HI All respected members of REIN and guests.
I have a question that at first will be simple to answer and believe me I have heard several times a flat NO answer. But need to discuss it with somebody who has more experience maybe then I do and my so called experts that I talked to.
I own few houses in Hamilton, several units have been completely renovated and are ready to go for rent. I have a hard time seeing the new tenants move in and start damaging the place within few hours of their move. Then some of them do no pay and we have to evict them. I have a good property management company, but every time we evict somebody there is about 400 dollars charge for cleaning and fixing small things.
Is there a way to charge security deposit let say in the amount of $300?
My former real estate agent said that he had charged security deposit on all his rentals despite the fact that it is not quite legal in Canada.
Now, does any one have any suggestions as to how to structure the rental agreement? Maybe put a key deposit? but 300 for a key deposit would be crazy and would look obvious to the tenant board if the case goes that far.
Is it possible to make a separate agreement on a side with the tenants for the security deposit? My property manager does not want to even ask the tenants for it.
Any suggestions? Ideas?
I have a question that at first will be simple to answer and believe me I have heard several times a flat NO answer. But need to discuss it with somebody who has more experience maybe then I do and my so called experts that I talked to.
I own few houses in Hamilton, several units have been completely renovated and are ready to go for rent. I have a hard time seeing the new tenants move in and start damaging the place within few hours of their move. Then some of them do no pay and we have to evict them. I have a good property management company, but every time we evict somebody there is about 400 dollars charge for cleaning and fixing small things.
Is there a way to charge security deposit let say in the amount of $300?
My former real estate agent said that he had charged security deposit on all his rentals despite the fact that it is not quite legal in Canada.
Now, does any one have any suggestions as to how to structure the rental agreement? Maybe put a key deposit? but 300 for a key deposit would be crazy and would look obvious to the tenant board if the case goes that far.
Is it possible to make a separate agreement on a side with the tenants for the security deposit? My property manager does not want to even ask the tenants for it.
Any suggestions? Ideas?