Do you dream of becoming the owner of an income property? Perhaps only one would be enough to fulfill your ambitions and that a real estate portfolio will finally allow you to achieve your main objective: a happy retirement.
In no time, you have already contacted your favorite real estate broker and you are looking for the new building… Your next gold mine.
But, have you considered the hazards of life as a property owner or are you made to have an income property?
Stock market losses and unprofitable investments make the income property market very attractive. For some investors, it proves the key to success in making money. This goal is achievable by considering several criteria. The location of the desired building, the choice of the building, its market value, the price paid, its general maintenance and the quality of its tenants.
No need to tell you that a good tenant pays for their accommodation, is respectful of the residents of the building and considers the building itself as an asset to be preserved. It’s not just the “Lavertueux Lavertu” gentlemen who make good tenants, the majority are. However, some landlords inadvertently come across a completely different type of tenant that is much more problematic: quarrelsome tenants.
Quarrelsomeness is, according to Petit Robert, a pathological tendency to seek quarrels and to make demands, in a manner out of proportion to the reparation of a harm suffered, real or imaginary.
Put simply, quarrelsomeness is the worst case in the life of a property owner and a tragedy for our legal system. These are tenants who have no serious recourse to assert, they argue with the neighbors, pursue in all directions and exhaust the legal system.
According to the Civil Code, the owner is held responsible for maintaining peace in his building. However, how can we get rid of a perfectly unbalanced individual who lives in complete delirium and who scares away all the occupants of the building?
You must prove the tenant’s behavioral problems before the Housing Authority. Have witnesses in court, for example, tenants who left following the misfortunes of the crazy tenant. The rules of proof before the Régie du logement are practically the same as before the Court of Quebec and the deadlines can vary up to two years depending on the type of case. Mention violence to activate your case.
In short, good advice… Attract the right people and choose a building without any problem! Your real estate broker will be able to provide good advice to help you select the one that meets your expectations. This way, you won’t fall into those energy-sapping legal nightmares.
We meet different personalities. We have a relative sensitivity to heat, noise and discomfort. Are you able to adapt to a tenant’s mood swings? Do you just have the patience to hear a tenant’s voice on the other end of the line? A tenant is disturbing. Furnace breakdown at 8 p.m. on Saturday evening. A tenant squabble at your party evening. A water heater that breaks when you are expected at work.
A good agreement is possible, it is necessary to bring together the following ingredients: regulations dictated and well explained at the time of signing the lease. Comply with it firmly and respectfully. Select your residents carefully, maintain your building well and have flair. Your little inner voice will inevitably dictate the right decision to make and you will have fun owning income properties.
Don’t forget that you have until March 31 to give your tenants their notice of rent increase or changes to their lease.
As a new owner informed of the worst and excited that the best is yet to come, stay away from the nagging as you move closer to your thriving future. Hoping that these few tips will allow you to build your own solid and strong empire with profitable real estate.
To support you in your new real estate project, do not hesitate to contact me or my team at patricia@patricietsonequipe.com or at 418 653-5353!