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Old 03-17-10, 03:40 PM   #29
Peakster
Apprentice EcoRenovator
 
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Join Date: Feb 2009
Location: Regina Saskatchewan Canada
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I think that now is a good time to give an update of my property - I've learned A LOT with my experiences renting out real estate. Life is like a rental property, you just never know what you're going to get!!! Here's some valuable information for anyone wanting to do the same as me (keep in mind I'm in Saskatchewan Canada. The laws may be different where you are):

#1: Have rent paid weekly instead of monthly
There are several benefits to this. You get paid on a more regular basis, weekly payments appear cheaper to the tenant ($120/week is actually $520 a month!) and in the event an eviction is desired, the tenant only needs to given one full week notice to leave instead of one full month

#2: Have bills included with rent payment
For one it makes it much more convenient for the tenant since they don't have to worry about fluctuations - and for another this way they don't realize how much (or more often for me) how little you're paying!

#3: Never rent to students
We've had 4 people live here as students (both part and full time) and all have turned out to be disasters. Paying rent is not their priority and often you have encounters with crazed parents who think their child can never do wrong.

#4: People that have jobs and live paycheque to paycheque are your best clients!!
These people know that paying rent is #1 priority (probably because of fear), often even above food. They also tend to be less disruptive to the household and have lower turnover simply because they can't afford to go elsewhere and will probably never save enough to buy their own home.

#5: If you think that you can judge a good tenant before you live with them, you need to find another kind of work!
The only thing predictable about renting real estate is that it's NEVER predictable! Some of the sketchiest tenants have turned out to be awesome while others that made excellent first impressions have done things where truth IS stranger than fiction (particularly the instance where one roommate woke up to a prostitute in his bed!)

Overall the first year was actually a good start. I've learned a lot, have plenty of real-life stories to tell, and rent just seems to keep increasing! I'm looking forward to what the future has to offer.

Last edited by Peakster; 03-17-10 at 03:51 PM..
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