Good Tenants Are Key
Mortgage Is Not A Dirty Work With Rental Property
To be a successful landlord, you need the skills to manage your tenants. Each province has its own rental laws. Understand what applies to your target area before investing.
Learn how to handle existing renters and the best tactics for attracting desirable new ones. This is critical to your success. That pretty property may conceal a bad tenant who resists eviction. Check them out as part of your research.
Screen a potential tenant carefully. Get recent proof of income and do a credit report. Your FORTAX Financial Advisor can help with this. Obtain a copy of their photo ID.
Develop a rental agreement outlining your rules regarding smoking, pets, utilities costs, and your preferred method for collecting the monthly rent. You might also require proof of tenant insurance before the move-in date.
Flag anyone who resists providing any of this information. They are not the right tenant for you.