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Landlords in British Columbia

 

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Owning rental property is a great concept for building wealth, but requires a lot of hard work, patience and planning. 

 

Getting Started As A Landlord

The Good, The Bad, and The Ugly

Investing in real estate can be far more lucrative and rewarding than other forms of investments, but before deciding if this is a career you’d like to get involved in, you should read about the good, the bad and the ugly parts of real estate investing and being a landlord.

► The Good

The great part of investing in rental property is that someone else is paying off your mortgage.  Couple that with the cash you should be earning every month after the expenses are paid and it's no wonder that over 90% of millionaires have made their money in real estate. 

► The Bad

Owning rental property can be a lot of work.  It takes patience, planning and the ability to deal with many different personality types.  Every time a rental property becomes vacant, you have to find a new Tenant.  This alone can be a huge headache.  Your phone will ring off the hook, and you'll be steadily replying to email inquiries.  You have to do showings, background and reference checks, and you'll question if you're being told the truth.  Even after you find a good Tenant, you could still have problems.  They could lose their job, then start a trend in paying rent late; there could be relationship break-ups, roommates moving out, etc...  Plus, you could have issues with your property such as plugged drains, leaking fridges, and so on.  You get the picture.  

Mostly, it isn't this way but it could be.  Sometimes you'll encounter a string of bad luck.  And speaking of bad luck...

► The Ugly

Occasionally, being a Landlord means living in a nightmare . . . while you're awake. There are Tenants who will destroy your property, fit of family of 10 in a two bedroom condo, or not pay rent at all.  They will flush cat litter down your toilet and leave you with all the repair costs.  That is why it is so very important to study and know the laws that apply to renting in BC, and your rights as a Landlord.  You must make sure you do everything in accordance with the law, and when you're unsure, call or email the BC Landlord Tenancy Branch.  Don't assume that by getting a Tenant to sign something, that it is legal.  The Residential Tenancy Act and Regulations will trump whatever you and a Tenant agree to that is outside of the law.  Make sure you document everything.  This is very important if and when you go to arbitration.  You WILL live through your nightmare and come out okay in the end...with a good story and a good lesson.  Doing your due diligence when renting out your property is of utmost importance.  Never forget that.

 

 

Smart Landlord Tip

A good Landlord is an educated one; one who knows the rights of their Tenant and their own.

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