1. Do you do it? Do you recommend it?
2. legally (w/ tax and all) or illegally (pure cash income)?
3. What are the usual terms? include electricity & heat? or install extra meter?
4. What are the risks/pros & cons of renting?
5. Is it a good investment overall?
Thanks!! Just wanna 8 ha. Welcome to share your funny/horror stories.
1. Do you do it? Do you recommend it?
If I have spare money, surely yep!
2. legally (w/ tax and all) or illegally (pure cash income)?
Considering only do everything in a legal way will have more secure protection on the landlord side.
3. What are the usual terms? include electricity & heat? or install extra meter?
Depends on the type of property, single dwelling, high-rise, ..... could be different.
4. What are the risks/pros & cons of renting?
Pros: Let the tenant pay the mortgage (or most of the part) for you; most likely you're going to gain in a long run;
Cons/risk: The worse case could be, your premises got some kind of damages by your tenant and he/she doesn't want to take responsibility, but you don't want to put this small issue to court and turn out you pull money from your own pocket to get the problem fixed.
And the worst case could be, your tenant owe you rents and damaged your premises (such as weed planting, haha) and ran away!
5. Is it a good investment overall?
It's not a short term investment. And not everyone likes to handle this matter.
1. Do you do it? Do you recommend it?
Yes this is what i do, it's sure good investments
2. legally (w/ tax and all) or illegally (pure cash income)?
Legally, you don't wanna get challenge.
3. What are the usual terms? include electricity & heat? or install extra meter?
What i do for my condos is that maintenance fees are included with the rent.
Maintenance fee = management fee + electricity + heat.
4. What are the risks/pros & cons of renting?
Ask for a half month/one month security deposit.
They are not getting their security deposit back unless they've clean the carpet (if you have carpet) + repair any broken or damage they've created during the lease period.
Best to avoid tenants with pets or kids.
You don't wanna buy a condo for invest at a poor area, while your tenants could barely pay the rents.
You don't want to rent out a 6 bedroom house to 6 different grps of tenants.
Make sure they agree to sign a 1 year lease contract with your tenants. Usually ( 一年生一年死約)
Making sure you know what they do for living and get their SIN numbers for ID.
For condos make sure your water pressure is in between 60-65.
Avoid buying old house/condo at 15,20 years or older.
Too many s*** to repair after 15 years especially condos usually they need new pipes and bababa.......cost $30000-$100000+ depands
alot more but no time to write......
5. Is it a good investment overall?
Is a good investment if you're buying 1-5 years 95% new houses/condos.
Never buy 100% new house/condo for investment.
lets say the rent is $2000-3000 a month after a few years usually the value of your property will increase 10%-50% depands on economy.
This is like someone paying for your house.
1. Do you do it? Do you recommend it?
yes, if you have spare money or space
2. legally (w/ tax and all) or illegally (pure cash income)?
legally if you can get the permit, if you still have a big mortgage, there is mostly break even on your net income, sometime can generate income loss.
3. What are the usual terms? include electricity & heat? or install extra meter?
exclude utilities if you can, like separate meter. or share in a %.
4. What are the risks/pros & cons of renting?
pros, someone is paying your mortgage payment.
cons, damage your house and runaway. as i know, landlord can collect 1/2 month rent for deposit only. so won't help much if you have bad tenant. of course no pet, but cannot say no kid. so credit check & employment reference check are must.
5. Is it a good investment overall?
if you find a good one in a good time.
for the first few years, your mortgage payments are mainly interest. so if your property value doesn't increase, you are just doing all these works for the bank.
some people who brought properties in late 80's, early 90's, their properties values were just break even around 05. but if you brought one in 03, you should be so happy now.
發表於 2010-9-3 12:27
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