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Renting Out A Room.

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02-21-2010, 11:08 AM
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Originally Posted by Real_Estate-Agent View Post
A slim possibility since Realtors normally do not deal with renters. But some Realtors have clients who have bought investment properties for tenants - these clients are a valuable resource because they know the tricks of the trade.

OneSharpMarble might still be able to get their Realtor to help; but since the property is already bought, there is little motivation on that Realtors end...

If I knew that expertise, information & assistance was needed with tenants, that would have been one of my criteria prior to choosing a Realtor to work with...

Similarly, if I was thinking of buying a business, I would make sure that my Realtor had expertise in buying & selling businesses. I would ask them to "add to the deal" by introducing me to other business owners who would be valuable mentors.

It is better to ask in advance; not after the fact...
Rarely any motivation with a realtor other than $. They will court you and forget about you. Zero customer service with most, and with our friend here I think you can list him under "Most".

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02-22-2010, 08:04 AM
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Another important consideration would be insurance. I'm not sure how it works in Alberta, but I do know that in Ontario, some home insurance policies will exclude any commercial operations (which would include renting out rooms). You'll want to check in with your broker to make sure you're not voiding your existing insurance policy by taking in tenants. You may also want to have as part of your rental agreement that tenants must carry their own insurance. Otherwise, anything that happens will come against you as landlord (i.e. someone visiting your tenant falls and injures themselves and sues).

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02-22-2010, 01:17 PM
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Originally Posted by okgooil View Post
Credit checks can be massivly over rated. there are many places that don't report dues, So you can get some one that lived in a slum and never payed rent and has fine credit, mean while you can get a guy who stayed at a board walk property and lost his job 5 years ago and still had bad credit. Also many people may not be the person on the lease. So they don't pay rent and never get reported. Do a credit check, but take it with the grain of salt, good peopel get bad credit and bad people have good credit.
I agree but a credit report isn't used to screen good people from bad people; it indicates who does and doesn't pay their bills on time. Yes, not ever creditor reports bad credit but the big ones do. If you pull someone's credit and it shows that they're late on their cell bill, late on their Visa bill, late on their car payment, late on a personal loan, it's a good bet they'll be late on rent too.

Originally Posted by grego View Post
Write down excuses tenants give you for things like why they are late paying rent. If you write it down and catch them in a lie you know that if they lied to you once about rent they will lie about it again and they are most likely a bad tenant that will start to get further behind in rent.
Don't let it get this far. Make it very clear that if rent is late, you start the eviction process. If rent is paid before our hearing, stop the proceedings but they're responsible for the bill. Don't make a game of catching tenants in a lie. Just get rid of them.

Originally Posted by Oilerz View Post
Keep it off the books, you may have to replace them once in a while, but trust me, you can get them out in an afternoon. Just say "Sorry, this isn't working out."
Spoken like someone that's never had to file an eviction.

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