“If you don’t mind, I’ll remove you from my friends’ list because I don’t know who you are,” wrote the real estate agent who started our friendship ten years ago, sending me an invitation after I attended one of his open houses. I then politely accepted it, and since then, we have no longer communicated.
It wasn’t the best time to break up. Our law firm was offering a product for real estate investors, and I wanted to discuss the possibility of working with my old “friend.”
We met. I wanted to know if he sees a demand for legal services that would significantly reduce the risk of renting out to bad tenants, as well as reduce the costs associated with the eviction process among small and medium-sized home owners. There was a demand, and we started working together.
My Wiz-a-Vis, who was an experienced real estate agent, was a landlord himself but had problems with the rental business due to lack of knowledge and time.
“Bad things happen to good people…”
Currently, a large number of people are turning to real estate investments as a means of generating passive income.
Not all of them understand that buying a rental property is only the beginning of the journey, not the end. They do not know anything about laws and regulations, as well as the practice of renting. They don’t know how to screen potential tenants to minimize risk.
The Canadian Mortgage and Housing Corporation (CMHC) reported that over the past five years, an increasing number of scams have targeted small investors. The reasons for this, firstly, are that large landlords have management companies and law firms on a permanent basis that monitor the observance of the rights of owners. Secondly, a beginner is easier to deceive. They know how desperately these landlords want to rent because of the mortgage burden. They are very good psychologists. They know how to manipulate; they also know how the system works and how to delay the eviction process for years without paying rent.
Landlords who take their business seriously treat tenants like an asset. This asset is no less important than the property itself. Choosing a tenant, you rent the property to and navigating the rental business is just as important as choosing your property. We can help you do it. Give Caesar what belongs to Caesar.
