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Old 11-13-2018, 04:02 PM   #21
Hackey
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Screening the tenant is probably the biggest. Good tenant makes your life easy. Bad tenant makes your life hell.
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Old 11-13-2018, 04:04 PM   #22
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Insurance....Get lots of it. Make sure you comply with the insurance contract. Do not try to save money here. Tenants do not care about day to day care. Something will go wrong eventually....probably involving lots of water flooding into your property or a neighbours.

I manage my own apartment and have done so for about 7 years. It's not so bad. A couple of times a year I go out and do a minor repair. It actually provides me with an excuse to check on the unit.
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Old 11-13-2018, 04:05 PM   #23
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Don't management companies take roughly 10%? That's fairly significant.

I've been a landlord once, and I had "good" tenants that mostly paid me on time, and mostly didn't damage my place. They still sucked and being a landlord sucked overall.
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Old 11-13-2018, 05:12 PM   #24
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Require your tenant to have tenant's insurance and get a copy of the declarations page.
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Old 11-13-2018, 05:20 PM   #25
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Don't be afraid to be picky about choosing tenants. Don't get discouraged and rent to someone you have a bad feeling about just because the alternative is the place sitting empty, being a month out of pocket on a mortgage payment is a hell of a lot better than having some dirtbags in your place, and likely cheaper on the long run
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Old 11-13-2018, 07:41 PM   #26
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Familiarize yourself with the Landlords and Tenants Board Act and the easiest way to get ahold of them. Almost all of the disputes between landlord and tenant are civil, which means that you don't call police to solve them, but police are the #1 place many landlords/tenants go right to, only to be told their issue is civil.

Familiarize yourself with what police will/can do for landlords/tenants. You can save yourself a lot of time waiting and/or on the phone if you call the 'right' agency first.
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Old 11-14-2018, 05:12 AM   #27
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It's been said in here before but you should 100% ask for references and call them. I was considering renting out my property to a super friendly family that I really liked during a phone call and meet/greet at the property. Upon calling their last landlord, they informed me they sub let the basement of their last place out and had 8 people in total living in a 3 bedroom house.

Do yourself a favour and follow up on references. If they dont give any, theres a reason why.
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Old 11-16-2018, 08:32 AM   #28
Travis Munroe
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If I look at our biggest problems and share the learning experiences...

- have insurance coverage on top of asking the tenant to have coverage. Calls from the fire department are a lot less stressful when you know you are covered.

- build in a professional move out clean into the agreement. It is easy to overlook but life is much easier if the tenant is paying for a full clean once moving out. It actually makes things easier for the tenant as well even though they may be bitter about the cost.

- move in and out inspections are so much easier if done using photos. Take 100 photos. Share the album with the tenant. Point out all flaws and document them. Tenant signs off on the flaws and the approval of the album.

- A good property manager, although 8-12% will simplify your life to the point of forgetting you have the property. Some have the ability to take payments from CC's along with a list of advantages you do not have as a solo landlord.
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