A few weeks ago there was lots of media buzz about the new standard lease agreement for all tenants starting April 30, 2018. What this means is that any landlord who signs a new lease with a tenant after that date is responsible for utilizing this new standard document.
As a landlord, it obviously doesn’t make me happy. I learned throughout my almost decade of being a landlord that a well written lease is protective for both landlord and tenant, and really helps to set the ground rules and expectations for both parties in a well written and legal document.
While the tenant activists want to label anyone renting out their property as inherently evil it’s not true. Most landlords really just want a fair and respectful relationship with their tenants and spelling this out clearly at the start of the term has been so instrumental to our personal success.
If you are a landlord, I encourage you to look at a copy here.
The swarm of media coverage out there literally painted landlords as ‘evil’ and coercing poor unsuspecting tenants into unfair agreements full of illegal clauses. And honestly, sometimes, with all the changes and difficulties that are involved in being a landlord (don’t get me started on all the red tape with the Landlord Tenant Board) – it makes us question why we do what we do.
Sometimes my wife and I look at each other and say – why do we even want to put up with all this?
But then we look at all the amazing properties we have, the fact that we are able to create beautiful and safe housing for dozens of tenants (of whom 99% are wonderful) and the rewards of an investment that continues to both grow and create income over time makes it worthwhile.
You have to adopt that philosophy that you must make the best of those things you can control, rather than dwelling on the things you cannot.
For those of you who know my history, I had big, massive goals since I was my early twenties, and I had absolutely no idea how I was going to get there.
I have tried many different business models, read hundreds of books and attended countless seminars which ultimately led me to real estate. And I will say without a doubt that it has been the most rewarding and fruitful path.
Now that we have built a portfolio that is running well, we are looking into other streams including flipping homes for income.
We will see what it is like to use real estate as a vehicle to make an income without any tenants. Of course we will continue to grow our bread and butter investment portfolio but it will be a refreshing change in pace.
So until next time, happy Canadian Real Estate Investing.
Jose Jafferji, REIA
Your Real Estate Investment Advisor, Coach & Realtor