All Forum Posts by: Matt Geerts

I am looking for tips or sample applications and leases that I can use to build my own. I'm preparing to rent out my first property (3/2 townhouse condo in London) and I want to make sure my applications are thorough and my leases are air-tight.

Ontario is a "special" place with arguably the most tenant friendly, human-rights crazy laws in all of North America. I must be careful of the landmines while I do this.

Thanks!

Thanks Thomas. I've been lurking here for nearly a year now and I'm through about 20 hours of podcasts and dozens of blog posts. I'm well on my way!

Claude, that is seriously relieving to hear. I'm writing a million checklists in my head and checking the boxes, but I'm living in the world of theory still - as an engineer I am well aware that Theory And Practice Are Only The Same In Theory

Thanks @Claude Boiron

My intention is to build up a lease of all of the "extras" that I find from experienced landlords that a lawyer would not include, then go to a lawyer to pour the foundation underneath it. For example, a lawyer would never put "Tenant assumes responsibility for plumbing costs deemed to be tenant's fault", but that would allow me to send over a guy with a camera to find their kid's pencil crayons and leave the bill for the tenant - thus stopping future calls of this sort, as they'd probably rather pay for a guy that doesn't bring an expensive camera. My personal banker (an ex-landlord) didn't include this clause and was paying to have the kid's things removed from the toilet every couple of weeks.

This is just a rough example of the "type" of clauses that I want to protect myself. But yes, your advice of having a lawyer ratify is very important!

@Tyler Bruce

This is me, letting you know!

I envy your new locale. Eastern Ontario is such a nice place to live compared to Southwestern Ontario for someone like me that enjoys the outdoors. My parents are a dozen lakes over from you in Bobcaygeon. One day I'll be out that way, I hope.

Hello!

I am an aspiring real estate tycoon currently posing as a computer engineer. I live in St. Thomas and work in London, Ontario and I'm in the middle of closing my first rental! 

I am currently trying to find people in Ontario who understand the "special" legal environment that we suffer here so I can draft an effective application and an airtight lease. I learned an incredible amount by reading about 700 threads on the Ontario Landlord Association landlord help forum, and a great deal about investing in general from BP's blog and podcasts.

As an engineer it is natural to me to put together spreadsheets, analyze risk, pore over information and weigh the pros and cons of all possible scenarios ahead of me. This helped me greatly in my search for the first one, and it will be even more important in my search for my hundredth one.

I've been a home-owner (/renovator) for 8 years and I know how to swing a hammer. I'm looking to put those skills to use in undervalued homes in my area for BRRRR strategy of growth. I'm aligned with a great lender and realtor, but perhaps a local wholesaler could complete my team to get me onto that strategy.

Once I have a great deal of equity under me, my end-game goal is to own dozens of high-end 8-and-greater-plexes in various cities, put the right people in charge of them, and go live life unencumbered.

Looking forward to learning more!

Hey, I am in St Thomas but just about to close a townhouse condo in London. I've been creeping the site but keeping to myself until I can call myself an investor. I'd be happy to meet some locals!

Henry, it sounds like you don't "intend to" move into the property. I'd be careful trying to pull wool over CRA's eyes. Since you live and work other than where the property is, it is really quite obvious that you don't intend to move there. Even more obvious when a real name Google search lands on this post.

Your other angle of buying an investment and later trying for FTHB on your primary is a great idea and one you should check with a tax pro on (ie, not HR Block).

If you can use the plan, then start cramming every dollar you have into an RRSP so you can use that money tax-free come time. This is a powerful tool for first timers and one I wish I knew about 8 years ago buying my own place.

Good luck!