Discussion:
Newbie: Any tips to find good Tenants - Screening?
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vvv
2003-08-22 12:33:28 UTC
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Forgive me if I sound new at thing, but I am hoping to get some insight. We
have a house for rent with to apartments (one on the main floor and one in
the basement - separate entrance). We would run a credit check on the
person we finally decide on before signing a lease. Any other tips from
experience Landlords would be appreciated? I am sure, a credit check in
not a fool proof solution (fake name etc?).
Defender of Enormous Manhood
2003-08-22 13:20:32 UTC
Permalink
Boy do you have a lot of questions, Dogs and vinyl floors, proof of income,
credit checks, if you are that paranoid, why don't you just ask for the full
amount of the lease up front?

Of course you'd never be able to rent on those terms, but you'd have the
peace of mind, if you found somebody stupid enough to front you a years
rent. But chances are you'd have to carry the mortgage for years before you
found a willing tenant.

There are no guarantees. There is always a level of risk. All you can do as
a landlord is try and mitigate potential losses. Say you find a person who
shows you their pay stubs, and you run a credit check and they have
excellent credit. They give you first and last, and sign a lease. They move
in, and they get laid off.

Are you getting the picture yet? There are no guarantees, there is no
perfect tenant. Shit happens.

So you have last month's rent as a deposit. Say the rent is due on the 1st.
The first time you don't get the rent on the 1st, you begin the eviction
process. If you are ontop of it, it usually takes 60 day. During that time
you can find another tenant. You mitigate your losses to one month's rent.

If you are smart, you should have a few month's rent saved, so if you are in
a position where you will lose a month or two, it does not create the
sistuation where you are in default on your mortgage.

I suggest you do some research, check out some landlord/tenant assocaitions
and see what kind of advice they have for landlords. After all you don't
want to break any laws with your ignorance. News groups are okay, but the
advice you get must be taken with a grain of salt. You will get more
opinions than facts. And opinions are usually worth shit.

Of course you could always sell the property and not have any headaches.

And say you do find a worthy tenant, do you know what their rights are, and
what you must provide as a landlord. I bet you don't. Check out the
provincial legislation, talk to a lawyer, get educated. This is not the
proper place to obtain authorative information.

Good luck!
Post by vvv
Forgive me if I sound new at thing, but I am hoping to get some insight.
We
Post by vvv
have a house for rent with to apartments (one on the main floor and one in
the basement - separate entrance). We would run a credit check on the
person we finally decide on before signing a lease. Any other tips from
experience Landlords would be appreciated? I am sure, a credit check in
not a fool proof solution (fake name etc?).
AcidTung
2003-08-22 13:47:17 UTC
Permalink
We would run a credit check on the person we finally decide on before
signing a lease.

I don't know the last time I saw as many vacancies as I see right now in
the city. It seems like every single building has unrented apartments and
it makes me shake my head at the amount of people who are trying still
trying to charge high rents and insist on the person being a single,
working female who has no pets, doesn't smoke and doesn't do anything
besides quietly read books by herself. Good luck to all of ya!
Hownow
2003-08-22 15:21:51 UTC
Permalink
Post by vvv
We would run a credit check on the person we finally decide on before
signing a lease.
I don't know the last time I saw as many vacancies as I see right now in
the city. It seems like every single building has unrented apartments and
it makes me shake my head at the amount of people who are trying still
trying to charge high rents and insist on the person being a single,
working female who has no pets, doesn't smoke and doesn't do anything
besides quietly read books by herself. Good luck to all of ya!
About a year ago I drove in from St. Catharines to the Mississauga
Krispy Kreme (had to give 'em a shot) and was amazed at the number of
new rental units that had gone up along 410 in Mississauga, all with
big banners advertising for tenants. Someone told me a slew had also
opened, as well, in the eastern reaches of Scarborough.

And then you get retired people like me who simply moved out of
apartments in Toronto suburbia and to places like Niagara, Brantford,
etc. (often their old home town) where they save hundreds a month on
larger apartments and are closer to facilities they use and, for me, to
golf courses that are not jammed with duffers and where greens fees are
still under $50 a round.
That opens a lot of apartment doors in Toronto.

Perhaps another reason that buildings in some parts of the city,
itself, have units available -- and I observed this on another jaunt to
the city, this one a couple of weeks ago from downtown on TTC (via
subway and bus) to Moe Pancer's deli on north Bathurst -- is that in
recent years, the old boroughs have become somewhat clustered with
people of similar origin and culture gathering together. For example,
along a few blocks north of Sheppard, what was once Jewish has become
quite Filipino ... and I noticed that buildings along there all had
apartments available. Similar population pockets can be seen on the
trip south on the Bathurst Street bus to Bloor Station.

Families were drawn to the farther reaches of suburbia across the GTA
because of lower rents than in the city, itself, and the fact that
industrial jobs moved out there decades ago. Earlier this summer, I
drove out of the city and through Mississauga along Dundas Street and
was intrigued at the Hurontario Street (Hwy. 10) intersection which has
become a heavily populated enclave of people of Asian sub-continent
origin. Fascinating. There are probably apartments available there.

The once closely contained ethnic neighborhoods of inner Toronto have
expanded outward to become sprawling areas of sub-division homes and
apartments buildings all across the GTA ... in what used to be strictly
white-bread territory. And since most folk look for accommodation in
areas where they'll feel comfortable in going about their daily
business, this ethnic pocketing of the 'burbs surely has some effect on
why many apartments are available in what is supposed to, or was
supposed to be, a lessors market.

- hm
Defender of Enormous Manhood
2003-08-22 18:53:09 UTC
Permalink
Well the main reason there are so many vacancies is because the cost of
owning a home has dropped so dramatically, that for the price of rents,
people can get way more space, own and build equity, and often for less than
most people are renting for these days. Both the New Housing and re-sale
housing markets are setting record levels. And yes, the vacancy rate is way
higher than the 2% it used to be, when you had to take what you found, or
live in the street.
Post by AcidTung
I don't know the last time I saw as many vacancies as I see right now in
the city. It seems like every single building has unrented apartments and
it makes me shake my head at the amount of people who are trying still
trying to charge high rents and insist on the person being a single,
working female who has no pets, doesn't smoke and doesn't do anything
besides quietly read books by herself. Good luck to all of ya!
a***@gmail.com
2012-12-09 20:47:00 UTC
Permalink
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l***@gmail.com
2012-12-09 20:48:06 UTC
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hi

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