As you know, the selection of good tenants, is vital to your success as a landlord and real estate investor. Tenant turnover is the largest cost of being a landlord. Ontario’s rental market is highly regulated and Ontario tenant’s have many rights. If you select your tenants carefully you will avoid having to take steps to evict a tenant. But before actually commencing the eviction process, we strongly suggest this recipe for how to deal with a difficult tenant.
Since tenant selection is the key, we recommend our: “10 Principles: How to find and then select a tenant for your residential property“.
I recently received an email from somebody that included the following question:
Hi. I am wondering if you may have some insight regarding a condo situation we have in London. We have purchased a two bedroom condo and the condos in the building are called “single family dwelling”.
I have heard from some people that this means the people in the condo must be related to each other however, I am aware of lots of people in the building who are good friends and are not related to each other living together.
We were planning to find a paying roommate for my 20 year old son but we are concerned about what the definition of “single family dwelling” is.
To me, outside of living with your spouse or common-law partner, many people live with friends in our society. Do you know if such a rule is enforceable? Do you have any suggestions as to where I should go to figure this out? I would hate to have to move out of the building due to this rule.
I predict that this is going to become a more common question.
As goes the real estate investment market, so goes the need for property managers.