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Most landlords think tenant problems are just part of the job.
They’re not.
Here’s the 5-step plan we use to screen out bad tenants, minimize evictions, and hit a 99.9% rent collection rate while renting 130+ homes/year:
[Thread]
Keaton Bessey
15.2K posts
Keaton Bessey
@kbessey
Greater Vancouver Tenant & Property Management Ltd 🏔️ Rent +140 Homes/Yr 🏡 99.9% Rent Collection💰+850 Reviews @ 4.6 ⭐️ Posts 🚫 Advice
- A 23.5% rent increase was approved by the RTB. The Reason: The Landlord’s mortgage rate increased too quickly. Incredible.😂 What is happening @KahlonRav @Dave_Eby #bcpoli #HousingCrisis #mortgagetips
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Approved 23.5% rent increase. Arbitrators comments: “I find the Landlords exercised care, foresight, judgment, financial prudence, and due diligence in purchasing and financing the residential property, but significant increases in the mortgage interest rate occurred due to - It’s about to get busier… We had 10% of our portfolio move out over the long weekend. Many stating: lost job, moving to Alberta, moving back with parents. This morning 14 of our 160 tenants have gone NSF on rent—usually only 1 or none. #HousingCrisis #Vancouver #recessionIs The Canadian Economy Going Bad? Government Reports Say NO But Every Discussion With Ordinary People Says YES GDP Reports don't look awful, we see Jobs Reports that aren't terrible but at every turn I hear bad things IT buddy tells me a big client just went under 2/
- Tenant not paying their rent in BC? The RTB is now lightening fast with their orders of possession. Here’s how we received an order of possession this month: - Rent not paid Jan 1 - Notice legally delivered Jan 4 - Filed Jan 8 after discussion with Landlord clients - RTB
00:00 - Best perspective of the day. The ratio of how reasonable this question is, and how ridiculous it is that it has to be asked, is at an all time high.Replying to @kbesseyCan renters sue for a rent decrease when the owner's mortgage is paid off?
- Everyone seems to have the same plan when not getting a sale price they want with a property they have equity in: - terminate listing - “just rent it” - hold for 6-12 months - sell when the market recovers Holding two mortgages into a slowing economy is not a good strategy. Cut
- July 18th, the bomb drops. 💣 4 month notice required for personal use. “Starting July 18, 2024, landlords will be required to use the Landlord Use Web Portal to generate Notices to End Tenancy for personal occupancy or caretaker use.” What do you think? #housingcrisis
- Just spoke with a potential #landlord client… - Closing on 2 presale condos (1bd/2bd) - Total market rent of $5,000 Expenses: Mortgage - $6,700 (B Lenders) Strata - $840 Ptax + City - $400 Insurance - $300 Management - $420 R&M - $420 Vacancy (3%) - $150 Total - $9,230
- This is a boosted post. If you see this post and have no idea who I am, give it a like. Use it as a reference if you are curious about boosted posts. #Vancouver
- Remember…asking rents differ strongly from actual rents. As a comparable, we just barely rented a brand new, 850sqft 2 bedroom, large balcony, 40+ floor, for $3,200 in Burnaby. Currently struggling to rent a couple others for the same amount. We’re seeing rents down 10-15%
- Replying to @money_cruncherNot a wild take. Its a real answer. In fact, its a perfect “personal finance” answer: - His entire company would likely collapse because he took a loan. - He clearly enjoys what he does and he’s helped countless people. - He doesn’t need $40M. - He says he doesn’t do debt so
- 1 bed in Burquitlam rented for $2,500. Monthly after tax income >$9k Another Landlord we spoke to rented their 1 bed at Brentwood for $2,900. Monthly after tax income >$10k This latest surge in rental rates is incredible. I don’t know what market is anymore. #vanre
- We listed this 500sqft, 1 bedroom condo in Burnaby a week ago. $2,395. 137 inquiries thus far. There are currently 6, one bedroom condos available in the area. Build More Homes #VanRE gvantpm.com/homes-for-rent…
