Landlord and Tenants in Mississauga
Tenants in Mississauga
Mississauga produces some excellent tenants. Majority of my tenants in 2013 have been IT executives arriving on work permit, International students entering UTM (University of Toronto, Mississauga) and the Sheridan College at Square One as well as regular local tenants settling in from our own Canadian market.
These local tenants are mostly young professionals who have acquired debt through student loans etc. and are taking a while to pay them off before venturing into property investment.
I like to make investing a pleasurable experience for my investors and landlords in Mississauga.
But out of my over 50 leases in 2013, I experienced two cases of irresponsible tenants that left a bad taste in the mouth.
Watch out for irresponsible tenants in Mississauga
Both of these are worth a discussion to spare you from such cases.
The first tenants were international students from affluent families abroad who came with good references. However, the students turned out to be extremely irresponsible and did everything to misuse both the property and landlord tenant rights.
From smoking inside the property to keeping more pets than they could handle, these tenants created havoc. There were overflowing garbage bags everywhere, pet litter all over the property and the lawn was a mess.
The second case involved a highly educated Permanent Resident. Despite all his degrees, this gentleman lacked etiquette.
He evacuated the premises without cleaning it out. He left behind his personal possessions such as beds and furniture items and did not bother to observe the two months notice period that is essential before ending the lease term.
If you look at it from the investor’s point of view, the percentage of irresponsible tenants is only 4%. It is in the landlord’s hand to take these irresponsible tenants to task and claim one’s losses. However, there are paralegal companies to help you out if needed.
Let me also tell you that there are rental protection programs offered now which I have spoken about earlier.
Other than that, the Mississauga real estate rental market is very healthy and is known to produce good, law abiding tenants.
If you are thinking of investing in real estate in Mississauga, I suggest you look at the glass half full, and not half empty. I had 96% good tenants and just a small fraction of those that are sometimes not easy to weed out (it is a part of real estate investing business).
Chances of weeding out difficult tenants can be much less when you use an experienced Broker with a veritable local presence in Mississauga.
Landlords in Mississauga
After blogging about tenants, it will be unfair not to talk about Square One condo landlords in Mississauga.
These landlords come from a wide range of the market that include local investors, out of City/ Out of Province investors, non-resident Canadian/International Investors.
As far as their profile goes, they are a mixed bag. I deal with professionals (medical, engineering, software professionals etc.), single men and women, working couples, and a few senior citizens.
Many younger investors who are single, buy investment properties to live in but later decide to rent them out. They continue to stay with their parents (how smart!), until they settle down, that is until they start living alone/get married etc.
Sometimes parents also help their adult children to buy investment properties in Mississauga.
By God’s grace, I am blessed with many wealthy landlords. Wealth in my definition is not the Money. It is the Contentment.
A wealthy person is someone who is full of contentment. A man who is content is wise and trusts his team. (sure making more money is good as long it as has been acquired through the right means and is used for worthy causes).
These wealthy landlords respect my advice when it comes to pricing rental properties, tenant selection, property improvement and management.
Being in people’s business I do come across all types of landlords. I sometimes also deal with poor landlords. These people are so poor that the only thing they have is money.
Some of these landlords are greedy and they won’t spend any money to improve their properties. They end up losing big time because of their penny wise, pound foolish attitude.
A property priced higher than the market rate or a property in dire need of improvement sits vacant for months.
Here are two examples: A $1,500 per month rental property needs $2,000 in improvements (say paint or flooring). Or a property that should have been been listed for $1,500 per month is priced at $1,700 per month. Both properties won’t rent because of the above reasons.
Finally, in the 3rd month, the landlords realize the importance of fixing the property and reduce the rent.
Thus, they would both lose two month’s rent, or in other words, they ended up renting a $1,500 per month property for an average price of $1250 per month ($1,500X10/12 month). That’s a big loss!
At the end of the day, real estate investment comes with responsibilities and it takes two to tango! Treating every human being with respect should be one’s goal in life.