barry #56 i am also in ontario. i have heard that if you rent out rooms and you have an item in the fridge that is yours then you can evict them easier as they can “injure” you or cause harm.

]]> By: Barry http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-37185 Barry Wed, 28 May 2008 06:42:08 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-37185 Can you explain more about 'HOLDING CHEQUES'? So you would write the same dates at the top, ie. sept 1. then at the comments section, specify in detail which month it is? so sept would be month 1/12? and oct would be 2/12? I am about to rent out three rooms to students and was hoping to find the best advice to screen my tenants. Anyone find that renting out to girls was more troublesome than guys? vice versa? I heard girls are alot messier...etc. Also, I plan on living in the same house as my potential tenants, I read on the Tenancy Act taht this completely voids the act for those tenants that live in there, can anyone confirm this? I am in Ontario btw. Thanks! -BT Can you explain more about ‘HOLDING CHEQUES’?

So you would write the same dates at the top, ie. sept 1. then at the comments section, specify in detail which month it is? so sept would be month 1/12? and oct would be 2/12? I am about to rent out three rooms to students and was hoping to find the best advice to screen my tenants. Anyone find that renting out to girls was more troublesome than guys? vice versa? I heard girls are alot messier…etc. Also, I plan on living in the same house as my potential tenants, I read on the Tenancy Act taht this completely voids the act for those tenants that live in there, can anyone confirm this? I am in Ontario btw. Thanks!

-BT

]]> By: Mary http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-30050 Mary Thu, 03 Apr 2008 14:51:57 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-30050 Yeah that sounds reasonable David, But the problem is that I myself am out of town and rather have a long term tenant!! Yeah that sounds reasonable David, But the problem is that I myself am out of town and rather have a long term tenant!!

]]> By: DAvid http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-30048 DAvid Thu, 03 Apr 2008 14:36:25 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-30048 Potential, You could also consider renting for a shorter period. If you are able to rent on a weekly basis, you may be able to take action within two weeks of a problem becoming evident, rather than two months. We have rented our suite by the week, and credit the last few days of the month for prompt payment of the earlier periods. DAvid Potential,
You could also consider renting for a shorter period. If you are able to rent on a weekly basis, you may be able to take action within two weeks of a problem becoming evident, rather than two months.

We have rented our suite by the week, and credit the last few days of the month for prompt payment of the earlier periods.

DAvid

]]> By: FrugalTrader http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-30029 FrugalTrader Thu, 03 Apr 2008 11:41:55 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-30029 Potential, that is a really tough question that only you can decide. Personally, without any credit or references, I would have a really hard time accepting a tenant. One thing you could do is to confirm their place of employment to make sure that they have income. Also, you could see what their reaction is when you tell them the amount of upfront money you require. Security deposit + first months rent or whatever the maximum is in your region. Potential, that is a really tough question that only you can decide. Personally, without any credit or references, I would have a really hard time accepting a tenant. One thing you could do is to confirm their place of employment to make sure that they have income.

Also, you could see what their reaction is when you tell them the amount of upfront money you require. Security deposit + first months rent or whatever the maximum is in your region.

]]> By: potential tenants from abroad http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-30028 potential tenants from abroad Thu, 03 Apr 2008 11:24:26 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-30028 What do u think of People moving from abroad?! I Have a Condo for rent, but many potential tenants contacting me for it from abroad! Not easy to check their credit or references! What do u think?! Is there any hint to be safe!? What do u think of People moving from abroad?!
I Have a Condo for rent, but many potential tenants contacting me for it from abroad! Not easy to check their credit or references! What do u think?! Is there any hint to be safe!?

]]> By: Finding Passive/Alternative Income Streams | Million Dollar Journey http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-2#comment-23394 Finding Passive/Alternative Income Streams | Million Dollar Journey Wed, 23 Jan 2008 10:31:49 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-23394 [...] In addition to this, there are huge tax write offs.  The real down side of this is dealing with tenants which can be a job in itself.  If the cash flow allows, hiring a property manager can really [...]

[...] In addition to this, there are huge tax write offs.  The real down side of this is dealing with tenants which can be a job in itself.  If the cash flow allows, hiring a property manager can really [...]

]]> By: Best of Million Dollar Journey: 2007 Edition | Million Dollar Journey http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-21330 Best of Million Dollar Journey: 2007 Edition | Million Dollar Journey Tue, 01 Jan 2008 07:39:20 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-21330 [...] Landlording and Screening Tenants [...]

[...] Landlording and Screening Tenants [...]

]]> By: joys of renting http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-18997 joys of renting Wed, 05 Dec 2007 21:24:26 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-18997 I've rented in Newfoundland and you seem to ask for more than the average, so I'm thinking your rental must be better than the average. A word of warning to anyone who would like a pet: Try to wait until you can afford your own home. It really cuts down on your options. One of the few places we could find that that would take a dog had a really nice landlord, and then we found out that the place was filled with mold and dry rot. A big problem in basements, which are one of the few places pet owners can find refuge. Pets are more work than most people realize, but if someone seems responsible and is a gold star tenant in every way but has a pet maybe you could insist on air cleaners...? just a thought. With the economic situation in Newfoundland it must be hard to find people who can remained employed for very long as it is. I had to smile when I thought about getting references from landlords. Our last but one were a husband and wife team under house arrest, and we rarely saw them. They managed other people's properties, had sold items from houses including light fixtures and lost all the money to a gambling addiction. It might be prudent to check out people who manage property for you as well. I remember renting from a firm that charged late fees for every day late. Maybe that's an option to consider for some people. I’ve rented in Newfoundland and you seem to ask for more than the average, so I’m thinking your rental must be better than the average. A word of warning to anyone who would like a pet: Try to wait until you can afford your own home. It really cuts down on your options. One of the few places we could find that that would take a dog had a really nice landlord, and then we found out that the place was filled with mold and dry rot. A big problem in basements, which are one of the few places pet owners can find refuge. Pets are more work than most people realize, but if someone seems responsible and is a gold star tenant in every way but has a pet maybe you could insist on air cleaners…? just a thought. With the economic situation in Newfoundland it must be hard to find people who can remained employed for very long as it is.

I had to smile when I thought about getting references from landlords. Our last but one were a husband and wife team under house arrest, and we rarely saw them. They managed other people’s properties, had sold items from houses including light fixtures and lost all the money to a gambling addiction. It might be prudent to check out people who manage property for you as well.

I remember renting from a firm that charged late fees for every day late. Maybe that’s an option to consider for some people.

]]> By: thrifty momma http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-18950 thrifty momma Wed, 05 Dec 2007 08:46:22 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-18950 Lately I've been giving some thought to whether we want to invest in rental property, and I have to wonder if I could be tough enough to do what's necessary, or if my spouse is too diplomatic to be firm with bad tenants, especially needy ones. These are good tips to keep in mind just in case. I hate to agree about the no pets. I remember seeing a "selling houses" episode where the real estate person said pets can decimate property value (but if you are reading this please do not kick your animals out into the snow (-: I feel guilty just saying this). I found new homes for our cats when babies came along because I just didn't have the time to keep cleaning up after them. Pets are so much work. My husband is a dog person and takes his faithful hound far from the house even in subzero temperatures to do his duty. The dog is not allowed on any of the floors with carpet and I still have to swiffer up fur three times a day. I'm not sure all tenants would be as careful. Lately I’ve been giving some thought to whether we want to invest in rental property, and I have to wonder if I could be tough enough to do what’s necessary, or if my spouse is too diplomatic to be firm with bad tenants, especially needy ones. These are good tips to keep in mind just in case.

I hate to agree about the no pets. I remember seeing a “selling houses” episode where the real estate person said pets can decimate property value (but if you are reading this please do not kick your animals out into the snow (-: I feel guilty just saying this). I found new homes for our cats when babies came along because I just didn’t have the time to keep cleaning up after them. Pets are so much work. My husband is a dog person and takes his faithful hound far from the house even in subzero temperatures to do his duty. The dog is not allowed on any of the floors with carpet and I still have to swiffer up fur three times a day. I’m not sure all tenants would be as careful.

]]> By: Evicting a Tenant | Million Dollar Journey http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-18841 Evicting a Tenant | Million Dollar Journey Tue, 04 Dec 2007 07:31:11 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-18841 [...] necessary procedure to get a non-paying tenant out. This is why I'm a stickler when it comes to tenant screening which helps in weeding out the bad ones. Also, as a landlord, it is your duty to know all the [...]

[...] necessary procedure to get a non-paying tenant out. This is why I'm a stickler when it comes to tenant screening which helps in weeding out the bad ones. Also, as a landlord, it is your duty to know all the [...]

]]> By: The Property Pundit http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-18352 The Property Pundit Wed, 28 Nov 2007 18:59:52 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-18352 FrugalTrader- you may enjoy my post about screening for tenants using MySpace. You can check it out <a href="http://thepropertypundit.com/2007/11/28/using-myspace-to-screen-tenants/" rel="nofollow">here</a>. FrugalTrader- you may enjoy my post about screening for tenants using MySpace. You can check it out here.

]]> By: Best of Million Dollar Journey: Oct 2007 | Million Dollar Journey http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-16208 Best of Million Dollar Journey: Oct 2007 | Million Dollar Journey Fri, 09 Nov 2007 07:33:21 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-16208 [...] Landlording and Screening Tenants (35 [...]

[...] Landlording and Screening Tenants (35 [...]

]]> By: FrugalTrader http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-16153 FrugalTrader Thu, 08 Nov 2007 15:43:05 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-16153 As TDC noted, those rules are for Ontario. Every province will have their own rules. To my knowledge, Newfoundland can allow landlords to screen pets. As TDC noted, those rules are for Ontario. Every province will have their own rules. To my knowledge, Newfoundland can allow landlords to screen pets.

]]> By: TDC http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-16152 TDC Thu, 08 Nov 2007 15:39:06 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-16152 You all need to be very careful of your comments. In Ontario, the Residential Tenancies Act and the previous Tenant Protection Act both clearly state that "no pet" clauses are void. After a tenant moves in he can bring along his pets with immunity. Your recourse is to pursue them for the damages, if any. Discrimination on some of the grounds many are noting is against the Human Rights Code. You do NOT want to fool with that! You all need to be very careful of your comments. In Ontario, the Residential Tenancies Act and the previous Tenant Protection Act both clearly state that “no pet” clauses are void. After a tenant moves in he can bring along his pets with immunity. Your recourse is to pursue them for the damages, if any. Discrimination on some of the grounds many are noting is against the Human Rights Code. You do NOT want to fool with that!

]]> By: Wpglooker http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-16109 Wpglooker Wed, 07 Nov 2007 23:50:56 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-16109 Read your comments and find them very interesting. No one has mentioned the requirement for a yearly lease. I insist that my tenants sign a yearly lease. In case of default they have to either sublet or cough out the money for the remaining term!! Read your comments and find them very interesting. No one has mentioned the requirement for a yearly lease. I insist that my tenants sign a yearly lease. In case of default they have to either sublet or cough out the money for the remaining term!!

]]> By: Brandon http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm/comment-page-1#comment-16104 Brandon Wed, 07 Nov 2007 20:52:23 +0000 http://www.milliondollarjourney.com/landlording-and-screening-tenants.htm#comment-16104 To comment on comment #14, wow, I've got to seriously disagree. Accepting a tenant on purely emotional "good vibes" is going to get you into a disaster of a situation. I would suggest accepting tenants by following an identical process to hiring an employee: i.e., describe in detail, the 3-5 specific top criteria of what the perfect tenant "looks" like ($$ in the bank, credit history, job stability, criminal record, etc.), and create a repeatable process to discover that tenant (paper application, background & credit check, interview, etc.). "I think usually first impression tells a good story. If you don’t get a good vibe from chit-chat, it’s probably worth waiting" To comment on comment #14, wow, I’ve got to seriously disagree. Accepting a tenant on purely emotional “good vibes” is going to get you into a disaster of a situation. I would suggest accepting tenants by following an identical process to hiring an employee: i.e., describe in detail, the 3-5 specific top criteria of what the perfect tenant “looks” like ($$ in the bank, credit history, job stability, criminal record, etc.), and create a repeatable process to discover that tenant (paper application, background & credit check, interview, etc.).

“I think usually first impression tells a good story. If you don’t get a good vibe from chit-chat, it’s probably worth waiting”

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