My First Rentals

[Account Closed]

On April 29 and May 6, I closed on my first two rental properties. One property has been rented since May 15 and the other property is being renovated. I bought both properties with $0 of my own money. The 20% down payments came from my HELOC. Once both properties are rented, my monthly cash flow will be just over $500, which I will save for future maintenance / repairs. It's been a scary time, but so glad that I took the leap into real estate investment.

[Matt Geerts]

Hey @Account Closed welcome to BP and congrats on your first two rentals! I have on under my belt that rented on April 1st here in London, On.

We here on BP eat up numbers, so please share if you're willing!

From one Ontario landlord to another, I urge you very strongly to become an expert in the Residential Tenancy Act. I mean print off a copy to put at your bedside table or your washroom magazine rack and read it thoroughly and repeatedly. Research the Landlord and Tenant Board and read about all of the unfair things that tenants put landlords through by leveraging the "do not evict" mandate of the LTB.

What did you do for tenant screening? If you didn't do a bulletproof job of screening on your first one, learn to do it on your second one so that you'll at least have one good income while the unscreened try to ruin your life. Credit checks are absolutely, inarguable the most important factor in screening.

I'm looking forward to hearing more from you!