It is no secret that one of my favourite parts of real estate is helping people purchase investment properties. I own several of my own (including two in Florida) and I truly believe it is one of the best decisions you can make as an individual when planning for future financial stability and retirement (also, my husband is a financial planner and agrees with me…and he rarely agrees with me!)
This does not mean, however, that it is without risks. This may include: tenants causing damage (intentionally or not), unpaid rent, or tenants interfering with other tenants. After 9 years as a landlord, I had my first experience recently at the Landlord Tenant Tribunal after I took a tenant to court for unpaid rent. I have avoided the Tribunal for years, usually being able to work out arrangements with the tenants directly when an issue arose. However, when it appeared it wouldn’t be possible this time, I filed with the Landlord Tenant Board of Ontario (note: it costs $175 to do this as a landlord) and waited for our hearing.
Our hearing didn’t result in the outcome I wanted, which is something I was warned would likely be the case & thus expected. However, it was still a positive learning experience. I learned SO MUCH that I can share with clients & fellow investors, as they navigate tricky issues. Of course, this doesn’t negate the need sometimes for professional legal advice (aka call your lawyer), but I do feel I gained a ton of information and knowledge that one can only get from actually going to the Landlord and Tenant Tribunal.
So, if you have questions about investment properties, the Tribunal, tenant rights, etc – send me a message! I love to chat about this stuff.