Being a landlord is not as easy as it may appear! Aside from initially qualifying to purchase the investment property, there are many ongoing practical aspects to keep in mind.
Can You Command Enough Rent to Cover Your Mortgage and Expenses?
Know what similar properties in the area are renting for before you buy!
What Distance Do You Live from the Rental Property?
You may want to keep an eye on it and make sure it is being well maintained by the tenant.
If there is an issue that needs your attention, such as an appliance breaking down, you will need to be able to respond quickly.
Finding the Right Tenant
In Ontario, a Residential Tenancy Agreement must be signed between a landlord and tenant. The Landlord and Tenant Board favours tenants and even bad tenants can be difficult to get rid of. It is extremely important to verify all information about a prospective tenant before agreeing to sign them to a one year lease.
Along with a rental application, request government issued photo ID, a full credit report, an employment letter, pay stubs and a letter of reference. It is a good idea to hire a Realtor to list the property for lease on MLS and be the first point of contact for inquiries!
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