Anything is possible although the bankruptcy is not a good indication of your money management skills. You may be able to answer the question yourself by analyzing your existing rental property to determine what the positive (or negative) cash flow actually is. Then do the same with the...

I am in agreement that a no pet policy is the best route to take with rentals. The reality is that even the best pets leave odors and destroy flooring, doors etc. In my opinion there is no such thing as a good pet in a rental and eventually all landlords learn that lesson (usually the hard way)...

There is also the question of target market. If the unit is in a area where the market is "affordable housing" (aka cellar dwellers) then legalizing, including upgrading, may actually hurt your chances of finding a tenant. As this requires additional expense and should warrant higher rent. On...

I am in agreement with all of the above. Hire a lawyer and draw up a legally binding contract between the partners. You may be friends now but that may not survive the business. Remember from day one you are operating a business, it is not a game or a hobby. Money comes and goes, friends...

Alberta is not my province of operation but I am familiar with Mobiles in Ontario. Many of your questions may be answered by the park owner where the home is located. We often know who has loans and who owns outright. We obviously know who is in arrears of rent and this can be used as leverage...

Speaking only from the perspective of a Ontario landlord operating under Ontario welfare/government guidelines welfare tenants are of the highest risk of all tenants. Rent payment is not guaranteed as the welfare recipient has the authority to cancel direct payment to the landlord at any time...

To add to what Thomas has stated I would suggest you steer clear of single family homes when starting out as they are notorious for having zero to negative cash flow. Try and find an affordable multi plex that will provide the security of continued income with vacancies. With single family...

You should never go longer than a one year lease. That way if they are bad tenants you only have to suffer one year and if they are good tenants you can renew with the appropriate rent increase. The fact is a longer lease provides no greater security for a landlord, the tenants can leave any...

If you look outside BC do not even consider Ontario. The government here is extremely pro tenant believing that "tenants can do no wrong". As a example evictions can take up to 6 months or longer and in the interim the tenant can live rent free if they chose simply walking away scott free in...

The answer is simple. Do what ever you want. Each individuals sole purpose in life is to please themselves until they no longer exist. There is no "greater purpose" to life. If you are not happy then you do not understand the basic concept of our existence.

Defiantly understand, I suspect you may be a A type person. The money you earn is only a side effect of doing what you find fulfilling. There is also the common problem among individuals with "money" that they never have enough to feel complectly secure, the more they have the more they feel...

I agree 100% Adam. At that age with that money and income I would be set for life and not looking for the stress and work associated with further earning. I would channel all my efforts initially into finding someone trusted to invest and manage my cash. My investments would be conservative...

If you are in Ontario I suggest you stay away from single family homes. They are extremely difficult to cash flow and are a target for professional tenants that like to target novice landlords. Concentrate on multiplex units to reduce your risks.

Eddie are you interested in thinking outside the conventional income investment type property that is the norm for REIN. If so then BC offers a opportunity for you that through a single property investment could potentially achieve your goal from day one. The catch is you will not learn about...

You will hear many different opinions on what you should do depending on the perspective of the individual providing the opinion. If I were in your shoes at your age I would go with option 3, invest the money and find a interest not related to working and earning money. Real estate...

As a landlord we need to be extra careful as to whom we entrust our property to and as such there is no such thing as being intrusive. Many applicants will take offense to us asking for SI# and drivers licence but they simply have the option of looking else where if they do not want to provide...

Based on the numbers you have posted, and considering you have left out numerous expenses, your condo is actually income negative. You are losing money every month you hold it as a rental property. Having next to no equity in the property and based on the posts indicating no likelihood of...

As a retiree she must have some form of income whether it be employer pension, old age or Canada pension or possibly investment income. Ask her to show proof of income for the past 6 months or last years income tax return. It is her problem not yours as to how she proves income.