All Forum Posts by: Troy Sorrento

No this couple already looked at the unit a week and a half ago and have shown intention to rent. It wasn't until the 27th that they sent over the application form. On the 28th, did reference checks and signed the lease on Saturday, 29th. Reference checks came out clean. Credit ratings are good. 

They said they are taking their time to move as they have not fully packed and have the old apartment until end of September on their notice to vacate. Of course there are reservations on my business partner's mind and mine but we don't have enough proof to deny them the lease.

Hello Everyone. 

Happy Monday!

Once again thank you for the great advise everyone has shared in this post - very much appreciated.

The good news is that, over the weekend, my business partner and I were able to secure a lease agreement signed for a young couple.  They have decided they want to leave a high rise apartment setting and live in a detached house environment. 

We didn't have to compromise changing the price and seemingly fine after explaining the additional utility costs. They signed the lease with Sept 1 move-in date for 1-year lease term. After receiving the first and last month, my business partner and I looked at each other with a sigh of relief - after all that was our first rodeo with lease signing.

To make things interesting, since yesterday, we have been getting influx of people requesting for viewing date which we gently declined. You never really know what event unfolds right in front of you.

That was definitely an eye opening experience but a very exciting one. We will surely take all your advices here to keep in mind when are ready to fill in another investment property in the near future.

Thanks once again and have great week.

Thanks Hai,

The area is in Wexford-Maryvale, listing link below, and the overall area is approx 900sqft. Include parking.
https://www.realtor.ca/real-estate/22193018/bsmt-53-droxford-ave-toronto-wexford-maryvale

Didn't know that it's the renter's market so yeah could be the pricing game at the moment.

Thanks again

Darrel

Thanks Zachary, Hai and Mike - awesome points here also.

Yesterday, I have a couple come over and view the unit, awed with the unit, and expressed that they will take the unit. At this point I've printed a 1-page leaflet with picture of the house, contact info, description and requirement at the bottom. This time the requirements have been narrowed down to:

• Recent credit rating clearly identifying applicant name(s) - free from Equifax, TransUnion
  Copy of Valid Photo ID, i.e.Driver's license or passport
  Recent 2 work pay stubs
  First and last month rent deposit

:: The first and last month in Toronto means $3000(in my case) and the next payment comes on the second month.

So the couple took the pages(I also included printed application form) with them saying they will work on it and send last night. Checked my email today and nothing. So it may really boil down to price as some of you have expressed here.

I will wait til end of this week and adjust the price to maybe to $1400 on September 1.

Thanks again everyone!

Troy

Another set of great points. Thanks Jennifer and Andrew.

I also find it weird about requesting reference letters especially landlords. Being a novice in real estate investing, I follow what other rental listings requirements. I agree that prospective tenants should not have to extend their efforts other than submit what's currently available to them. 

I find it pleasant to talk to fellow landlords when I called and ask about their experience with the tenant. This was the time a real estate agent brought in a couple to see the unit. The agent sent me their info and I started calling. Unfortunately, there was a change of plan for the couple so it didn't get to the application form stage.

The first and last month is pretty much standard here in Toronto. I even hear from people viewing my unit that some landlords require 10 post-dated cheques in addition to first and last month - but I think this can be due to extreme circumstances.

The one thing that I seem to have trouble understanding is doing criminal check. I don't see much of listings in my area requiring this so I thought maybe this is frowned upon, as a general rule. Maybe I haven't really looked deeper into this , but I will.

Thanks again. Really appreciate your insights here.

Troy

Thank you all for the great insights here. These are very valuable info for me as I beginner in the real estate investing world.

I have looked at the comps in the area and I think I'm pretty much on par. One of the question I get is if the laundry machines are shared and I indicate that they're not. I spent some money to install a separate laundry machine for the tenant upstairs. I thought to be sensitive to social distancing requirement and hoped to get it rented sooner.

Here's the link: 
https://www.realtor.ca/real-estate/22193018/bsmt-53-droxford-ave-toronto-wexford-maryvale

I've had few people calling me back to negotiate price, but they want $1100-$1200 so I respectfully declined. I was ready to bring down the price to $1400 even $1300 but......

I think I will start bringing in printed application form with requirements when showing the unit. I have been reactively sending these requirements and application form hours after I've shown the unit. I will also remove the requirement for previous landlord reference letter since the application form has the field for previous landlord contact.

My business partner and I were even thinking of hiring a contractor to make it to a 2-bedroom unit, but let's see how it pans out by the end of this month.

Again, thank you John, Fedor and Sarah for your thoughts here. Much appreciated.

Troy

Greetings all, 

I have listed my basement apartment located here in Toronto on many websites, including realtor.ca since July. There were many interests, shown the unit to many potential tenants, however, it appears to me that when I send them the requirements, it fails to get to the next stage.

My process is as follows:

• > Receive calls/respond to emails and schedule viewings
• > After showing, they indicate they really like the place, very clean, yada-yada. They are very interested in renting the place.
• > They then ask the requirement, I then send them the list including the application form
• > Then everything goes quiet.

The requirements I ask are basically the same as everyone else:

• Recent credit rating clearly identifying applicant name
  Reference letter from previous landlord
  Maximum Number of Tenants
  Copy of Valid Photo ID - Driver's license or passport
  Income Verification - Employment letter - Recent work paystub or bank statement
  First and last month rent deposit

I begin to wonder maybe my requirements are a bit excessive? Maybe my process is wrong? 

This is my first rental property and I am hoping to expand by adding more but I am re-thinking maybe this business idea is a challenge. I made sure to have a place close to malls, highways, amenities thinking that renting the unit would not be an issue, I'm finding the reality to be the opposite.

Anyone encounter the same difficulty?

Troy