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First time Landlord... got some questions!

T

TommyK

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Hi everyone!

I am in the process of being a 1st time Landlord. I want to manage the property myself (it`s a condo) because I want to know everything about landlording before I hand it to a property management in the future.

I have a few questions to ask (especially those of you who manage the properties yourself)

1) I understand the important of credit check (and criminal check). I know I can take advantage of rentcheck site. My question is, do you find more difficult to get potential tenants to agree a credit check/criminal record check if they know you are not from a property management company? Is there a resistance of them releasing private information?

2) Am I able to put down on my contract that I will visit the property twice (or even 3 times) a year with 24-hour written notice? Is this legal to do in Alberta?

3) Can I make tenants to be responsible for all light bulds? I just don`t want them to call me to change a light buld!

Thank you so much in advance! If I have more questions, I will post them on here.

Regards,
Tommy
 
1) Most not a big issue
2) Yes, maintenance inspection allowed more than that as you like.
3) Yes, in suite only, you should provide prior to occupancy and especially for rental viewing presentation!
 
I have never had any resistence to asking for personal information...not only would that be a big red flag...I simply wouldnt accept them if I couldnt have it. (make sure you signed permission to access their information, then keep it on file for several years after) I give them the application form that has space for MORE information then I would ever need, most times they automatically fill it all out. I have never done a ciminal check, dont know that I would need to, usually the credit check shows me all that I need to know about the individual.

It is my experience that a tenants past ABSOLUTLY WILL repeat itself in the future. Save yourself the grief from trying to make people fit just to fill a vacancy, choose instead to wait for the right tenants...it will be well worth it.
 
QUOTE (TommyK @ Sep 7 2008, 01:13 AM) Hi everyone!

I am in the process of being a 1st time Landlord. I want to manage the property myself (it`s a condo) because I want to know everything about landlording before I hand it to a property management in the future.

I have a few questions to ask (especially those of you who manage the properties yourself)

1) I understand the important of credit check (and criminal check). I know I can take advantage of rentcheck site. My question is, do you find more difficult to get potential tenants to agree a credit check/criminal record check if they know you are not from a property management company? Is there a resistance of them releasing private information?

2) Am I able to put down on my contract that I will visit the property twice (or even 3 times) a year with 24-hour written notice? Is this legal to do in Alberta?

3) Can I make tenants to be responsible for all light bulds? I just don`t want them to call me to change a light buld!

Thank you so much in advance! If I have more questions, I will post them on here.

Regards,
Tommy
1) it is your property, worth $200,000 or likely much more ... it is your right to ask certain questions .. and highly recommended to ensure peace-of-mind for you
2) It is your property, you can go in ANY TIME as often as you want, but in AB you have to give a 24 h notice !
3) yes you can. Add it to your contract, incl. "All repairs or parts under $50 value" are the tenants responsibility. Also, just because a tenants asks you do not have to provide it. Most tenants are normal and reasonable, but some are "weird" and ask for anything especially if they realize you are in-experienced !
 
Awesome. REIN rocks!

I am definitely going to check credit to make sure they are financially responsible. I truly believe that those who don`t pay their bills will repeat that in the future (ie: delaying rent payment!).

Another question: what rental contract do you use? One that is for non-property management?

Any resource is appreciated!!!!

Thank you.
 
Hi Tommy,

There`s one under member resources in MyREINspace and if you use RentCheckCorp for credit checks, they have a sample in their portal as well,

Good luck!
Manj
 
QUOTE (TommyK @ Sep 8 2008, 01:52 AM) Another question: what rental contract do you use? One that is for non-property management?
use the one offered by the landlord-tenant board .. they are different in each province !

Learn to swim before jumping in the water ! While many survive OK on instincts in the water .. some get eaten by sharks and some drown !
 
QUOTE (thomasbeyer2000 @ Sep 8 2008, 11:04 AM) use the one offered by the landlord-tenant board .. they are different in each province !

Hi Thomas - do you by any chance have a link handy for Ontario? I checked the site (http://www.ltb.gov.on.ca/en/Forms/STEL01_079132.html) and couldn`t find a rental or tenancy agreement.
 
Thank you Thomas and Manj! I will check out Alberta`s rental form.

Another question:
The property class I am going after is townhouse. The exterior maintenance is covered by condo fees. Do I still need to get insurance to cover interior? I heard there`s rental loss insurance and content insurance. Does the tenant need to get their own content insurance?

How much would rental loss cost per year? who do you recommend to look into rental insurance in Edmonton? any REIN member that is in insurance?

Thank you so much!!

Tommy
 
QUOTE (TommyK @ Sep 8 2008, 01:42 PM) ... Do I still need to get insurance to cover interior? I heard there`s rental loss insurance and content insurance. Does the tenant need to get their own content insurance?
most tenants do not get their (personal) content insured.

yes, you should get rental loss insurance and content insurance (such a bathroom, kitchen, floors, all interior stuff you own but that is not insured in a fire), as the mortgage continues if the place burns down. Check first though what the condo corp. covers .. bathrooms, kitchens .. may be included !
 
Check your local apartment managers association and join.

QUOTE (JSB @ Sep 8 2008, 02:33 PM) Hi Thomas - do you by any chance have a link handy for Ontario? I checked the site (http://www.ltb.gov.on.ca/en/Forms/STEL01_079132.html) and couldn`t find a rental or tenancy agreement.
 
QUOTE (thomasbeyer2000 @ Sep 8 2008, 02:24 PM) most tenants do not get their (personal) content insured.

yes, you should get rental loss insurance and content insurance (such a bathroom, kitchen, floors, all interior stuff you own but that is not insured in a fire), as the mortgage continues if the place burns down. Check first though what the condo corp. covers .. bathrooms, kitchens .. may be included !

You may also want to confirm if the condo board`s insurance covers betterments and improvements to the unit, or will return it to "as built" state - quite often not covered in board insurance.
 
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