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Old 11-13-2018, 02:25 PM   #11
photon
The new goggles also do nothing.
 
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Join Date: Oct 2001
Location: Calgary
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At the very least investigate getting a management company. They're not a silver bullet because sometimes you end up spending as much time managing the management company as you did on managing the rental, but they can be good as well. They're pretty expensive though IMO. But if it makes economic sense it can be a good option.

Familiarize yourself with the landlord tenant act, there's lots of obligations and procedures that many small landlords break constantly that can come back and bite them. You should know what to do in all the major possible scenarios, and where to go to find out what to do in the less common scenarios. What do you do when they don't pay their rent? What do you do when they're damaging your place? How often are you going to do inspections? Who's going to do the repairs? Who's going to let them in when they lock themselves out? Do you have trades you can call for all the various things that will happen that are time sensitive (appliance repair, plumber, electrician, etc)?

Even from an investment point of view is this the best avenue? What's the benefit of doing this vs selling it and taking that money and investing it elsewhere?

EDIT: Make sure you can get insurance that covers your situation, finding insurance that covers rentals is harder these days. And after the flood the coverages and deductibles are sometimes impossible to accept.
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