Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Tenant on disability tax credit

Snoopy8460

New Forum Member
Registered
Joined
Mar 26, 2017
Messages
12
Hi would appreciate input please.
We bought a duplex in chilliwack, we know that it’s the rougher side of town. We plan to hold the property for 5-10 years
It is a bigger lot that can be subdivided later
Because I live 2 hrs away..I have a property management company find me a tenant..got a call today
The tenant is single mom on permanent disabilty and they property management company is going
To apply to the government to be paid directly.
This type of tenant profile is not one we are use to.
-disabilty check covers rent
-child credit is what the whole family is going to live on.
Anybody that has experience with this kind of situation? I want to reject but finding it really hard to find a renter. Listed for
1 month with no interest
 

Martin1968

Frequent Forum Member
Registered
Joined
Jan 22, 2017
Messages
235
I would start with your bottom remark about being listed for 1 month and no interest. Why is that ? The lower mainland has an accute shortage in rentals. Could it be that the property needs work inside and out?
How is it advertised? Just on PM company website? Maybe it needs more exposure? are you actively involved in finding tenants?
Could be many more reasons.

Just because you are in a rougher or, let’s call it a low income, area of town, doesn’t mean it’s not rentable. In my experience it’s the property itself that will make the difference. You can not expect to buy a prop for holding purposes, not wanting to do anything to enhance the prop, yet expecting to find a great tenant or up your overall expectations. You need to spend dollars to make dollars.

Maybe the prop mgm company realizes this and is jumping on the first opportunity that presents itself.

As far as the tenant applying, I would say uhm......no! To be able to live of the child tax how many kids are moving in?
No one working and kids at home means heavy on the wear and tear.
But again, without knowing about your prop and the condition it is in,it might be the only tenant profile you get applying.
 

Michel Lafleur

Frequent Forum Member
REIN Member
Joined
Apr 30, 2015
Messages
205
Its nice when a government agency pays the rents directly, but whats the true cost for the homeowner?
Do they plan to live on the child credit income? Sounds like they wont be able to afford to pay the utilities and put food on the table.
I wouldnt feel comfortable leaving my investment property in those hands....
If its in a rougher part of town already, securing a very low income tenant will make your property look like it is the rougher part of town.
 

Snoopy8460

New Forum Member
Registered
Joined
Mar 26, 2017
Messages
12
I would start with your bottom remark about being listed for 1 month and no interest. Why is that ? The lower mainland has an accute shortage in rentals. Could it be that the property needs work inside and out?
How is it advertised? Just on PM company website? Maybe it needs more exposure? are you actively involved in finding tenants?
Could be many more reasons.

Just because you are in a rougher or, let’s call it a low income, area of town, doesn’t mean it’s not rentable. In my experience it’s the property itself that will make the difference. You can not expect to buy a prop for holding purposes, not wanting to do anything to enhance the prop, yet expecting to find a great tenant or up your overall expectations. You need to spend dollars to make dollars.

Maybe the prop mgm company realizes this and is jumping on the first opportunity that presents itself.

As far as the tenant applying, I would say uhm......no! To be able to live of the child tax how many kids are moving in?
No one working and kids at home means heavy on the wear and tear.
But again, without knowing about your prop and the condition it is in,it might be the only tenant profile you get applying.
 

Snoopy8460

New Forum Member
Registered
Joined
Mar 26, 2017
Messages
12
My thought exactly 4 Kids living on child credit . I think it’s not the right property for the renter. House is big more cost to heat , lawn to cut...
The house itself is in a very good condition. 2700 sq ft 5 decent size bedroom.
Other than pm website and craigslist . I ask them to advertise in newspaper too.
No I am not actively involved in finding a tenant ..how do I do that other than listing on craigslist too..
 
Top Bottom