All Forum Posts by: Yuan He

But I’m sure there are people who’d ask you straight up: does an applicant meet your criteria or not? If they aren’t able or willing to provide you the underwriting info you need from them, then why would they continue to be considered?

You sound like a “can-do” kind of person, looking for a way to make this work for everyone. So if you’re catering to a certain set of people (young tenants, immigrants to Canada) perhaps it would be good to evaluate THEIR particular abilities and motivations... for example, if they don’t have tenant history and can’t afford a large security deposit, perhaps asking them for a co-signer to the lease would be enough to enforce “good behaviour”.

When in doubt, I often find it good to simply ask the other what they think is reasonable. If the answer is unsatisfactory, I move on :)

Great points ! What you said totally makes sense to me. You are right, since I'm new to this, I kinda have the "being-nice" attitude to everyone, trying to make something work out. Having heard what you said, I plan to make checklist and documents for prescreening and disclose all the criteria for potential applicants so everyone knows what to expect in this process.

0 Votes

Originally posted by @Account Closed:

@Yuan He

Tenant verification services out of Langley I believe. Costs me $12 for a credit check showing score and any outstanding collections. Don’t need the sin but it does help.

Awesome, definitely will try this !

0 Votes

Originally posted by @Andrew M.:

@Yuan He in lieu of the SIN, I’d ask for the name, number and address of the Applicant’s last three landlords, and contact them to discuss the Applicant’s tenant history.

I’d also contact Access Nova Scotia to inquire if they’d ever been reported to Residential Tenancies for a breach of contract or dispute with the landlord.

And finally, I’d inquire what their gross monthly take-home is, to ensure my rent is within the threshold of what they can afford (eg. 30% or less).

Appreciate your sharing Andrew ! I can see that those information can be incredibly helpful. What if it is the case the tenant is a relatively new immigrant and does not have many previous landlord references ? How do you cope with that situation.

0 Votes

Originally posted by @Account Closed:

@Yuan He

You need as much info as possible. Current And former address(es), complete. Full name with middle initial. I always put SIN portion on the application but tell them “it’s optional but does assist to make sure I’m able to grab the correct persons credit history. And once we sign a lease it is not optional anymore”.

Thanks so much for the information ! So "once we sign a lease it is not optional anymore" Does it mean that if we sign the lease, they have to provide SIN to you ?

0 Votes

Hi BP rock stars,

I am aware that in Halifax NS, the tenant is not required to provide SIN. Under this condition, how do you usually conduct background and credit check if the applicant is not willing to disclose this information, and it seems that the law says we can not simply deny their application just because they are not willing to provide it.

Regards,

Yuan He

3 Votes

Hi Kevin,

Welcome to Halifax !

I am also in Halifax, Bedford area. I also highly recommend Trevor's meetup and have been learning from them so much. I just got my first duplex for house hacking and new to the game as well. Guess I'll see you there.

Yuan He

1 Vote

@Sazini Nzula

Congratulations on your deal ! Yes, would love to know more about Truro and connect.

1 Vote

Originally posted by @Chris Habets:

Exactly, why not? I don't know Truro specifically but I'm investing in Sydney.

Wow, you located in Ottawa, how you could invest in Sydney generally ? I would love to get a taste of investing "remotely" since I WFH

1 Vote

I'm new to Canada and don't know whole lot, but at this point, is it possible to form your own LLC or Corp with partners and pool money into that entity to keep acquiring ? Probably it will be harder to finance and higher percentage down payment but I guess you can scale this way ?

We all have ups and downs, rainy days and sunny days. I sometimes feel extremely discouraged and upset when things don't go the way I expected, but I guess this is part of the game. What I found super helpful is that you may as well just take a break, simply walk away for a short while, listen to some music and talk to friends. Your energy and spirit will be back in no time after another day.

1 Vote

Update: very sadly, I can not finance with 10% down payment for triplex and up on my current immigration status. Have to give up, disappointing, but just another day.

0 Votes

All Forum Posts by: Yuan He

Yuan He has started 5 posts and replied 41 times.

Post: Asking applicants SIN for background and credit check

Post: Asking applicants SIN for background and credit check

Post: Asking applicants SIN for background and credit check

Post: Asking applicants SIN for background and credit check

Post: Asking applicants SIN for background and credit check

Post: BiggerPockets members in Halifax, NS Canada

Post: Why not Truro, Nova Scotia ?

Post: Why not Truro, Nova Scotia ?

Post: Canada is trying to burst my bubble

Post: Help Analyzing a Deal In Truro, Nova Scotia