If you want Tenants, you need to ask the Right Tenant Questions....
You may not ask
- Do you want Kids?
- What is your ethnic back ground?
- Are you Gay or Lesbian?
- What is your religious Back ground?
- What is your income?
- Where do you work?
- How many people will be living here and what are their names?
- Do you have pets?
- Do you smoke?
- Will you be operating a home based business?
- What do you do when you can't sleep?
You could ask;
Tell me about yourself and watch their voluntary disclosures.
Remind them you need references, a credit bureau and you will be making enquiries.
You can ask for First and Last Month's Rent
- No Key Money
- No Security Deposits
- No Cleaning Deposits
No 3, 4 or 6 months in advance because they are new to Canada. Any extra fees you charge they merely save the recipts and deduct them from month 11 ( since you have the last month on hand) You must pay interest on their deposit and document it.
Because THEY [your prospective tenants] even if they agree, cannot be held to comply with what is illegal with the Landlord Tribunal; A Tenant application at the Tribunal will result in all of those deposits / charges being ordered refunded immediately.
Real Estate Investment - Condo Investment is so popular because it currently guarantees a 97.5% success rate. (Sheriff's evictions result in less than 2.5% of all rentals) There is no rent control on units constructed post 1991. Even at 25% down per unit; someone is paying your mortgage for you.
Will there be fewer people living in Toronto in 20 years? Is 1% per year on your savings the return you need to retire?
So.... What are we waiting for?