Purchase includes existing tenant whp would like to stay

[Wayne]

I just purchased a house which had a 1 bdrm basement suite. The suite has been rented to same tenant for about 8 years with no rental increases. There was a damage deposit paid initially. The previous owner and the tenant had a verbal tenancy agreement as follows:

Rent = $575 pm which includes utilities, cable, wireless internet, laundry, parking.

This is the situation that I`m faced with as of Jan 31st possession date:

1) No rental/tenenacy agreement or lease in place.
2) Comparable rents for equivalent in area is approx $600-$625 pm.
3) Has 3 cats.
4) A smoker.
5) Has disabled smoke alarm.
6) Electrical outlets overloaded with numerous plugs/connections (inspector sais fire hazzard)
7) Continouly runs space heater (even when not home) boosting monthly bill plus potential fire hazzard

I would like to keep the tenant in place, yet am looking to you for advice on how to approach this situation.


Thanks,

Wayne

 

[invst4profit]

Your approach depends on what provence you are in.

http://www.e-laws.gov.on.ca/html/statutes/...tes_06r17_e.htm

This is a link to the Ontario RTA.
You need to study and learn the RTA for the provence you are in to understand the rules governing this business.
What would you ideally like to do regarding your tenant?

 

[Wayne]

QUOTE (invst4profit @ Jan 4 2010, 04:38 PM) Your approach depends on what provence you are in.

http://www.e-laws.gov.on.ca/html/statutes/...tes_06r17_e.htm

This is a link to the Ontario RTA.
You need to study and learn the RTA for the provence you are in to understand the rules governing this business.
What would you ideally like to do regarding your tenant?


I am located in BC.

I would like to keep the tenant, but get some sort of tenancy or lease in place at least.

 

[fumbrunner]

QUOTE (Wayne @ Jan 4 2010, 05:21 PM) I am located in BC.

I would like to keep the tenant, but get some sort of tenancy or lease in place at least.
So, he is on month to month, has pets, is a smoker and is paying less than market rents and you want to keep him?  why?

 

[jkcomm]

Wayne,

I agree with the above... I`d ditch the tenant ASAP. It could be a potential P.I.T.A.

James

 

[invst4profit]

If the BC RTA allows it I would also highly recommend you dump that tenant.
Start fresh with a tenant of your choosing.