Quote:
Originally Posted by Shades
If you're not using a property management company, read up on the Residential Tenancies Act.
Every landlord I've ever had always takes a damage deposit but never had a move-in/move-out Inspection Report filled out. Luckily, I'm a good tenant, but it would be so easy to screw ignorant landlords over.
Good info here-http://www.servicealberta.gov.ab.ca/Landlords_Tenants.cfm
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This is important advice, get the inspection report SIGNED by the tenant.
Being a landlord isn't difficult, but it is hard work. When you're taking responses for your rentfaster ad, try and schedule a bunch of showing a short time apart, instead of making a unique appointment time for each person. Otherwise you'll spend your life doing showings. The most important thing you can do with your ad is take good pictures. If you can't do that, pay rentfaster the (nominal) fee to come take them.
Tenant screening is key. People lie on the application forms, your job is check the facts, call the references, and make sure you're not getting taken in by someone. Ask yourself how good a judge of character you are. Getting a good tenant is the most important part.
If you do decide to be a landlord from a distance, it would help to have someone local you could call in case of emergency to help you out. The other thing to do is be prepared to eat some extra expenses. If the toilet stops working, you can't go over and look yourself if you're not local, you just have to send a plumber and pay the bill.
That's probably still cheaper than getting a property management company though, as you could expect to pay 10-12 percent of the rent, plus a fee every time they re-lease it for a new tenant.