Any landlords here?

Airtids · Post by **Airtids** » Sun Dec 09, 2007 4:04 pm

We're going to rent our house here, and are looking for a good agreement, and any advice.

Thanks,

Tids

SkyWolfe · Post by **SkyWolfe** » Sun Dec 09, 2007 4:08 pm

My parents have been land lords forever... Maybe I can dig up their agreement for ya.

I think NOPETS is a big one. The first tennant they had, had 2 dobermans... They destroyed the carpets and doors... One also jumped off the balcony!!

5400AirportRdSouth · Post by **5400AirportRdSouth** » Sun Dec 09, 2007 4:18 pm

Hey Tids,

Check out the BC Residential Tenancy Organization;

http://www.rto.gov.bc.ca/

They have a Residential Tenancy Agreement form that you can downlosd/print/use;

http://www.rto.gov.bc.ca/documents/RTB-1.pdf

Among other helpful stuff, good luck

I went through some rental nastiness a few years ago and these guys were pretty helpful ( for a govt operation....haha )

5400

... · Post by **...** » Sun Dec 09, 2007 4:23 pm

From my extensive experience, I offer this advice. Get a rental company to 'deal' with headaches of renting. Finding the renters is brutal. Dealing with issues during the lease is brutal. They take a 1st and last months cut for their services and @ first its seems steep however...it's all worth it in the end.

They find the renters. They don't want headaches themselves and they know how to do background info on the renters. They deal with issues such as broken pipes....doors and what not. AND they are viscious when it comes to dead beat renters.

Or...do it yourself to save a few bucks. In the end...you won't be saving anything! I rented a level of one of my homes to a Jetsgo pilot and it ended up badly. However....that's another issue all together.

Good luck!

Dex · Post by **Dex** » Sun Dec 09, 2007 6:13 pm

ROMS BC
http://www.suites-bc.com/

An excellent resource for rental owners. If you do not hire a property management company this is the best option. If you only have one rental it will cost you around $160/year. Seminars are very informative as well.

Dex · Post by **Dex** » Sun Dec 09, 2007 7:29 pm

made the previous post short cause of time, but to elaborate on ROMS BC. ROMS has all the forms you need for rentals including applications, residential tenancy agreements, move in/outs etc. Their Tenancy agreements are drawn up by lawyers to better protect the landlord and has a carbon copy for the tenant. The RTO versions of tenancy agreements do not adequately protect the property owner IMO and many others.

Another benefit, I consider large, ROMS can do for you is credit check applicants for you. There is a fee but it is alot cheaper than doing this yourself. Credit checking is very necessary when looking at applicants. Keep in mind you can make a credit claim through ROMS against a tenant once you have a monetary order from an arbitrator; which you get when someone damages your property or any rent owing etc. This stays on their credit history for 6 years I believe. So it is in your best interests to check your best applicants credit. Tenants with good credit history are unlikely to do anything to screw their credit up; usually makes for a better tenant.

Have to dart again but will quickly say do the move in and move out sheets carefully and properly. If you do not a tenant could trash your house and you will have no recourse; as a matter of fact you could end up paying them their security deposit back with interest. Oh yeah and if you do not pay a leaving tenant's security deposit back 14 after they have given you their forwarding address in writing (and have not applied for arbitration to keep it) the tenant can apply to the RTO to get double the full security deposit back from you. the RTO site is good for learning about stuff like that. Any questions just ask and I will get chances here and there to answer them. Good Luck

Mr. North · Post by **Mr. North** » Sun Dec 09, 2007 11:35 pm

No pets, no smoking, damage deposit, 1st and last months rent... HOT GIRLS ONLY!

tellyourkidstogetarealjob · Mon Dec 10, 2007 12:45 am

There's some good info. here. I might also add talk to your insurance company. Mine washed their hands of me when they found I was going to rent the house. You may have to hunt for a new company and your premium will go up so give yourself a few days for this.

Good luck.

Walker · Post by **Walker** » Tue Dec 11, 2007 12:37 pm

Iv been renting part of my house out for about 2 years now… Since your in BC, THOUROGALLY read the residential tenancy act and be very familiar with its workings. It is written to be slanted towards the tenant NOT the owner, that being said its still a very good way to cover the mortgage.
The biggest piece of advice I can give, find the right people and you wont have issues, find the wrong type and you will have nothing but headache.

As for insurance it’s a must, (IMHO) but it usually has to be set up as a commercial property, and remember the tenancy act applies weather or not the suit is legal…

newpilotwife · Post by **newpilotwife** » Tue Dec 11, 2007 1:47 pm

My house has been rented for 7 years - first tenant was a co-worker I didn't know - she was a better housekeeper than I was. For the second (and third tenants) am using a property management firm - tenants have been great - repairs are reasonably priced cause the firm deals with a local handyman who doesn't charge 'union' rates. DO check out insurance - I had probs finding coverage cause the house I was renting out was worth a lot more than the house I was buying to live in LOL - but I did NOT need to go the commercial property route - it would not have been financially feasible to rent it out if I had to take a commercial property insurance plan - cost WAY WAY TOO MUCH

Walker wrote:Iv been renting part of my house out for about 2 years now… Since your in BC, THOUROGALLY read the residential tenancy act and be very familiar with its workings. It is written to be slanted towards the tenant NOT the owner, that being said its still a very good way to cover the mortgage.
The biggest piece of advice I can give, find the right people and you wont have issues, find the wrong type and you will have nothing but headache.

As for insurance it’s a must, (IMHO) but it usually has to be set up as a commercial property, and remember the tenancy act applies weather or not the suit is legal…