I'm in the process of educating myself and saving money to invest in to my first income property. I've been listening the blogs, reading books and acquiring as much information as a I possibly can. I'll be sitting down in November of this year with my business partner to come up with a plan, criteria and a goal for our investment. Right now we'd like to purchase our first property in the fall of 2017.
Here's the problem, I live in Montreal, Quebec, Canada. Which happens to be province with laws that are absolutely terrible when it comes to landlording.
You cannot collect a security deposit
You cannot ask for first and last months rent (although people do, i'm sure)
Tenants can pay consistently late by up to 3 weeks and if you cannot prove to the court that their consistent lateness has not cause you financial harm, well too bad for you.
You can't charge late fees
Eviction is almost impossible - even if they completely go against the lease i.e pets, airbnb the property when you forbid it, consistent late payments etc.
The province really treats landlord like they are a charity and that people landlord out of the goodness of their hearts, when reality it is a business.
So here is my question,
Is it a good idea to invest in your first property out of the Country? Out of province?
How hard is it to manage a property, especially your first one at a distance?
If I can't attain financial goals in this country I may just have to wait and move to the US, which I have always wanted to do
Managing property is not as hard as you seem to imagine, you can always ask for whatever criteria you want went you rent as long as it's not racist, sexist or something like that. The tenant is technically not obligated to give you a deposit or check in advance, but you can always ask. So the hardest part is doing a good screening and the better your property is the easier the screening will be.
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