1. In Canada, the law supports the Tenants. The law protects the tenants because they are the poor ones and the landlords are the rich ones.
2. The most important thing to do is find an honest, ethical tenant. Do not be too anxious to rent out to anyone in order to get the rent money fast. Often times will results in finding a poor tenant and your home gets destroyed. You may believe you can sue the Tenant, but if the tenant has no money, then there is nothing to sue. You are better off find good tenants than spending your time on lawsuits.
3. Older mature tenants are better than younger ones. Rich tenants are better than poor ones. Working professionals are better than low end job tenants. This is just a generalization. Treat everyone the same and give everyone a chance. As long as the renter is honest and ethical, you should be OK.
4. Be a good landlord. Fix what is broken and care about your tenants well being.
5. A Property Manager is a better name than a Landlord.
6. Make sure the renter is employed and verify employment. People who don't work CANNOT pay you.
7. Make sure your house is safe. If you tenant ever gets injured in your house, you will be liable.
8. Always have a Rental Contract. It clears communication and makes sure your tenants understand your expectations. You may want give an orientation to go through the contract to ensure your tenant knows what is expected of them.
9. You do not have to be nice when meeting a renter for the first time. You have to be firm, fair and observant. Being too nice may cause them to take advantage of you once they move in.
10. Be careful of rental scams. Protect yourself by not giving any personal information away and you have done your research on the Renters.
11. If you do end up making money, give something back in return.
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