Breadalbane, Prince Edward Island · Member since 2014 · 20 posts · 4 votes
Hi all!
How many here have investment properties in other provinces? Aside from a rental company caring for them how do you manage? We have owned one of our rental homes for 10+ yrs and have now moved out of the province (17 hrs away)
We really like being landlords however would certainly prefer a place closer so we can do any repairs needed and such. Just trying to get some ideas here.
Rental Property Investor · Toronto ON, Canada · Member since 2015 · 58 posts · 11 votes
9y
Agree with Thomas. Set up the process and system for you to self-manage the properties, as the first and one Thing. It is important no matter you are local or remote. You need to fill the spots for people who can deliver notice, keep an eye on the property, small repairs. When we started to self-manage the properties, most of the tasks are challenging. We soon realize we don't have a good network of contractors, paralegal and superintendent. After we realize it, we didn't take action and thought we inherited this since we managed remotely. Until it got really stressful for me and I put setting up the network, finding good superintendent, leasing agnet, paralegal and contractors as my one thing for the business. Actually it was much easier than I imagined, with internet, phone, Kijiji and reference, I can reach lots of good resources and competent people.
I own several properties in Ontario. Moved to the US three years ago and still self manage them. No issues. Just need to assemble a good team of contractors including tenant finding agent.
If you can not find a very reliable PM before you move away (have them run it for a year while you are still in the area) I would advise selling before it is run into the ground.
Down side is if you have moved to Ontario this is without a doubt the worst place in North America to invest in rentals due to the extremely pro tenant regulations. I would advise you at least try to find a PM if you can for your existing property. If it works out continue investing where it is and don't waste your time putting money into Ontario. You will regret investing here if you can invest anywhere else.
Breadalbane, Prince Edward Island · Member since 2014 · 20 posts · 4 votes
9y
We moved out of Ontario and have listed it for sale, market seems slow right now. We are living in PEI now and while we are still getting the rent paid on time (even early most months) we'd prefer to be closer to our investments. We have a few people that can do a drive by to keep an eye on it but that's about it really.
Investor · Niagara Falls, Ontario · Member since 2016 · 80 posts · 24 votes
9y
I'm sorry. Thomas has been right in many posts but I disagree this time. I'm sure you can find reliable people to help out with repairs. I mean it doesn't happen that often. As for rent. There's numerous electronic methods these days. Even post dated cheques will be fine. I have properties across Ontario. Yes there's hiccups along the way but it's not that difficult.
Real Estate Agent · Irvine, CA · Member since 2016 · 224 posts · 142 votes
9y
I own several properties in Ontario. Moved to the US three years ago and still self manage them. No issues. Just need to assemble a good team of contractors including tenant finding agent.
Rental Property Investor · Toronto ON, Canada · Member since 2015 · 58 posts · 11 votes
9y
Agree with Thomas. Set up the process and system for you to self-manage the properties, as the first and one Thing. It is important no matter you are local or remote. You need to fill the spots for people who can deliver notice, keep an eye on the property, small repairs. When we started to self-manage the properties, most of the tasks are challenging. We soon realize we don't have a good network of contractors, paralegal and superintendent. After we realize it, we didn't take action and thought we inherited this since we managed remotely. Until it got really stressful for me and I put setting up the network, finding good superintendent, leasing agnet, paralegal and contractors as my one thing for the business. Actually it was much easier than I imagined, with internet, phone, Kijiji and reference, I can reach lots of good resources and competent people.
I own several properties in Ontario. Moved to the US three years ago and still self manage them. No issues. Just need to assemble a good team of contractors including tenant finding agent.