All Forum Posts by: Nathan Korownyk

My worst mistake was deviating from our plan. We tried to price our rents to get the best bang for the buck, so to speak, balancing maximum rent but  keeping it at such a level to have several people apply.

This was several years ago, but the tenant had high debt and several accounts with bad credit, but cash flow was solid.  We took a chance and let emotions get involved to help them out a bit. The calm demeanor evident in the application process soon vanished.  I soon got text essays complaining about all sorts of things. And when questioned on treatment of the property or complaints of other tenants, the accusations and text essays flew.  They always paid their rent, but it was an ordeal.  I was happy to grant their request to terminate the lease early.

Unless you're running a charity, stick to the plan and don't let emotions cloud your decisions.  

That was a long, slow ordeal, unlike the time a tenant flashed a butcher knife at me...but that's another story.

There is more going on than meets the eye with ALL the recent economic, social and political events.  Bottom line is that the little guys (Air BNB) have been taking market share from the big guys (hotels and resorts). While some Air BNB people have 20+ units, they are not on the same level as a hotel.  So they shut the little guy down, and they allow the hotels to open AND provide bailout money.  Its hard not to be cynical.  

Given the popularity of pets, and the fact that many people have them instead of, or in addition to children...I don't know why a landlord would eliminate a huge % of the available renters. The only issues I have had are with big dogs in a small space.  Cats and dogs have worked out well for me and provided additional income.

It may not be the best option if you have carpets everywhere, but next reno or next rental, pet proof your place from the start...especially with some type of vinyl plank flooring.