Red flags for tenants
I've got an offer, but the rent is more than 50% of their take home pay. The guy has very good credit scores.
Is this the big red rejection flag? Or is this becoming the norm for rentals in the GTA?
Apr 2nd, 2019 3:28 pm
Apr 2nd, 2019 3:31 pm
Apr 2nd, 2019 10:47 pm
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Apr 3rd, 2019 2:40 am
Apr 3rd, 2019 7:03 am
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Apr 3rd, 2019 7:41 am
This. Tenants don't even realize we ask to see so much because the laws do not protect us. We have to do everything we can to vet tenants, especially now. If a tenant doesn't like it then he/she can kick rocks.OldMarriedGuy wrote: ↑ I used to own a rental property and had rented to someone in the same ‘situation’. She clearly could not afford the rent.
It went as you thought it would. Payments were almost always late, always a different excuse. Sometime rent would be paid in parts.
It was just a disaster.
We ended up having to go to the LTB to have her evicted and even then it was ridiculous. Had to have the hearing rescheduled to another location to work better for her schedule and then she didn’t even bother to show up.
This was after having tenants who basically just destroyed the place.
Word of advice...do you due diligence in finding a proper tenant because if you don’t you will really regret it.
Apr 3rd, 2019 8:42 am
Yep, not to mention always having to repaint, recarpet and replace doors/brand new appliances...etc.
Apr 3rd, 2019 8:58 am
You sound like my wife. She tried the landlord thing for a couple years and hit the eject button. It’s not for everyone.OldMarriedGuy wrote: ↑ Yep, not to mention always having to repaint, recarpet and replace doors/brand new appliances...etc.
It’s like people feel like because they pay rent this can freak the place like shit.
Why are you slamming every door (including appliances) to the point of where everything is broken and then you complain about it?
It’s appaling at some of the stuff ‘landlords’ have to deal with.
I tried it for a few years and I don’t have the stomachnfoe it unfortunately.
Apr 3rd, 2019 10:28 am
Agreed. It's like running your own business. You can sink, swim or tread water. Some people do well and others end up losing their shirts. Don't blindly follow the "become a landlord and be set for life" mentality.
May 11th, 2019 1:23 am
May 11th, 2019 9:19 am
Credit score while very important, is one key piece of the puzzle. You've still got to look for other red flags....social media, condition of the vehicle (if the interior of their car is dirty, they aren't going to keep the place clean), potheads, potential for pets the week after they move in. Sometimes people are able to somehow manage a decent but not great score and the other redflags would combine to make you choose someone else.
May 11th, 2019 9:44 am
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May 12th, 2019 10:37 am