Advice on managing another persons property

[Zach Theberge]

Hello everyone,

My name is Zach and this is my first post on the BP forums. I am currently in the phase of educating myself on becoming a rental property investor and saving money to obtain my first deal.

Recently I have been helping my father renovate my grandfathers condo that he will be renting once complete. I had the idea that once we are finished renovating, I want to propose to my grandfather that I will manage the rental for him for free in order to gain experience before I buy my first property.

Before I propose this to my grandfather, I want to get some insight from everyone on any legal matters if any or precautions I should take before committing to this.

I appreciate any feedback someone could offer, thanks.

[Matt Goddard]

@Zach Theberge

Hey Zach,

I would start with familiarizing yourself with the LTB (landlord tenant board) here in Ottawa we have a fairly strong LTB that will favour tenants. It's important to know what your tenants rights and your rights as a landlord are from the start. Ontario also has a standardized lease form that you will have to use.

Also having a strong but fair application and vetting process is important.

Another thing to consider, and I only mention it because I've seen it before. Is that when some says that they have a property that is family owned/ a family home or they have some sort of sentimental investment in and they are renovating it to rent out I recommend they consider the renovations and products being used. It's very easy to over do a renovation or use inappropriate materials that will either not last or are easily damage and are expensive or don't provide and roi.

All in all the best way to learn is by doing, even better to have a lower risk situation like you described for you to learn.

I currently live in Ottawa so if you have any specific questions feel free to shoot me a message.