is key in keeping your real estate investing business afloat.
Are You Cut Out To Be A
cheques and leaky toilets. Does this sound like something you're
interested in dealing with? How about money in the bank and mortgage
pay down? Now that sounds better, doesn't it!
you really cut out to be a Landlord?
Ask yourself these five questions:
you have the discipline to stick to a long-term plan?
Are you a good communicator?
Can you diffuse potentially volatile situations?
Can you deal with conflict?
be hard work and it can be stressful, but if you're cut out to do the job,
you will learn to take the bad with the good.
donít ever invest in rental properties because they hear stories about
calls from panicked Tenants in the middle of the night. As the author of
this article and the owner of ten rental properties, I can say that Iíve
never received a call from a Tenant in the middle of the night. Not
that I havenít had my share of headaches, though.
When you first
purchase a rental property, you will likely have to decide whether you
will manage your rental property or hire a licensed Property Manager. Itís
recommended, at least in the beginning, to manage the property yourself if
you are able to. You will gain a huge amount of experience (and likely
learn how to replace a toilet) which will help you later on in better
managing a Property Manager.
Landlord in BC brings many legal and financial obligations. A Landlord
must comply with governing bodies and health, safety and housing standards
required by law. In addition, rental income is taxable and must be
reported to the Canada Revenue Agency. Whether you rent out several
apartments in a building or complex or simply your basement suite, you are
in the business of being a Landlord and should approach landlording in a
professional and business-like manner. The more you know about the law the
better off you and your business will be. There are several articles and
Forms, such as receipts, move-in forms and more, available on this
site that you will find helpful.
If you do end
up hiring a Property Manager, expect that your rental income will be
reduced because of the fee they charge. On the other hand, a good Manager
could take on a lot of the work and stress associated with running a
Smart Landlord Tip
relationship with your Tenant based on mutual respect and courtesy. Return
phone calls or emails promptly. Be responsible with repairs. Show concern
for your Tenant and, in turn, they will respect your time and your