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New Condo Landlords

August 2nd, 2015 · No Comments · Condo landlords, Ontario Landlords Association, Toronto landlords

Toronto Landlords - Renting Out Your Condo

New Condo Landlords – Have You Invested in a Condo? How Can You Make Sure You Rent to Good Tenants?

There is a terrific story at the Toronto Landlords site to help investors who have purchased condos in Toronto and plan to rent them out to tenants.

This is a very hot topic with so many people buying Toronto condos as an investment. This means they buy the condominium and will rent it out.

We have received lots of emails including this one from Emily Cheung of Toronto:

“I just bought a condo on the lake and want to rent it out. The landlord and tenant laws in Ontario are pretty weird so how can I make sure I only rent to a good tenant because everyone says there are lots of these professional tenants who want to rent from you and not even pay and they can stay for like 6 months to a year. They can make up stories and the Landlord and Tenant Board will believe them all the time. Thank you, Emily.”

How Can Condo Investors Learn About How To Run A Rental Property?

The Toronto Landlords website goes on to explain to new landlords and investors that while it’s a great opportunity to buy a condo and rent it out to tenants it’s also a challenge.

It can be especially tricky if you rent to tenants who party, or smoke, or cause trouble in the condo. Many BC landlords have the same issues.

As a landlord you will be responsible for what your tenants do while renting from you. This means you will have to deal with the Condo Board and the Landlord and Tenant Board.

It’s very difficult to evict tenants in Ontario. The Landlord and Tenant Board knows this…but the Condo Board might not.

They can blame you for all the delays in the eviction process. They don’t know the Truth about the Landlord and Tenant Board (LTB).

Rent to Good Tenants

You avoid all these hassles by renting to good tenants who respect you, the property and their neighbours.

Good tenants follow the rules and appreciation the property the rent.

How Can Toronto Landlords Rent to Good Tenants?

Successful Ontario landlords know tenant screening is the key to success.

Make sure you run a credit check on every potential tenant who wants to rent your condo.

By running a credit check you can see their credit score, their past addresses, employment and more. It really shows you who you are going rent to.

Make sure you don’t simply trust your ‘gut feeling’ because it often ends up in disaster as this BC landlord experienced.

New Condo Landlords – Have You Invested in a Condo? Make sure you use credit checks to find good tenants.

 

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