QUOTE (invst4profit @ Jan 12 2010, 07:21 AM) There are fewer and fewer experienced LLs wanting to be in this business in Ontario but unfortunately far to many inexperienced new LLs that invest before ever studying up on the Ontario business environment.
This is a issue that should be heavily stressed by REIN in regards to Ontario investments. The RTA and LTB are not LL friendly.
Although occurrences such as this can be reduced with proper screening once you find yourself with a bad tenant in this provence you will quickly discover how helpless LLs can actually be.
Months of lost income, property damage, no damage deposits, LTB rulings forcing LLs to keep bad tenants, Legal aid manipulating the system, the list goes on and on.
The worst of it is the fact that all to many tenants believe they are within there rights to do what ever they please with your property because they are paying the rent and are usually right.
let`s not exaggerate. The story reminds me of doctors errors. anyone can make a mistake, including doctors and LTBs. BUT.. does this mean the health system is terrible? No. does this mean the LTB system is terrible? No because you do not evaluate a system based on extreme cases. You evaluate by looking at all cases and using statistics to compare between different offices/locations/organizations/countries.
As a landlord you may naturally be not objective/neutral when judging a system that would make you happy by letting you win more cases.
However, a system performance is not evaluated by looking at EXTREME cases like the monster tenant in the link or a doctor removing the wrong leg.
Yes, we can learn a lot from that but don`t let such stories scare you and don`t generalize based on them because they are not representative. if they were the link above would not make news headline! Extreme things just happen everywhere, in any field.
Again, it`s a great discussion and an interesting link/story we can learn from. I just wouldn`t conclude/generalize about an entire system based on 1, 10 or even 100 such stories in a year with 10s or 100s of thousands of cases dealt by LTB.