How To Get Rid of Bad Tenants Part 1
As a full-time Canadian real estate investor, we must do our best to create massive and passive income. This includes driving more and more deals to us from as many sources as possible.
Keep your losses minimal
As a full-time Canadian real estate investor or landlord, we must keep our loses to a minimum. We have only a limited amount of time during each day, and we want to keep our time to work on things that make us money, and staying away from things that create losses and lots of stress for us.
Being a full-time real estate investor and landlord doesn’t have to be stressful, if we utilize intelligent options that give us the best results.
When a tenant defaults
When a tenant defaults on rent, we have a situation that either gets prolonged, or we can nip it in the bud immediately. Typically a landlord who has collected postdated cheques will have the most trouble in this situation. Why? Because they are alerted to a bounced cheque 12 to 14 days after the cheque has bounced.
At that point you have to go to the tenant and say “I am sorry Mr. tenant, but it appears your cheque has bounced.” And that tenant will say “I’m so sorry, I cant imaging how that happened. Here is another cheque.” And if this tenant’s desire is to not pay you again, they will write you another cheque that will bounce, but you won’t find out about that until 12 to 14 days later: at which point they will have been in the property for one month for nothing. To be a successful full-time Canadian real estate investor, you must be fully aware of your passive income.
The dreaded landlord and tenant board
At that point, you will go to the landlord/tenant board, and serve them with a document that essentially says that you have taken notice that you haven’t paid, and legally they have a certain amount of time to respond to that, and put in their statement of defense.
If they put in a statement of defense, then that time gets prolonged even further, and this whole thing can go on and on, and by the time you get them out through the landlord/tenant board, they could have been in there three months without paying rent, or longer.
In the next article you will learn how to get tenants out quickly and easily.
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