A Resource for

Landlords in British Columbia

 

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Selecting responsible Tenants is key in keeping your real estate investing business afloat.

 

Are You Cut Out To Be A Landlord?

Bounced 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! 

So, are you really cut out to be a Landlord? 
Ask yourself these five questions:

Do you have the discipline to stick to a long-term plan?

Are you a good communicator?

Can you diffuse potentially volatile situations?

Are you decisive?

Can you deal with conflict?

Landlording can 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. 

Many people 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.

 

Being a 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 free Rental 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 rental property.

Smart Landlord Tip

Create a 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 property.

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