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Don’t End Up Like This Guy

January 13th, 2012 · No Comments · tenant from hell, tenant screening

I tried being a landlord.  It’s not for me anymore

I thought that I’d stretch my investment portfolio and trying purchasing real estate to rent out. I bought a new condo, thinking that it would require less maintenance, and attract a higher class of tenant. I was wrong on the second point.

I rented to a family, where the woman was super friendly but turned out to be particularly deceptive. For those of you that think that they can rely on a ‘vibe’, think again. I did the reference checks: called her previous landlord and employer. A couple months later, I found out that she had given me false references. Her ‘real’ ex-landlord had tracked me down, and was looking to verify her address because of the extensive damage they had left. The Residential Tenancy Act gives you very few grounds on which to evict a tenant – and providing false references is not one of them. As long as she kept paying rent, my only option was to endure her games. I received numerous complaints from the strata citing violations, all which she had excuses for. I eventually sold the place, and had to take a small loss because it didn’t show well. Note that intent to sell a property isn’t grounds for evicting a tenant either, so I didn’t have the opportunity to clean it up. After a lengthy procedure with the Residential Tenancy Board to re-coup costs for damages done to the property, which found in my favour, she refuses to pay – I’ve got a credit collection agency involved and even they are having problems.

Long story short, I’ve decided to stay out of the real estate game. Stocks are more risky, but they have far smaller a PITA (pain-in-the-a**) factor

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