It’s such a pleasure guest blogging for Chris. I’m grateful for this opportunity to provide his readers with some real value. For my first post, I wanted to give you a taste on what it’s like managing properties in Ontario.
The Landlord Tenant Board is a regulation nightmare for Ontario real estate investors. One wrong move could prevent you from evicting a problem tenant in a timely matter, which means to you extra costs and more stress.
Believe me, there are few things more terrible for investors to deal with than problem tenants. This is why specialty companies such as Landlord Legal exist (their sole purpose is to evict problem tenants for landlords). Landlord Legal’s founder, April “the Terminator” Stewart, and I came up with 4 ways the odds are stacked against you from the get go.
|Disclosure||Names and addresses of any landlord who has made a filing with the Landlord Tenant Board is available for a fee||Landlords don’t have access to any eviction records|
|Legal Representation||Any tenant, regardless of their income, is automatically qualified for free legal advice and representation at the landlord tenant board.||Landlords are expected to “know” what is required of them, how to prepare legal documents, how to represent themselves, or retain paid representation|
|Security||Don’t have to pay security deposits to cover any damage if they destroy the place.||Cannot deduct damage from tenants last months rent (their only form of security). Real estate investors have to add the amount spent on repairs ONLY to the rent at the final month of tenancy.|
|Fees||Tenants wishing to bring their landlord to the landlord tenant board only pay a maximum of $45 (sometimes no fee at all)||A landlord wishing to bring a matter before the Landlord and Tenant Board must pay a $150.00 filing fee.|
When managing property in Ontario, be extra careful: take that extra step in doing your background checks, take care of your tenants, keep meticulous records and be prepared to go the board at some point in your career.
Brian Persaud from Real Experts Inc has been a REIN member since 2005 and currently owns property across Ontario, Alberta and Florida.