All Forum Posts by: Michala Vander Ploeg

Thank you for your replies and input. Greg S. I have read a little about land lording in Ontario, and had assumed that my options were limited as you have confirmed. I suppose we will slowly raise his rents as the years go on. Would you have any suggestions as to how to convince a current tenant to sign a new lease? Incentives such as repairs, upgrades, small bonus at the end of the year for every month that is paid in full and on time? Would it be feasible to raise the rent above the current 2017 guidelines of 1.5%, if the tenant agreed? I'm thinking if the tenant is aware that they may reap the rewards of upgrades and changes in the lease that they may see the raise in rent as a positive? Thanks again

Haseeb Awan thanks for the reply! Unfortunately I will be out of the province March 8th, but hoping to make the next one!

My husband and I have recently purchased our first rental property, a triplex with all three units currently occupied. The property closes march 31st, so we have a bit of time yet to get things in order. I'm wondering how to go about new leases/honouring previous leases. All three tenants have a slightly different situation when it comes to their previous agreements. Tenant 1: is currently 6 months into their 1 year lease, and is paying above market, and last month's rent will be transferred upon closing. This is an ideal situation, and we will continue to honour their current agreement with previous owner, and will likely give them the option to renew at the end of the 12 months, or transition to m2m) Tenant 2: is currently on a m2m lease, and is paying market rent. Last month rent will be transferred to us upon closing. Tenant 3: has a m2m verbal agreement, pays $100 below market rate, and does not have last month's rent previously paid. What are my options for tenant 2 and 3? Can I ask them to sign a new lease (whether it be yearly or m2m) with new conditions? Is this something they can decline? And if they decline what are my options going forward? For tenant 3, is it a good idea to raise his rent as soon as we take ownership? Or would it be a better idea to wait a while, that way we can aim for a smooth transition when we take ownership. I will likely be posting again in the weeks to come in order to pick your brains! :) Thanks M

Hello everyone! I have been a member of Bigger Pockets for about a month now, and have been quietly reading forums and gaining knowledge from all of you! My husband and I have recently bought our first rental property (triplex) and will be the official owners on March 31st! I am currently on Maternity leave, but will be returning to work as a Dental Hygienist in the near future. Our goal is to save our money to purchase more units and slowly grow our rental property business. Ideally we would like to rely on our rental income as a means to retire in our early 50s, but would be a bonus if we could accomplish that a few years earlier. We think we would like to stick to multi family units, and even possibly get into student rentals in the future (Ottawa is only an hour away) Would love to talk with fellow investors and landlords in the Ottawa Valley. If there are any Real Estate Investing groups/meetings in the area we would be happy to attend!