Being a landlord can be a lucrative and rewarding experience, but it also comes with its fair share of challenges. One of the biggest mistakes landlords make is not being aware of common pitfalls that can lead to issues with their tenants or property. In this article, we will explore 11 common mistakes landlords make…
When it comes to renting a property, there are two main options: renting from a landlord or renting from a property manager. While both options involve a person or company who owns the property, there are some key differences between the two. Understanding these differences can help you make an informed decision when searching for…
Introduction to Rental Property Taxes Owning a rental property can be a lucrative investment, but it also comes with certain tax implications. As a landlord, you are required to report your rental income and expenses on your tax return. However, you may also be able to deduct certain expenses related to your rental property, which…
Finding good tenants is essential for landlords in Canada to maintain a profitable and hassle-free rental property. A good tenant is someone who pays rent on time, takes care of the property, and follows the rules and regulations set by the landlord. So, what qualities should landlords look for when searching for good tenants? Good…
Tenant damages refer to any damages caused by a tenant to the rental property during their stay. These damages can range from minor wear and tear to significant destruction, and it is crucial for landlords to determine reasonable charges for these damages. There are various types of tenant damages, including: Physical damages Financial damages Legal…
As a landlord, it is important to have a checklist in place for when a tenant moves out of your property. This ensures that the transition process is smooth and efficient, while also protecting your rights as a landlord. Here is a comprehensive checklist for landlords with tenants who are moving out. Before the tenant…
Renovating your rental property may seem like a daunting task, but it can bring many benefits in the long run. Not only can it increase the value of your property, but it can also attract high-quality tenants and increase rental income. In fact, according to a study by Zillow, rental properties that are renovated and…
Introduction to Unpaid Rent Collections One of the biggest challenges landlords face is dealing with tenants who fail to pay their rent on time. While this can be a frustrating and stressful situation, it is important for landlords to handle it in a professional and efficient manner. For some landlords, this means hiring a collections…
Maintaining a tenant blacklist, also known as a “bad tenant list,” is a controversial practice among landlords in Canada. This list compiles information about tenants who have caused issues or problems during their tenancy, and is used by landlords to screen potential tenants before renting out their property. However, the legality of maintaining such a…
Normal wear and tear is a term used to describe the gradual deterioration of an object or property due to regular and reasonable use. It is a natural and unavoidable process that occurs over time and does not result from any negligence or intentional damage. The concept of normal wear and tear is often a…
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