Real Estate

Suggest a good book to learn everything about becoming a landlord in Ontario?

  • Last Updated:
  • Sep 3rd, 2020 10:18 pm
[OP]
Deal Addict
Jan 26, 2016
1639 posts
1466 upvotes
Toronto, ON

Suggest a good book to learn everything about becoming a landlord in Ontario?

I am looking to learn everything there is to know including laws that pertain to being a responsible and knowledgeable landlord. Do you know of a good modern resource to get up to speed?
10 replies
Member
Oct 21, 2013
269 posts
122 upvotes
waterloo, on
Landlord and tenant board website is your best resource. And gist of every book out there is below:

"Tenants are GODS in Ontario. If you get a bad one, you are doomed"
Deal Fanatic
User avatar
Sep 8, 2007
8718 posts
9525 upvotes
Way Out of GTA
You need to go to school it’s called....

“The School of Hard Knocks“

Good luck to ya....
"It is in times of great fear or greed that the most opportunity exists."
Member
Mar 25, 2017
469 posts
252 upvotes
Ensure you strip search the entire family on the day of move in.
Member
Mar 25, 2017
469 posts
252 upvotes
Are you renting out your basement ? condo ? house ? International students are very respectful, you can even set rules like "no friends allowed at all" and they will honour it. Try to have a phone call with a potential resident and their voice tone, how they respond will tell you a lot about them. I was talking to this kid on behalf of my uncle and he kept saying "Yes Sir" and most importantly listened to every word.
Deal Guru
Feb 29, 2008
12555 posts
7763 upvotes
cartfan123 wrote: You need to go to school it’s called....

“The School of Hard Knocks“

Good luck to ya....
So true.
Newbie
Oct 1, 2019
72 posts
21 upvotes
the book on rental property investing is good. Will explain a lot of things that you'd otherwise learn in the school of hard knocks.
Deal Addict
Jan 12, 2017
1089 posts
518 upvotes
Lol, you are in for a lot of reading, but you really need to experience it first hand. Maybe work for a property manager for a while.

Realistically it is different depending on what you're renting and the strategy. Examples of scenarios, all of which are different..

-renting a detached home in a suburb in Toronto/Mississauga
-renting a newer (larger sqft) detached home in York Region or post 2010-ish development
-renting out condos downtown by hospitals vs financial district vs university area vs subway line vs in the suburbs
-renting out rooms or units in a house close to York or UT Scarborough/Mississauga/university town
-renting multiunits
-renting seasonal or recreational properties
-renting luxury accommodations.....


The list goes on. Things that are different include Maintenance strategies (full vs part time property manager, cleaners,), target clients (families, professionals, corporate rentals), rent strategies (long vs short term), properties local to the landlord.

You really need to figure out what scenario you're looking at, otherwise it's probably a bit of wasted time reading everything.

WinterSleep wrote: I am looking to learn everything there is to know including laws that pertain to being a responsible and knowledgeable landlord. Do you know of a good modern resource to get up to speed?
[OP]
Deal Addict
Jan 26, 2016
1639 posts
1466 upvotes
Toronto, ON
Chickennbeans wrote: Lol, you are in for a lot of reading, but you really need to experience it first hand. Maybe work for a property manager for a while.

Realistically it is different depending on what you're renting and the strategy. Examples of scenarios, all of which are different..

-renting a detached home in a suburb in Toronto/Mississauga
-renting a newer (larger sqft) detached home in York Region or post 2010-ish development
-renting out condos downtown by hospitals vs financial district vs university area vs subway line vs in the suburbs
-renting out rooms or units in a house close to York or UT Scarborough/Mississauga/university town
-renting multiunits
-renting seasonal or recreational properties
-renting luxury accommodations.....


The list goes on. Things that are different include Maintenance strategies (full vs part time property manager, cleaners,), target clients (families, professionals, corporate rentals), rent strategies (long vs short term), properties local to the landlord.

You really need to figure out what scenario you're looking at, otherwise it's probably a bit of wasted time reading everything.
I just want to know the in's and out's of renting a typical condo in GTA. What I am most worried about is protecting myself against tenant damages to my own unit and other units, and liabilities I would face as a landlord. If life was easier for landlord in Ontario we would have a lot more people investing in RE and would be better for tenants in the end.
Deal Addict
Jan 12, 2017
1089 posts
518 upvotes
Can be pretty different depending on where in the GTA. Personally would not bother investing in condos that aren't downtown Toronto or on the subway line, but if it's your first investment, you could look at anywhere you would personally live (if renting didn't work out). Being an investor in addition to a landlord is another skillset.

Protecting yourself against tenants is all about getting the right tenant. There are services that can help you screen. Fake documents and references are definitely possible. In some areas, you will struggle to find good tenants, so keep this in mind when you are buying. Who might be looking to rent in the area? Families? Commuters to downtown? No clear target tenant?

Younger tenants may be willing to have their parents cosign a lease. Parental pressure can be a stronger motivator than the land Lord sometimes.
WinterSleep wrote: I just want to know the in's and out's of renting a typical condo in GTA. What I am most worried about is protecting myself against tenant damages to my own unit and other units, and liabilities I would face as a landlord. If life was easier for landlord in Ontario we would have a lot more people investing in RE and would be better for tenants in the end.

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