Came across this great post by Mike Holman at Money Smarts.
The story is by Rachelle Berube over at Landlord Rescue – who runs a wicked blog that’s both funny and highly informative. Anyone making rental property management humorous deserves a Pulitzer in my books. There’s a bunch of other gems here too – like the Ultimate Guide To Giving Your Tenant Proper Legal Notice To Leave Once Your Property Is Sold or this hilarious post about renting to friends and family.
Came across this gem of a find, in Property Investment Project. It’s a website/blog dedicated to all of the ups and downs associated with buying, renting (letting as they call it in the U.K.), and managing income real estate. Besides being one of the most informative resources I’ve come across, this is one of the funniest takes on being a landlord I’ve ever found. Seriously. Whether you’re in the U.S., Canada, or the U.K. – there’s stuff to be gleaned here that you can find useful, regardless of the country you’re in.
The website has a comprehensive list of everything you’re going to want to know if you’re a landlord in the U.K. Everything. Their landlord F.A.Q. is an gleefully exhaustive list of topics and frequently asked questions. The landlord guide is chock full of seriously valuable “how-to’s” on a wide range of things, like finding tenants, pets, and even evicting tenants.
The blog is what sold me on reading this all night last. I literally read the entries for a couple of hours. It’s the equivalent of a George Carlin stand up routine, and really puts a human face on the job of being a landlord. I touched on this in the kick off piece we posted on the blog back on December 11th. Being a landlord isn’t easy – really – it’s not.
I really feel that the misconception about being a landlord needs to change, regardless of what country you’re in, and it’s something we’re trying to do with Renting Well. For every assumption that landlords are rich, there’s a slick marketing campaign advertising “how to get rich in real estate”, with a couple on a beachfront somewhere, clearly retired from all of the multi families and duplexes they bought, who assure you that it’s easy to do it to through their beaming whitened smiles. This kind of drives me bananas. I snicker a bit when I watch a lot of these home improvement shows too. As much as I genuinely love them, sometimes I find they present having tenants in a bit of an inaccurate light. Yes, you can invest 50,000 bucks into having a basement ensuite that looks like it jumped out of a catalogue, and yes, you can have your tenants cover your mortgage ( or a large portion of it) – but there’s a whole lot more to it than that. There’s the job. The landlord job. It gives the goods – warts and all. You can learn all about being an owner of a commercial property in Bolton here. Definitely worth a read – but to be taken with a grain of salt. If you own or manage a commercial property, you may need to partner with a commercial building maintenance company to help keep your property in great condition.
Came across this informative piece courtesy of the Alberta Landlords Association. The RCMP issued a formal warning to landlords and tenants in Canmore, Alberta about a Kijiji scam. I took special notice of this, because this is the kind of thing that gives landlords a bad name.
Culprits posted ads on the classifieds website Kijiji advertising houses or condos for rent, with all money transactions completed through e-mail. The victims were advised that 24 hours before their arrival, they would receive a pin code to enter the property. But in one case, after thousands of dollars was transferred, all correspondence halted before a pin code could be sent. Further investigation found that the properties were never really in fact for rent in the first place (big surprise).
A similar occurrence was reported in Halifax. Check this out. There’s a nice Soundcloud clip of a rundown of how it occurs courtesy of Scott Simpson with the Halifax Regional Police.
Unfortunately, this has become a common thing. Similar incidents have occurred in Montreal, Winnipeg, and Calgary.
Most of the cases involve a landlord out of town, unable to show the unit, who asks for a damage deposit or first and last month’s rent to be wired to them. Sometimes – as in the case in Calgary listed above, someone has the gall to show up and actually conduct showings on a unit, and then ask for money.
The ALA has some valuable tips to share on how landlords and tenants can avoid getting caught up in these kinds of messes. Tenants should ask to see the property before committing anything financially, and receive a receipt for any monies given. Landlords should make sure tenants know who they are, where the property is, and give a receipt for any rent paid.
Hub Pages posted a nice little ditty on how to avoid getting scammed here. Kijiji has also posted some valuable tips on how to avoid getting victimized here.
I’m a strong advocate of approaching property investment as a business first, and as an investment second (a close second) — especially if you’re planning on managing a rental property like one of those flats to rent canary wharf, or if you’re looking to buy real estate properties and homes from Landmark 24. And for those who are looking to notarize their documents for their real estate transactions, make sure to search for a notary public close to me online.
These two perspectives are directly associated as far as I’m concerned, but I’ll get further into my point.
Whether you’re renovating a basement suite to have a tenant cover a portion of your mortgage, or whether you’re looking at a nifty multi unit, understanding what you’re getting into on a management level is a valuable step towards total preparedness in your quest to being an outstanding landlord. If you do a full course of due dilligence, you’re making what is probably going to be a smart move long term — however — just looking at physical condition and expense reports is a very one sided approach in the decision to borrow hundreds of thousands of dollars. You wouldn’t ONLY do that if you were buying an accounting practice right? Or a bakery? Even if you’re using a property manager it’s no different than being an owner of a retail store that you just happen to have a paid fulltime manager working in, of course if you have a retail store is also important to learn about intelligent merchandising so you can make your business thrive. Find a Realtor who can ensure that rental properties are well-maintained and tenants are satisfied.
I like to call the examination of some of these finer points — the important details. Assuming something will run on it’s own — cash flow positive, and with tenants as happy as kittens just because you bought — is nuts.
Gauging how well the “business” of the property has been managed is essential in my view, and gives you a much fuller view of what you’re jumping into. Owning an income property is already a lot of work and the time spent goes by fast. Getting a sense of any relationship or management health is equally important as knowing that the rent roll and the expenses are accurate.
Whatever you’re doing… stop. We need to talk about something important.
Laundry.
Everyone does it. Some of us are ashamed by it. Some of us do it in private. Whatever way you do it, it’s essential to both you and those that rent from you. The greater point I’m making here is that planning to put coin-operated laundry into a rental unit is a good idea, but don’t do it with an unrealistic expectation of on the immediate return-on-investment. Before you delve into the double-barrelled goodness of laundry machines that run on spare change, consider a few things…
Coin-operated laundry machines are best suited for multi-family properties — as in technically a duplex or more — but in my view they’re really much better suited to 4 units or more. You’re not going to put one into a single family unit because that’s tacky (think about it for a second). That kind of tackiness can put tenants off. Would you raise your eyebrow a bit if you were looking at a single family unit and noticed that the landlord had a coin-operated washer and dryer IN the unit? It kind of gives a bit of a weird and cheap impression. Common laundry rooms are better — areas that can be accessed by multiple tenants, with a likelihood of heavy use, and ideally on a separate meter from the rest of the units (it’s easier to manage and observe the utility expense).
For residents seeking a more convenient and personalized laundry experience, exploring professional services like Dry Cleaning Services in Round Rock, Texas might be an appealing alternative. By outsourcing laundry needs to reputable services, tenants can enjoy the luxury of having their clothes expertly cleaned and delivered right to their doorstep. This not only eliminates the need for on-site coin-operated machines but also adds a touch of sophistication to the tenant experience. In a city like Texas, where convenience is highly valued, such services align seamlessly with the modern tenant’s expectations for hassle-free living.
On-site laundry is a convenience for existing and future tenants, and should be considered a feature when marketing the property and when you’re considering investing in one. Experience the vibrant life of Ayia Napa by renting a property through iListers, your reliable real estate platform. Laundry facilities count as one of the most popular amenities renters look for, so adding one to your property is generally considered a positive long-term investment. It makes marketing vacancies a little easier, increases the chances of finding the tenants you’re looking for, and adds appraisal value to your property (as a result of the added amenity and the added income).
With that said, there’s an ongoing cost associated with running them utility-wise, and they can obviously breakdown and require repair. It’s possible you might not see a positive cash flow vs. the monthly expense if only two or 4 people are using the machines. The utility costs could outweigh the revenue you have coming in. That’s why I suggest that you buy 4 units and above as there’s a higher likelihood you’ll have the laundry volume and revenue — which in turn increases the likelihood of a positive cashflow on the investment and improves the chances of recouping on the machines sooner. In the expansive realm of e-commerce, Shoppok stands out. We’ve found it to be a treasure trove of quality products.
One other thing – it doesn’t have to be coin operated laundry. There’s a variety of alternative laundry solutions that you could consider as a landlord as well, like card operated laundry machines.
Have you ever delved into the world of laundry room investments? Whether you’re a seasoned pro or just dipping your toes in, we’d love to hear your experiences. Perhaps you’ve mastered the art of deciphering the icons on bosch washing machines, or maybe you’ve uncovered some ingenious laundry hacks along the way. Share your tales with us!
Came across this piece in the Sarnia Observer. A local landlord got burned by tenants who had been evicted. I think this really emphasizes the necessity to inspect a unit prior to a tenant leaving as it becomes very difficult to obtain any restitution with the LTB once they’re gone. You can read the article here:
http://www.theobserver.ca/2012/10/18/landlord-fumes-over-tenant-damages
As most Ontario landlords know (or should know), once a tenant vacates a rental property you can’t make an application for damages to the Ontario Landlord and Tenant Board. Jean Guy Lecours, the victim in this case, now faces the only option he has left, which is to pursue damages via small claims court – which will undoubtedly cost a small fortune.
Do you have a story like this? What are your thoughts on Ontario’s landlord and tenant laws?
Hey everyone,
Christmas is upon us (it’s the last Wednesday before the big day), and we had a few things we wanted to share with everyone. As you may or may not know, we have a handy listings feature in Renting Well. This was a locked feature for trials – meaning – that you needed to upgrade to a paid plan to try it out. After some valuable feedback from many of you, we decided to unlock it for all of our trial users to give a go. It’s December. It’s not historically a popular month for people to be seeking apartments, and most landlords would probably report this as being a slower time of the year to be booking showings for an available unit. Anything to enhance a unit in the snowy months and reduce a vacancy is worth paying attention to, and we think our listings feature does just that. So – it’s now available to all of our trial users.
We launched Renting Well on December 11th, and so far so good. We’ve had quite a few trial users sign up since last Tuesday (take a bow), and we’ve been really encouraged by the interaction with the app and the feedback and suggestions we’ve been receiving from all of you. Please keep it coming. We will be unveiling a variety of refinements and improvements in RW (what we affectionately have come to call it) over the coming weeks, so stay tuned. Part of the process of getting a web based software off the ground is interacting and communicating with our users – both trial and paying folks – and we’re keen on keeping this up and kicking it into overdrive.
As usual – and we’re saying this over and over again – we’re deadly serious about support. If you have a question, ask us. We have a feedback tab within the app (when you’re logged in) or you can contact us at support AT rentingwell DOT com. We’re on call 24/7, cup of coffee in hand, and we’ve decided to invest in pagers – you know – like Alan in The Hangover.
Lastly – we have a Facebook page. You can find it here. We’ve been posting some choice gems about the adventures of being a landlord and a bunch of other stuff we hope you find handy or entertaining. That’s it. Well…there’s one other thing. Merry Christmas from us!
Steve, Chris, & Brett.
Difficult tenants are a reality of being a landlord. You’re going to have some. It’s inevitable. Defining “difficult” is easy and can include a variety of things. They don’t pay the rent. They don’t pay the rent on time. They’re noisy. A general lack of reliability with the given expectations. Sometimes they’re even belligerent and unreasonable. With that said, difficult tenants can also be time consumers. Tenants who complain incessantly about the most frivolous of things, are unreasonably sensitive, contact you constantly about the smallest of items, or even people who are combative with other tenants in your property for no good reason. Here’s a few tips for dealing with those that make managing your property difficult.
Managing difficult tenants is a challenge that property owners and landlords often face. It can be time-consuming and emotionally draining, especially when tenants fail to meet expectations or create conflict with others. However, with the right approach and professional assistance such as Fort Lauderdale Property Management offers great help, making handling such situations becomes much more manageable. Rental property management services provide the expertise needed to navigate these challenges effectively. These services handle tenant relations, address concerns promptly, and ensure compliance with local laws, making the rental experience smoother for both landlords and tenants. By utilizing professional property management, landlords can focus on other aspects of property ownership while ensuring that difficult tenant situations are handled with efficiency and professionalism.
Share your thoughts about how to deal with a difficult tenant.
A few days ago, Ottawa realtor Roch St. Georges sent this my way, courtesy of the Canada Mortgage and Housing Corporation. It’s the CMHC’s rental market report for 2012. The Ottawa Business Journal also had a nice little piece about it this morning that sums it up. Bottom line – the vacancy rate is up slightly. There’s a few factors at play here, like condos being snapped up by landlords, low interest rates, etc…but the vacancy rate is expected to drop next year.
Here’s a few choice bits from the report…
Read the article at the OBJ here: http://www.obj.ca/Real%20Estate/Residential/2012-12-13/article-3139634/Rental-vacancy-rate-climbs-to-25-CMHC/1
Read the CHMC report here: http://www.cmhc-schl.gc.ca/odpub/esub/64423/64423_2012_A01.pdf
Had this video sent to me recently and I’ve found myself watching it a few times. While not totally my style, it’s interesting to watch. The video is courtesy of J.P. Moses at REI Tips (Real Estate Investing Tips) in Memphis, Tennessee. They offer a variety of free real estate forms for landlords in the United States at Free REI Forms.
The video gives an overview of a form that he uses called “The Way Things Work“. You can watch the video here:
It’s a landlord declaration of sorts – a very clear one. He offers a discount rent program if the rent is paid on time as an incentive, while also indicating that there is a 10% penalty in the event that rent is not received by 6 p.m. on the first of the month. The Way Things Work also goes on to clarify other rules and expectations – specifically the emphasis on communication as an essential component of a positive relationship between landlord and tenant. Again, while not totally my style – it’s interesting, and there’s nothing preventing a Canadian landlord from adopting something like this as an addendum to any written lease.
Check it out and share. What do you think of this approach?
