- Joined
- Dec 4, 2007
- Messages
- 20
Dear fellow My Rein Space Members (11,502 strong!)
I am creating this new Urgent thread about the Waterloo `Proposed Residential Rental Licensing By-Law` because it is a very important issue that needs attention by anyone that currently has Real Estate Investments or is thinking of Investing in Waterloo.
Fellow Waterloo Real Estate Investors/Landlords have formed a group which is focused on fighting the City of Waterloo on this by-law, which I am a member of. One of our Goals is to inform and get as many fellow Waterloo Real Estate Investors involved in our fight to stop this proposed by-law.
If you currently own Waterloo Real Estate Investments or are thinking of Investing in Waterloo you need to be aware of this by-law and get involve in our fight to stop it. It has enormous negative ramifications on our Investments.
Before I summarize some of the key points of the by-law to show you how it will hurt us, here are 3 ways you can get involved:
1) I will be at the Ontario, Toronto REIN meeting on Jan 27, so please come talk to me if you have questions or want to get involved in the fight (I will be wearing a Blue REIN baseball Cap and a bright Yellow `I Buy Houses` shirt so you can find me!
2) email me at [email protected] and I can provide more info and add you to our group, and/or
3) Mike Milovick has started a Face Book site dedicated to this fight; you can join at - http://www.facebook.com/home.php?sk=group_179891552042975
I have also attached the 70 page pdf document from the January 10, 2011 City of Waterloo Council meeting explaining the proposed by-law and includes the by-law itself word for word YOU NEED TO READ IT WORD FOR WORD.
The by-law affects `All` residential rental property in Waterloo, meaning any property that is not considered an apartment, even owner occupied homes! This also includes student residential rental properties (which is one of the key bones of contention). Here are some key points:
- no one can rent any residential property without a license (there are 5 classes of licenses)
- they are limiting rentals to 3 bedrooms only (even the student rentals that have existing lodging house licenses for 3+ rooms i.e 6+)
- no home owner can rent their home if it is 4+ bedrooms (i.e. if they are transferred for work to another country, they would have to sell or leave it vacant)
- owner occupied homes can only rent their homes for 18 months and then need to live in it for 2 years before they can rent it again (only if it is a 3 or less bedroom can they do this)
- even a retired widow that owns their home and is renting out 1 room in the house to help pay bills will need a rental license
- there are a ton of requirements in order to be approved for a rental license (cost$ , paper work and time) even for a 1 bedroom rental in your owner occupied home.
- for a single family 3 bedroom home that complies with the by-law, (there are no guarantees they will even allow existing single family rental homes) it will cost up front about $2,500 to initially get approved for a license (this does not include annual re-registration etc..). This includes the licensing fee and all required building/equipment inspections/paper work etc...
- city will hold landlords responsible for the behaviour of tenants
- bylaw officers can enter your property at ant reasonable time to enforce the bylaw
- fines up to $100,000
Here is a list of documentation/inspections they want at owner`s expense, in order to get a license (even for renting 1 bedroom in an owner occupied home) this is for a basic license, it is more comprehensive for other classes of a license:
1) address of rental unit
2) applicants contact info
3) registered owners contact info
4) if a corporation is owner all directors etc.. info
- articles of incorp
-current bylaw of corp
-corps most recent annual tax return
5)if owner does not reside in waterloo they need a local emergency contact
6)copy of transfer/deed ownership
7)copies of all tenancy agreements for `every` tenant
8)criminal police check for all owners, directors etc..
9)parking plan
10)floor plans
11)property maintenance plan
12)signed statement that applicant/owner/home will comply with:
-1992 building code
-1997 fire protection act
-1998 electrical act
-are aware of all relevant local, provincial, and federal legislation including Ontario Human Rights Code
13) proof of 2 million liability insurance
14)inspection certificate that confirms HVAC system is working properly
There is much, much more detail to the bylaw, so please read it and get involved with us if you own or are thinking of owning Waterloo Residential Investment Real Estate.
Thanks
Dave Attached files Rental_Housing_By-law_Report_January_2011.pdf (2.2 MB)Â
I am creating this new Urgent thread about the Waterloo `Proposed Residential Rental Licensing By-Law` because it is a very important issue that needs attention by anyone that currently has Real Estate Investments or is thinking of Investing in Waterloo.
Fellow Waterloo Real Estate Investors/Landlords have formed a group which is focused on fighting the City of Waterloo on this by-law, which I am a member of. One of our Goals is to inform and get as many fellow Waterloo Real Estate Investors involved in our fight to stop this proposed by-law.
If you currently own Waterloo Real Estate Investments or are thinking of Investing in Waterloo you need to be aware of this by-law and get involve in our fight to stop it. It has enormous negative ramifications on our Investments.
Before I summarize some of the key points of the by-law to show you how it will hurt us, here are 3 ways you can get involved:
1) I will be at the Ontario, Toronto REIN meeting on Jan 27, so please come talk to me if you have questions or want to get involved in the fight (I will be wearing a Blue REIN baseball Cap and a bright Yellow `I Buy Houses` shirt so you can find me!
2) email me at [email protected] and I can provide more info and add you to our group, and/or
3) Mike Milovick has started a Face Book site dedicated to this fight; you can join at - http://www.facebook.com/home.php?sk=group_179891552042975
I have also attached the 70 page pdf document from the January 10, 2011 City of Waterloo Council meeting explaining the proposed by-law and includes the by-law itself word for word YOU NEED TO READ IT WORD FOR WORD.
The by-law affects `All` residential rental property in Waterloo, meaning any property that is not considered an apartment, even owner occupied homes! This also includes student residential rental properties (which is one of the key bones of contention). Here are some key points:
- no one can rent any residential property without a license (there are 5 classes of licenses)
- they are limiting rentals to 3 bedrooms only (even the student rentals that have existing lodging house licenses for 3+ rooms i.e 6+)
- no home owner can rent their home if it is 4+ bedrooms (i.e. if they are transferred for work to another country, they would have to sell or leave it vacant)
- owner occupied homes can only rent their homes for 18 months and then need to live in it for 2 years before they can rent it again (only if it is a 3 or less bedroom can they do this)
- even a retired widow that owns their home and is renting out 1 room in the house to help pay bills will need a rental license
- there are a ton of requirements in order to be approved for a rental license (cost$ , paper work and time) even for a 1 bedroom rental in your owner occupied home.
- for a single family 3 bedroom home that complies with the by-law, (there are no guarantees they will even allow existing single family rental homes) it will cost up front about $2,500 to initially get approved for a license (this does not include annual re-registration etc..). This includes the licensing fee and all required building/equipment inspections/paper work etc...
- city will hold landlords responsible for the behaviour of tenants
- bylaw officers can enter your property at ant reasonable time to enforce the bylaw
- fines up to $100,000
Here is a list of documentation/inspections they want at owner`s expense, in order to get a license (even for renting 1 bedroom in an owner occupied home) this is for a basic license, it is more comprehensive for other classes of a license:
1) address of rental unit
2) applicants contact info
3) registered owners contact info
4) if a corporation is owner all directors etc.. info
- articles of incorp
-current bylaw of corp
-corps most recent annual tax return
5)if owner does not reside in waterloo they need a local emergency contact
6)copy of transfer/deed ownership
7)copies of all tenancy agreements for `every` tenant
8)criminal police check for all owners, directors etc..
9)parking plan
10)floor plans
11)property maintenance plan
12)signed statement that applicant/owner/home will comply with:
-1992 building code
-1997 fire protection act
-1998 electrical act
-are aware of all relevant local, provincial, and federal legislation including Ontario Human Rights Code
13) proof of 2 million liability insurance
14)inspection certificate that confirms HVAC system is working properly
There is much, much more detail to the bylaw, so please read it and get involved with us if you own or are thinking of owning Waterloo Residential Investment Real Estate.
Thanks
Dave Attached files Rental_Housing_By-law_Report_January_2011.pdf (2.2 MB)Â