Renting to ODSP receivers...

[NorthernAlex]

Hi all.

I remember that I read a great post from invst4profit or investsmart how to handle potential ODSP tenants, but can not find it using the search button.

Could someone point me out how you are dealing with ODSP clients?

Thank you in advance.

 

[invst4profit]

I don`t think it was me. I would never rent to them, far too risky.
If they are disqualified from receiving benefits you are stuck with
having to evict. That is far too costly in Ontario.
Too many bad stories.

 

[Nir]

Alex,



Here is a thread related to that, not sure if that is what you meant:



http://myreinspace.com/public_forums/Real_Estate_Discussion/62-9046-Tenant_needs_an_intent_to_rent_form_mentioned_Ontario_Works.html



I learned A LOT from Greg (invst4profit) but in this case I disagree. MOST of my tenants are on disability and ALL of them are Great LONG TERM tenants!



Greg ('ggreg') mentioned the same if you look at the link above. He dealt with many tenants on ODSP and the feedback I got from him is also that perhaps they are the Best tenants. I guess statistically it is considered a stable and low income (both factors support long term tenancy). It does depend on the area and property of course so perhaps bad match for Greg's properties (invst4profit).



Alex, I believe you too will find tenants on ODSP are in most cases TOP tenants for your properties.



Cheers,

Neil

 

[NorthernAlex]

Neil, thank you very much.

Thats the topic I was looking for.

I seem to have one excellent ODSP tenant in my 5plex. A second one seem to be a little bit loud. The excellent one asked me if I would be willing to speak to his friend regarding renting a vacant unit out.

If he agrees that I receive the payment directly from Ontario Works and my reference calls are okay too I would be willing to go with him.

Neil, how do you deal first/last rent due to the fact that Ontario Works will not pay last rent. Did you get it from the tenant or skip it (which I actually would not like to do).

 

[Nir]

QUOTE (NorthernAlex @ Mar 14 2009, 04:35 PM) how do you deal first/last rent due to the fact that Ontario Works will not pay last rent. Did you get it from the tenant or skip it (which I actually would not like to do).

Good question. I inherited all of my tenants so did not have this dilemma. 2 of them did not provide last month rent when they moved in (before my purchase) so I simply did not get the money when I purchased the property. but most did. your call but it is definitely negotiable. since it is a common and reasonable request, I would request a last month rent. He might expect it and have no issue paying. He may be on disability but I doubt he is a rent away from being homeless.

Another way of looking at it (again, Only if he has an issue providing last month rent) is:


- can you rent it Within 1 Month to someone else? if not then you will not make money by refusing his request not to pay last month! (but don`t tell him that, just negotiate if needed as mentioned.)
- how good he is potentially compared to an average tenant?