scilly

I don't see any cushion in case .........

any of the properties need minor repairs or major renovation before being suitable for letting out

you don't get a job immediately and have money coming n to cover unexpected expenditures in either your own home or the rentals

buying a suitable vehicle for travelling around.


Are either or both of you able to make repairs on any of the homes? Even such minor ones as painting, replacing a toilet, clearing a blocked sink, etc. Or would you have to have a cushion for paying someone to do that?


I haven't read back, and can't remember ............ have you actually visited Canada, especially the regions that you are interested in, and seen for yourself the housing, and just how vast are the distances between places? It might be a good exercise to come over in January of February and see what it would be like to have to drive 100 or 200 km or more.

DandNHill

You mean come over in the middle of a blizzard and drive along HWY 401?

HGerchikov

That should be a blizzard immediately following an ice storm with some fog thrown in to really get the full experience.

DandNHill

Haha. Maybe freezing rain too so when they set off their first challenge is actually being able to get in the car?

dbd33

All these renting hassles seem to do with having tenants. Maybe it makes more sense to buy a couple of apartments, not rent them out, and count on an increase in prices.

DandNHill

Maybe buy shares in Bitcoin? 🤣

dbd33

There's investment and then there's gambling. The contingency plan for the non-appreciating condo would be to rent it out or, in the worst case, live in it. Perhaps it would have to be sold at a loss but it would always have some value. You can't set up a bed in your virtual currency wallet.

BristolUK

Never work with children and animals. Isn't that what someone famously said about being a landlord?

(just making sure you saw the response about the CGT - sometimes I miss a whole page of posts on here and then find it )

Dorothy

Lol. When we were over in December we landed at about 5 pm on the day of the first storm of the year. I was meant to be driving to Stoney Creek, 60 km from Pearson. Normally about 45 minutes drive. Traffic was moving at about 15-20 km/h on the 401. Yippee! Only 4 hours to go!! Imagine how thrilled I was when things picked up to 40. I got off the QEW at Walkers at 8:30 and spent the night in Burlington instead.

DandNHill

Agreed about the pets. But when your tenant tells you they have no pets and your agent does an inspection and discovers 13 cats (that he could see) the damage is done.

Yes I saw about the CGT. Very interesting. Thanks

DandNHill

Oh wow that’s crazy. Traffic can be bad along there at the best of times but I don’t think it has taken me more than two hours...yet...the winter is still young!!

BristolUK

I'll see your cats and raise you a dog, an iguana and half a dozen snakes. All from one tenant.

Only came to light when realtor took a potential buyer a few years ago.

apskinner

How disappointing to see so many negative comments about renters and their pets as if 'scum of the earth'.

I've owned property in the UK and Canada since 1990 and in my relocations have had to rent property for 6 months at a time and always with our cats.

I mean seriously how much damage do you think two small pets can do! Its the renters furniture for cripes sake!! Do you think I suddenly became a nightmare renter for that period only to be a wonderful home owner again when I moved into my own.

Problems are with individual families, I know scum bag home owners who give no **** about their homes or neighbours but fortunately I've always had good neighbours or ones that respect the neighbourhood!

I owned a cottage on Huron for 4 years rented it out every year for up to 14 weeks and the worst problem with those damn renters was they neglected to take things out of the dishwasher! All you have to do is collect a deposit for damages and do inspections, and from a lot of what I've read a lot of landlords aren't exactly the best at handing back deposits even on a home handed back in the good state it was rented out.

Seriously I hope I don't meet landlords with this sort of attitude while I'm building my own home for 6-12 months when I move back this summer!! Shows I need to interview the landlords as much as they need to interview me.

BristolUK

Seriously? I think there were three.
One didn't take pets, one suffered substantial damages from taking them and while I allowed pets every time, I didn't really expect my tenant to add a dog, an Iguana and half a dozen snakes for breeding purposes and not actually tell me any of this. Adding insult to injury, that tenant set me back a few thousand $$.

Are you normally so dismissive of other people's experiences?

Siouxie

"Damage deposit"? No such thing in Ontario for residential rentals.