1451 replies to this topic

[Rob Randall]

^If it's as nice as it sounds and it's in a pleasant part of Fairfield that's a fair price. But it better look impeccable.

[LJ]

Your inbox will be flooded at that price. You could easily get $100 more without any utilities. If you decide to keep the price at $1,390, for the love of Pete, DO NOT include utilities. Any of them. And no, it’s not a pain in the ass to collect hydro every two months. It’s not even about the money itself: when people aren’t on the hook for anything, they will treat the place like hotel. Lights on all day, heat cranked in the middle of winter, one-sweater dryer loads, etc.

No no no, this is COV where everybody is green green green. They will use one candle for heat and light and air dry their clothes.

[sdwright.vic]

Your inbox will be flooded at that price. You could easily get $100 more without any utilities. If you decide to keep the price at $1,390, for the love of Pete, DO NOT include utilities. Any of them. And no, it’s not a pain in the ass to collect hydro every two months. It’s not even about the money itself: when people aren’t on the hook for anything, they will treat the place like hotel. Lights on all day, heat cranked in the middle of winter, one-sweater dryer loads, etc.

Yeah right, my heat is included and I keep it off cause it is too bloody hot to have it on. I use my "fireplace" (that I pay for cause its electric).

You people aren't renting to the right people... oh! But you all don't want dogs so...

[rjag]

I have a 1 bedroom purposely built suite in a 3 year old home in Fairfield.

 

Was thinking of asking $1390 a month that includes heat, hot water and hydro. Also has stainless steel appliances including washer/dryer.

 

Does this seem reasonable enough to attract a good tenant?

 

Thanks,

Dave. 

 

Yup dont include utilities, does that price include parking and access to a patio or outdoor space? Its a solid price and if its a proper suite then you should be able to find a solid mature professional. Try seeing if there are any notice boards etc down at the Leg. When we built our legal suite in Fairfield we advertised through word of mouth with some folks we knew down at the Leg and we got a lovely couple from Kitimat. That was 20+ years ago but we got gold plated tenants and they all talk

[DavidSchell]

Yup dont include utilities, does that price include parking and access to a patio or outdoor space? Its a solid price and if its a proper suite then you should be able to find a solid mature professional. Try seeing if there are any notice boards etc down at the Leg. When we built our legal suite in Fairfield we advertised through word of mouth with some folks we knew down at the Leg and we got a lovely couple from Kitimat. That was 20+ years ago but we got gold plated tenants and they all talk

 

On street parking, but that is never been an issue in our neighbourhood.  Separate private entrance to the suite that has a sitting area outside of it. Gets morning and late evening sun in the summer. 

 

I am going to give some thought to the hydro as I have seen the current tenant with the electric fireplace (used for heating) on and the windows wide open.

 

The suite has its own hydro connection and I get a seperate bill for it ... just not sure how we go about switching it over so the tenant is responsible. Perhaps I will give Hydro a call.

[tjv]

you will definitely get people abusing utilities if they are included.  I think it would be simple, have the tenant apply for hydro on that meter and they get billed directly just like an apartment

 

Curious how many people declare the income from their suites?  I have a few friends with basement suites and none of them declare the income and some even told me they demand cash only for rent so there isn't even a paper trail.  No I don't have a suite, don't want one either

[spanky123]

^ I third not providing free hydro. Had far too many tenants over the years who though 90 degrees was a nice comfortable room temperature in the fall and winter!

[Rob Randall]

The suite has its own hydro connection and I get a seperate bill for it ... just not sure how we go about switching it over so the tenant is responsible. Perhaps I will give Hydro a call.

 

 

That's a hassle for everyone.  It's just one more thing to worry about when changing tenants. We just show them the bill and they pay 1/4 (ours isn't separated). 

 

Can confirm--if heat is included they will leave for work with the heat cranked and windows open.

[sdwright.vic]

Got to love how dishonest you all make tenants to be, BUT when i question the dishonest landlord I am out of line?

PRECIOUS!

[sdwright.vic]

Oh... btw, the guy using an electric fire place and not shutting his windows.. you have every right to SAY SOMETHING.

[rjag]

if you have a separate meter then just show them the bill every month and build into the rental agreement 

[Bob Fugger]

Got to love how dishonest you all make tenants to be, BUT when i question the dishonest landlord I am out of line?

PRECIOUS!

Yeah, recounting tenants’ actual actions is us making all tenants out to be dishonest. Also, not sure if you can hear this waaaaaaay up on your cross, but most of my units are pet-friendly. I did enjoy the irony of you just assuming that I don’t allow dogs.

[Bob Fugger]

The suite has its own hydro connection and I get a seperate bill for it ... just not sure how we go about switching it over so the tenant is responsible. Perhaps I will give Hydro a call.

It’s very easy. Hydro has a rental unit program for just these situations. Call them up and tell them that you’re the landlord. Then have your tenants call after they sign the lease and before move-in to establish an account and service activation date. If there’s ever a vacancy, they will just bill you for the vacant time. No connection/disconnection fees either for these tenancy interregnums. PROTIP: advise your tenant if they’ve never had a BC Hydro account before to ask them to conduct a credit check in lieu of a security deposit, as they will ask for one by default if they’ve never had an account before.

Also, as tenants also drink water, poop and throw things out in the garbage, consider charging a fair percentage of civic utilities - 25%? These are the utilities you need to watch because Helps & Co. use these as hidden tax increases, which far outstripped even the paltry inflation +2% that we used to get before socialism. The bill only comes 3x per year. I make a copy and write in what’s due. I’ve never in all of the years I’ve been doing this had anyone balk at this.

One last thing: I require all of my tenants to hold tenants insurance. Not only are they covered in case of a catastrophe, but I’m covered in case they cause it. Or one of the heir guests gets drunk and walks through a sliding door. I simply called my insurance broker, sent them a copy of the tenants’ policy and it was dealt with, all without any detriment to me. For the benefit of sd.wright’s bellyaching, this is a true story.

[Matt R.]

^ classic Fugger!

Matt.

[sdwright.vic]

Did my post say Bob Fugger or did it say "you all". Oh, thats right it said "you all".

Y'all the ones saying unless tenants pay for something they will among other things, run a dryer for a full cycle to dry a sweater.

If you want to take my comment personally, feel free. I was referring to the broader (in general) landlords on here.

Edited by sdwright.vic, 05 December 2018 - 06:25 AM.

[sdwright.vic]

If any landlord doesn't require yearly proof of renters insurance, that's just crazy. I have All perils all disasters with $2 million liability that covers my dog as well.

[tjv]

I would agree tenant insurance should be mandatory.  As for charging a percentage of utilities like water, sewer, garbage I think that's a bit of a stretch IMO nor have I ever heard of that before.  Why not charge pro rated replacement cost on the hot water tank, roof, etc while you are at it

 

Interesting that no one answered my question about declaring rental income.  I'll just assume that its a hush hush thing and no one declares it.  Anyone who doesn't declare is just begging for it, the government already knows because the tenant is filing his/her income tax, drivers license, MSP, etc, etc all with the landlords address on it.  By the time you pay income tax on that income plus losing a prorated chunk of your capital gains exemption, you are only getting maybe $200 clear

[aastra]

 

...one of the heir guests...

 

Can I ask what portion of your estate you typically allot to each renter?

[Rob Randall]

I think for a lot of landlords they have to declare as they need the extra income to requalify for a mortgage. I think it would be crazy to keep it a secret for a number of reasons.

 

It would also be crazy to charge a portion of all utilities (garbage etc). That would be a red flag to a renter that this landlord is high maintenance. You want someone a little more laid back!

[Mike K.]

Having run my folks rentals for eons and having seen it all, it's always best to separate out as much from the rent as possible. Including hydro, cable, and internet in the rent can be really problematic. Where it gets annoying is asking for additional fees for garbage, sewer and water as that's up to you and not a third party. Best to just include that within the rent.

 

Tip #1: collect all 12 rent cheques at the start of the term, plus the deposit cheque. Have a defined bounced cheque fee (usually $50).

Tip #2: on your rental agreement, ensure the tenant checks off an authorization for a credit check. Whether you pursue a credit check or not is another matter.

Tip #3: include a definition of a monthly garbage allotment, and what can/cannot be discarded. Some tenants will try to discard large items that can't be picked up by garbage crews and you dealing with the issue causes tension.

Tip #4: include a note that appliances are meant for the tenant's enjoyment and only their enjoyment (I've seen friends come over to do laundry, and usually heaps at a time).

 

Under no circumstance should you include hydro, internet and cable. Misuse will happen, and not because the tenant is a bad person but it's human nature to pay attention to something that costs you money but to be very liberal with something that doesn't.