I`ve heard from a few investors that landlords should only sign tenants in month to month leases. that if they lock them into yearly leases it`s harder to evict them if they become problem tenants. have any of you had that experience? what do most people prefer - monthly or yearly leases?
QUOTE (ColinAustin @ Jul 6 2009, 07:39 PM) I`ve heard from a few investors that landlords should only sign tenants in month to month leases. that if they lock them into yearly leases it`s harder to evict them if they become problem tenants. have any of you had that experience? what do most people prefer - monthly or yearly leases?
choose/have good tenants and you`ll be a happy landlord whether tenants are on month to month or yearly lease
choose/have bad tenants and you will be really frustrated whether tenants are on month to month or yearly lease
In Ontario it is just as difficult to evict whether it is one year or month to month.
Standard practice is to start with a one year and allow it to continue as a month to month.
The only real difference is in the case of consistent late payment you will not likely be able to evict before the one year lease is up.
The LTB will still likely give the tenant one more chance so you are likely looking at up to 6 months to evict many times anyway.
Six to one half a dozen to the other. Being a LL in Ontario is a gamble.
QUOTE (invst4profit @ Jul 7 2009, 06:17 AM) In Ontario it is just as difficult to evict whether it is one year or month to month.
Standard practice is to start with a one year and allow it to continue as a month to month.
The only real difference is in the case of consistent late payment you will not likely be able to evict before the one year lease is up.
The LTB will still likely give the tenant one more chance so you are likely looking at up to 6 months to evict many times anyway.
Six to one half a dozen to the other. Being a LL in Ontario is a gamble.
Thanks to both who replied... I didnt realize that an N8 might not apply to those in a year lease! Good info to know.
