All Forum Posts by: Account Closed

@Kathryn Bowden I recently purchased two small condos for rentals -- 625 sq ft and 600 sq ft.  I suggest your renovations include maximizing storage where possible.  For example, a pedastal sink in the bathroom might be the nicest choice decor wise, but without a vanity, it's all wasted space beneath the sink.  Looking forward to seeing your pre- and post-reno photos.  Good luck! 

@Matt Geerts, @Sarah Larbi   I needed to be so careful that I wasn't discriminating because of her children.  I don't know if it's discrimination if I would have told her that I was put off by her children's yelling and slamming doors.  This condo is still available for rent, and I will re-word my ad to mention that it's a "quiet" community.  That isn't discrimination against noisy children or pets, but lets prospective tenants know the expectation.  Over the last week of advertising this condo, I now know to ask prospective tenants to bring their pet with them when they come to look at the place. Telling me that their 50 pound dog is well behaved is one thing (my ad states 1 pet less than 20 pounds), but seeing its behaviour for myself tells me so much more.

@Matt Geerts, @Sarah Larbi   I turned down this applicant, based on her wanting me to install a screen in front of the fireplace, to protect her children.  The screen would have had to be screwed into the wall and I didn't want to do that, since the place was just renovated.  She said she understood.

Another motivating factor was when she returned yesterday to give me the application, both of her children were with her this time and they were wild -- running around inside yelling and slamming doors.  I didn't want my neighbours to have to put up with that.

Thanks, @Sarah Larbi, I appreciate your input.

@Matt Geerts, thanks very much for your response.  I will check her credit as well.  I wasn't aware that she could later have the OW cheques sent to her and not me.  On Monday, I will follow up with the government about any possibility of it having to go to me as long as she is a tenant with me.

Today a woman, her mother and 5-year old daughter viewed my small two-bedroom condo that I have listed for annual rental.  The woman is looking for a place for herself and her two children (son is 2 years old).  She immediately told me that she receives Ontario Works, which would be paying the rent, and would I accept payment from OW?  Apparently other landlords have denied her because she receives OW, which is illegal -- can't discriminate on that basis.  The woman's father will co-sign the lease and it is his credit rating that I will be checking.  Based on the 15-minute meeting with them, I have a good feeling about this woman as a tenant.  What are your thoughts re renting to someone collecting OW?  Thanks for any insights.

My first rental -- reno finished yesterday.  625 sq ft condo.  Previous owner didn't know how to vent fireplace, so lots of smoke damage.  I converted the fireplace to electric -- gas not available in this building.  The lower kitchen cabinets had water damage and mold -- contractor switched them out for free cabinets that he salvaged from another reno.  Also added washer/dryer combo to bathroom. Lower end condo, so didn't want to over improve -- "cheap and cheerful".

@Matt Geerts, thanks for your response and suggestions.  I have become quite familiar with Ontario's landlord and tenant act, but will definitely continue to rely on it heavily.  Are you a member of the Ontario Landlord's Association?  I'm trying to decide if I should join it or not.

My real estate agent did the showings and tenant checks on my first rental, since I wasn't available the day that unit was showed. The process moved so quickly that I was involved just near the end when my agent brought to me the prospective tenant who she thought would be the best.  I met with him and after some conversation decided he would be a great tenant.

The reno on my second rental just completed yesterday, so I am now more actively involved with my agent to market the unit and select the tenant.   I will learn from her about doing the credit checks, references, etc.

I purchased the first rental for $125k and it didn't require any reno. The previous owner had taken immaculate care of it. The down payment was 20% ($25k), from my HELOC. It is rented for $1100/month plus utilities. The second rental was purchased for $117k and I've put about $11k into the reno. Again, 20% down ($23.4k) from my HELOC. I am asking rent of $1200/month plus heat and hydro -- this rent includes cable, water and sewer.

I found both properties on Realtor.ca.

My rentals are located in Collingwood, Ontario, Canada.  If you're still interested in more details, I can provide them, but since you're in California, not sure if you are.

HELOC: Home Equity Line of Credit