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Choosing Investment Property that will Attract the Best Tenants – copy


on General May 1st

by Lucille Yates

Once you get past the financial considerations, next is deciding on the location and type of investment property to purchase. The thing to think about is who will your tenant be.  What type to tenant would bring you the best income and would take care of the property?

condo development in Toronto

Downtown Toronto Condos

Often it is the location of the property that attracts a particular type of tenant.  In my experience most tenants tend to be under age 35, often single or couples without children.  These are people starting out in life, they want to live where their friends live.  They want to be close to their work, especially if they are young professionals putting in lots of hours to get established in their field. They want convenience of amenities close  to home.  They often want to eat out so the proximity of restaurants and grocery stores  is important. Read more »


1140 Sq Feet on Queens Quay


on General April 13th
Queens Quay

Queens Quay

Great views, Large Condo at ‘The Riviera’ on Queens Quay. 1140 Square feet in sub penthouse with 2 balconies, perfect for entertaining, Designer cabinetry with stainless steel appliances & Granite counter tops. 9′ Floor-To-Ceiling Wrap-A-Round windows, hardwood Flooring. Building a great amenities, Rent includes parking and locker.


Empress Walk Condo, Direct Subway access


on General April 13th
Empress Walk

Empress Walk

Empress Walk, More then 900 sq. feet, 2 bedrooms and 2 full baths. Balcony, Bright And Spacious Layout, Direct Access To Subway, Loblaws, Cinema, Shops, Earl Haig High School Area, Theatre and Restaurants. Natural stone floors in foyer, Hardwood in living/dining and bedrooms. Stainless steel appliances, Master has large closet. One parking space and locker included. Secure Building with 24 Hour Concierge, Tenant pays utilities. NO smokers & No pets please.


Condo with Parking and Locker


on Condo, General, investment property, Landlord, Listings, Property Management, real estate investment, rental, tenant, Toronto January 12th
Brunel Court

Brunel Court

Live at CityPlace, Large bright 1 bedroom, This 650 square foot condo unit has huge floor to ceiling windows, Vertical blinds on all windows. PARKING SPACE AND LOCKER INCLUDED. Tenant pays utilities. Condo tenants have access to recreational facilities: Indoor pool, Sauna, and Gym. Located in the heart of downtown this condo is steps from the entertainment district, Queen West and other downtown amenities. Some of the extraordinary amenities include large swimming pool, outdoor tanning deck, whirlpool, multipurpose gymnasium, open lounge, outside patio and BBQ, party room with outdoor terrace, and  grocery store. Call 416-653-2877


Complete house, Hardwood Throughout, New appliances


on General, investment property, Landlord, Listings, Property Management, real estate investment, rental, tenant, Toronto January 12th
Main Street

Main Street

Charming 3 bedroom house with lots of traditional charm. Refinished hardwood floors throughout, 6 appliances, Living room has decorative fireplace and French doors. Separate dining room with walkout to large deck and naturalized ravine back yard. 2nd story has 3 bedrooms and modern bathroom with extra long tub. Basement has storage space. parking for one car. Good access to TTC, parks, schools, shopping and restaurants. Tenant pays gas, hydro and hot water tank rental Call 416-653-2877


Miele Appliances and New Flooring in this CityPlace Condo


on Condo, General, investment property, Landlord, Listings, Property Management, real estate investment, rental, tenant, Toronto January 12th

 

Telegram Mews

Telegram Mews

Be the first to rent this Bright, Beautiful Condo with new flooring at Cityplace, Great views, Lots of light. Quality Miele Appliances, Custom cabinetry. Balcony has great south view. Building has concierge and good recreation facilities, gym and pool. Well located to all downtown amenities. Tenant pays hydro. This rental includes a locker. Call 416-653-2877


Well located condo with utilities and parking included, 1300 Sq Ft.


on Condo, General, real estate investment, rental, tenant, Toronto June 3rd
45 Carlton Street

45 Carlton Street

Bright condo apt. across from historic Maple Leaf Gardens. Large two bedroom with two full bathrooms, sun room, living room, dining room and eat-in size kitchen. Ensuite laundry and storage.

Approx 1,300 sq ft. New bamboo hardwood floors. New kitchen appliances. Updated bathrooms. New vertical blinds. Freshly painted throughout. Building amenities include 24 hour concierge, free visitor parking, indoor pool, jacuzzi, saunas, well-equipped gym, indoor track, squash courts, pool and billiards room, ping pong, and rooftop deck, study lounge, library, etc. Shopping and subway are steps away. $2,650/mo. Includes parking, all utilities, heating and AC. No dogs allowed in building. Call 416-653-2877

Kingsway Townhouse for Rent


on General June 3rd
Brownstone Lane

Brownstone Lane

Upscale property in small enclave of townhomes, beautifully designed and finished, hardwood in main living areas and broadloom in bedrooms. 3 bathrooms, finished basement with gas fireplace. Large deck at rear with walkout from kitchen. One car garage with parking for one additional car. Located close to shopping, good schools and transportation. Call 416-653-2877


5 Things Tenants Tell Us and What They Usually Mean


on Condo, General, Landlord, Property Management, rental, tenant, Toronto May 20th

OK, after 25 years in the property management business, I may be a bit jaded.  However there are some things that we hear over and over again. Here are the most common ones that either make me smile or set off alarm bells.

1. Would the Landlord reduce the rent for a really good tenant?

It seems to be common to think that most tenants are bad tenants.  In reality, most tenants are good tenants. We only hear more about the bad ones. There is not much to tell about good tenants. They pay their rent, respect the other tenants and take pride  in the property they live in.

Some prospective tenants think that by telling the landlord that they are good tenants, they are offering something special to a landlord.  Despite experience and good judgment and credit checks, a landlord never really knows absolutely how good a tenant is until they have moved in and lived there for awhile.

If the rental is a well maintained property in a good rental location it will  attract mostly good tenants.  If a property is poorly maintained it will often attract poor tenants. It’s as simple as that.  Landlords do not have to reduce rent or make deals with tenants if they are offering  quality rentals.

2. My dog never barks.

Most dogs bark. The only exceptions, I’ve seen are dogs that wear ‘no bark’ devices and once one that had been surgically altered (yes,  really). Dogs owners become accustomed to the sounds of their dog and often don’t notice how much they bark.  Often the dog does not bark when the owner is home but when the dog is left alone, every time someone  enters or leaves the property the dog, who wants to be feed of walked or just noticed, starts to bark. Of course, the dog owner does not hear it but everyone else gets to listen.

3. I had to declare bankruptcy but it was my ex’s fault. He/She was the one with the spending problem.

I have to admit falling for this story several times early in my career. In each case, the tenant ran into financial trouble before long and had to be evicted.  Sometimes a prospective tenant  tells me that they did have some problems but they have  sold their house so they have sorted out their problems and will be able to pay the rent without fail.  When someone has just sold their house it does not necessarily mean that they had equity in the home. They may have been forced to sell.   It is always important to do a credit check and make sure there are no credit issues and good bill payment patterns.  Sometimes, this story leads to the next one:

4. I couldn’t pay my rent because I have a sick/dead relative. 

I’ve heard variations of this story countless times and almost with out exception, it’s the beginning of the end of the tenancy.  It’s a story that of course, I have to give the benefit of the doubt to,  but after hearing it so often with the same end result, I have to also consider the consequences of unpaid rent and do my best to mitigate the situation.

5. I’d like to pay my rent in cash

Sometimes when a novice landlord hears this they think that it’s good news: no bouncing cheques! However, this the the story that really sets off alarm bells.  If A tenant wants to pay rent by email transfer that is not a problem. It’s when they ask to pay ask to pay cash because they don’t have a bank account that I get concerned. This can mean that  they don’t have a bank account because too many creditors are waiting to garnishee any money the tenant has in a bank account.  This prospective tenant often shows up near the end of the month in hope of finding a landlord desperate enough to put aside any reservations he may have about poor credit.


Should I rent my house?


on Condo, General, Landlord, Property Management, rental, tenant, Toronto April 2nd
Toronto homes

Should I rent my House?

When you have an opportunity to travel and work in another city, there is  the question of  what to do with your house or condo while you are away. Most of us don’t have the luxury of leaving it vacant and if we do there are costs involved to make sure the house is safe while you are away (see vacancy protection).  Usually the choice is whether to rent or to sell.

You need to be comfortable with the idea of renting your house first of all and  secondly you have to be comfortable financially as well.  If you are  going to lose sleep at night,  fretting about what your tenants are doing to your property you should probably not consider being a landlord. Read more »