So You Want To Be a Landlord?
A landlord is the owner of real estate, such as a house, apartment building, or land that is leased or rented to another person or entity, called the tenant.
Purchasing a rental property means that you have also purchased a business. The most critical aspect of your business will be acquiring tenants. Once you acquire your new tenant you will give up control of your property.
Normal and reasonable business practices do not apply to rental properties in Ontario. The rules and regulations in Ontario are governed by the Ontario Landlord and Tenant Board and the Ontario Human Rights Commission and they do not favour the landlord. Oftentimes in Ontario the landlord is rendered powerless over his property for many months.
How do you plan to survive your worst case scenario? The average cost to evict a tenant in Ontario is $5,000! For new investors working with little monthly cash flow, a $5000 loss can take years to recover. I have witnessed aspiring landlords receive an expensive education and walk away penniless and out of business.
Gain knowledge and understanding about the rules and regulations within the Ontario Landlord and Tenant Board and Human Rights Commission. Educate yourself before you invest.
Key Properties Niagara has been managing rental properties for over 20 years. If you are just getting started, contact us, we are here to help.
