All Forum Posts by: Mark L.
Mark L. has started 2 posts and replied 5 times.
Post: First time landlord in Mississauga region
- Toronto, Ontario
- Posts 5
- Votes 0
Quote from @Theresa Harris:
Quote from @Mark L.:
Quote from @Theresa Harris:
Ontario is very tenant friendly. You should be able to find a standard lease for ON online. You might want to talk to a property manager. Once you set the price for rent, that is what it is until the lease expires (usually 1 year). If it is a condo, give them a copy of the condo rules and make them sign in the lease that they have received and read the condo rules and will follow them.
Ask for references. You could ask to see some photo id when they sign the lease. When talking to the references, make sure they are not relatives. Ask how long they've been at the current rental, why they are moving, etc.
Post: First time landlord in Mississauga region
- Toronto, Ontario
- Posts 5
- Votes 0
Quote from @Nick Vazquez:
Hey Mark!
Whether you use a realtor or find a tenant yourself is up to you. You should be able to advertise the unit and screen tenants yourself pretty easily unless you just don’t want to do that at all. To answer the rest of your questions:
1. You would need the Ontario Residential Tenancy Agreement for you and your tenant to sign where all the clauses and rules are basically outlined there for you. You can add your own clauses as well. That’s your lease agreement.
2. The standard is 2 recent pay stubs, employment letter and credit report.
3. That is, again, up to you. I would make sure they make a good enough income for the rent you are commanding, that their job seems more secure and they have a good credit score.
4. If you get a good tenant they should pay if they break something. This can’t really be enforced though, Ontario is very tenant friendly.
5. Like stated above, your leases are typically for a year and you can only raise rents once a year. There is a limit to how much you can raise them too and it fluctuates. I don’t remember off the top of my head but I think last I checked it was like 2% per year.
Hope that helps!
Post: First time landlord in Mississauga region
- Toronto, Ontario
- Posts 5
- Votes 0
Quote from @Theresa Harris:
Ontario is very tenant friendly. You should be able to find a standard lease for ON online. You might want to talk to a property manager. Once you set the price for rent, that is what it is until the lease expires (usually 1 year). If it is a condo, give them a copy of the condo rules and make them sign in the lease that they have received and read the condo rules and will follow them.
Post: First time landlord in Mississauga region
- Toronto, Ontario
- Posts 5
- Votes 0
Hi,
I bought a condo to rent out in Mississauga. Few questions
1. Should I try to rent it out myself or get a realtor?
If I do it myself
1. what documents would I need to provide the tenant?
2. What type of documents should I request from the tenants to be able to screen them. Anyone willing to share what documents they use
3. How do I go about screening them. Any best practice that anyone can share. Any red flags I should I be aware of.
4. If something needs repairs b3 abuse the tenant misused it. Who is responsible to pay.
5. can I put in a factor of inflation in the rental contract
thanks.
Post: Any Experienced Real Estate investors in Toronto?
- Toronto, Ontario
- Posts 5
- Votes 0
With the Toronto and nearby housing prices so high, how are you guys able to generate positive cash flow with a 20% down payment.
2 bedroom condos in Toronto East are getting rented out for $1600-$1800 but the cost of condos is almost 300K with $500-$600 maintenance, with 60K as downpayment (20%) and needing to borrow another 80% i.e. 240K which is about $1100 monthly mortgage amount. It seems like most investors are either just breaking even or negative cash flow if you include cost of repairs and property insurance. The only solution I see is a bigger downpayment. Any thoughts?