Being a landlord is not without considerable stress! When you have a great tenant the world is rosy and you feel very smart for having invested in a rental unit. When you have troublesome tenants you wonder what on earth you could have been thinking to do something so stupid as to buy a rental home. I encourage clients to really think long and hard about whether or not they are cut out to be a landlady or landlord. Here are some things I have learned from my own experience and others:
1. Any agreements not in writing are not worth the paper they're printed on.
2. Everyone is a model tenant when they want to get in.
3. "Well behaved" as concerns pets and children is a very loose term.
4. One late rent payment translates as perpetually behind.
5. Tenants know the tenancy act better than the author of the document.
6. IT IS MUCH EASIER TO GET SOMEONE IN THAN TO GET THEM OUT.
7. Renting to relatives is a recipe for early loss of hair and sleep.
8. Every strata has at least one overbearing knob.
9. Trading labour for rent money is also a recipe for early loss of hair and sleep.
10. You cannot generally get insurance for willful damage done by tenants.
11. Expect 1 in 10,000 people to treat a rental property with the same care as their own home.
12. Your bank is exceptionally unconcerned with why you didn't receive rent money.
13. References are often faked (who knew?!).
14. If someone needs to move in immediately....they have a problem and likely are a problem.
15. Young people don't often stay in one place too long.
16. When roommates start fighting you will be the loser.
17. The cheque is not in the mail.
18. Never return a damage deposit before comparing before and after inspection reports.
19. No news is not good news.
20. "No smoking" apparently sometimes means "smoke near window."
1. Any agreements not in writing are not worth the paper they're printed on.
2. Everyone is a model tenant when they want to get in.
3. "Well behaved" as concerns pets and children is a very loose term.
4. One late rent payment translates as perpetually behind.
5. Tenants know the tenancy act better than the author of the document.
6. IT IS MUCH EASIER TO GET SOMEONE IN THAN TO GET THEM OUT.
7. Renting to relatives is a recipe for early loss of hair and sleep.
8. Every strata has at least one overbearing knob.
9. Trading labour for rent money is also a recipe for early loss of hair and sleep.
10. You cannot generally get insurance for willful damage done by tenants.
11. Expect 1 in 10,000 people to treat a rental property with the same care as their own home.
12. Your bank is exceptionally unconcerned with why you didn't receive rent money.
13. References are often faked (who knew?!).
14. If someone needs to move in immediately....they have a problem and likely are a problem.
15. Young people don't often stay in one place too long.
16. When roommates start fighting you will be the loser.
17. The cheque is not in the mail.
18. Never return a damage deposit before comparing before and after inspection reports.
19. No news is not good news.
20. "No smoking" apparently sometimes means "smoke near window."
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