All Forum Posts by: Ashwin Samtani

Hey Chris, absolutely. Thanks for bringing up that important point. I definitely missed that in my post.

I agree that it would not be complete; however, it's a great starting point that hopefully will have an expanded scope sooner rather than later.

I came across this article in the Financial Post indicating that the Canadian Landlord Credit Bureau is partnering up with Equifax in order to allow renters use their rent payments toward their credit score and rating as well as give landlords an avenue to have a more accurate risk mitigation based on the potential tenant's credit report along with have consequences in place for delinquent renters. Seems like a win-win for landlords and tenants (and a loss for delinquent renters). It's available in all provinces except Quebec.

Article here:https://financialpost.com/personal-finance/rent-payments-build-credit-scores

I agree with Roy. It won't be at any cost, and the agent is obligated to protect your best interests, and is trained in the whole process including identifying and using the right wording when putting in conditions with the offer. A condition can have a completely different meaning if a single word is off. 

For example, if a condition indicates that the seller is warrantying the condition of the chattels (e.g. appliances) in the property, using saying that the warranty would "survive and merge" vs "survive and not merge" can be the difference between the seller warrantying the condition of the appliances until the completion of the transaction vs the warranty continuing after that.

There are a lot of unknowns which makes it hard to help you make a decision. All you mentioned is Ontario, Canada. Is the property in a big city? is it in a university town? Essentially, can you find someone else reliable to rent to?

As @Roy Cleeves said, you should investigate what makes them be able to pay in June but not May; however, I am leaning towards #3 and amicably end the lease especially since evictions are a no-go during this time. It's not a good sign that they're not able to pay you right from the get go. I would rather take a lower rental income and find someone more reliable.

I'm not sure about the suing and security deposit situation since I'm in the Canadian market; however, I would find a way to work with the person to get the person to leave amicably and avoid any damages or deal with any additional legal hurdles. Then again, my perspective might be different since I'm in a hot market where it is not very difficult to find a good tenant although it is very tenant friendly province (which is an extra motivation to avoid any legal hurdles as landlord)

I think 60-40 split is pretty reasonable as well. A big part of the bill is the delivery charge which is a fixed cost regardless of usage so it's not fair to say they're responsible for 80% of the bill.

Sounds like you might be better off raising the rent by the allowable rental guideline amount (2.2% for 2020) once this situation is all clear. I don't see anyone complaining over 2.2% increase after 7 years despite your increased costs due to inflation

Fantastic! Good job, @Byron Hunter!

I'm lucky that full time job allows me to WFH so that's taken up a big chunk of my time, but for self educating, I've attended a couple of virtual meetups and I'm currently switching between:

The Canadian Landlord Guide - Expert Advice to Become a Profitable RE Investor

 BT's The Book on Investing in RE with No Money Down

My wife and I have also been playing a lot of Scrabble so maybe that counts as self education if my vocabulary gets better?

Hey Kumar,

I'm sure the municipality you're in has several resources available you should probably research prior to jumping to a deferment and accumulating all that additional interest expense. Resources that could range from interest free loans to tenant support resources you can suggest to your tenant.

If none of those work out then maybe you can consider asking your lender to convert your loan to an interest only loan and reducing your tenant's rental amount temporarily to be able to cover the interest only portion instead of the full mortgage payment until the dust settles.

All the best,

"After we are allowed to give high fives again" - ha! I'm definitely going to use that one!

 I agree on a long term perspective, you wouldn't want to lose out on the deal if it's a good location where you can get yourself some solid tenants