Commercial Tenant in my Furnished Residential.

[ProRealEstateInvest]

Does a REIN member have a Lease Application for a Corporation.

Suggestions would be great, I have a showing this afternoon.



Stunning Executive

 

[invst4profit]

You will need to confirm with the city/township if it is legal to operate a business from that location.

If it is approved you would be wise to use your residential lease signed by the primary owner of the corporation rather than the corporation.

This will protect you in the event the "corporation" violates the lease.

If the city allows a corporation/ business operation in a residential location treat it as a residential lease/rental.

If the corporation is simply wishing to be on the lease for "financial" reasons then you should refuse and insist on a individual.

If the above is the case then you are being played.

 

[ProRealEstateInvest]

Thanks Greg,

I wasn't clear in my post. The perspective tenant is a Ranch that represents equestrian competitions and wants the home for guests and judges.

 

[invst4profit]

Then put a owner of the ranch on the lease otherwise it may be difficult to collect in the future. You do not want to be chasing a corporation for back rent and damages.

 

[ProRealEstateInvest]

Thanks Greg, VERY good point. It's quite a substantial ranch yet as professionals, they should also understand personal and corporate liabilities. Thanks again.

PS: you wanna chat with my oldest sister and bro-in law and show them why investing in Calgary real estate in a good idea. You know how family can respond. She's been a nurse at Kingston general for 30+, he's retired from Bell 30+ years and rehired as a contractor and also built a subdivision in Verona.

 

[invst4profit]

Interesting, I am also retired from Bell but your brother in law may be before my time.



As far as investing in Alberta is concerned that is beyond my scope but I can definitely advise not investing in Ontario.

The situation here is such that I have moved out of owning rental buildings and now exclusively invest in land lease properties.

Tenants rights and lack of support by the government makes it impossible to evict.

Still have to deal with bad tenants and the Landlord Tenant Board but at least the tenants can not damage my property or stiff me for their rent.