#1 SECRET TO OVERCOME RENTAL CHALLENGES IN TORONTOBy CondoWong Monday, October 28, 2019
If you have been following my work, you know that I’m a big supporter of the “buy and hold” strategy when it comes to real estate investments.
Rental is crucial because “buy” is very short and “hold” is very long.
As a landlord, what’s most important to you?
Money? Of course.
Every landlord wants the tenant to pay rent on time.
Making money from a rental, just like making money from a job, it’s not easy.
It requires skills and knowledge, it takes time and it may create some stress.
Let me share with you, the #1 secret to overcome rental challenges.
Tony lives and works in Markham and he bought an investment condo in downtown Toronto.
He puts up his condo for rent on Kijiji.
Every time someone wants to see the unit, he needs to struggle through the rush hour Don Valley traffic.
He settles on a tenant after a few rounds of driving.
Not too bad.
Tenant gets the keys, Tony gets the cheques, both happy
One day, the tenant calls Tony.
Tenant: "My cooktop is not working, can you come fix it?"
Tony: "I’m swamped at work this week, is it ok if I come next week?"
Tenant: "No. I need to cook everyday. According to the Landlord and Tenant Board, it is the Landlord’s responsibility…"
Tony: "Ok fine, I’ll come take a look today."
Tony spends an hour driving there, but has no luck fixing it.
It’s the 1st day of the month, so Tony goes to the bank to deposit the rent cheque.
One day later, uh-oh, the cheque bounced.
Tony calls the tenant.
Who’s right and who’s wrong?
Is the tenant making a legit claim?
Tony feels overwhelmed and stressed.
He needs to study the Residential Tenancies Act and the rules in the Landlord and Tenant Board before he can talk to the tenant again.
Nowadays, tenants always talk about their rights.
If you do something wrong, you lose your ground.
What if...I tell you that there’s an all-in-one solution to all the rental challenges?
What if...I tell you that the government is sharing the cost with you?
Let’s talk about the solution.
#1 Rental Income
Our first line of defence to protect your rental income is tenant qualification and verification.
We have standard protocols to streamline the process because doing this part right will save us a lot of trouble down the road.
Our second line of defence is to verify the fund from the tenant before depositing it into your account.
If there’s a bounced cheque or late payment, we know it before you and we take action immediately.
We file an N4, which is a legal notice for non-payment of rent right away.
No excuses will be tolerated for any late payments.
#2 Legal Knowledge & Compliance
Do you know the rules and procedure for increasing rent?
Do you know the legitimate reasons to end a tenancy?
Don’t worry about any of that. We know all the rules, legal forms and procedure by heart.
Imagine not having to talk to any of your tenants. We do all that for you.
#3 Repairs & Maintenance
This is the easy part. We have teams of cleaners, handyman, licensed electricians and plumbers, always ready to go.
#4 Tax Filing
Everyone gets stressed about looking up receipts and doing spreadsheets at tax time.
You don’t need to do any of that for your rentals because we keep track of all your deposit and expense receipts.
That’s it. Very simple, right?
This all-in-one rental solution is available to you for a very small fee. Better yet, this fee is a deductible expense on your tax return.
What does that mean?
It means the government is splitting the cost with you to protect your rental income and remove your maintenance stress.
Why would you want to do it yourself?
If you want to get our rental solution, you can schedule a call with me.
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