Managing a property comes with a lot of responsibility. To help make life a little bit easier, Jason McGuire answered some commonly asked questions such as;
How do I proceed when my tenant has left me with unpaid bills?
How much is too much to spend on maintenance?
What is my rental application missing/ why is it so important?
To answer the first question, how to proceed when left with unpaid bills, Jason highlights that it can be settled in a few ways. The first way is to take it to small claims court. This can be avoided, however, if you already have a landlord/ tenant board order. This can cost $40, but with it, you can go to a collection company. These companies only charge the rate when you receive the money, but unfortunately, the process does take longer.
How much is too much to spend on maintenance? The first thing to note about this question is that there is no single correct answer; every property is different. What you should be doing is setting a minimum budget. Based on industry guidelines you should be budgeting one month's rent per year to take care of your property.
You might be wondering what your rental application is missing, and why it's so important. If you're working with a realtor, the application does not allow you to pull a credit report, which does stop you from getting that 3rd party verification. It's also important to know that the application should specify that as long as the tenant is living in the property you have the option of pulling their credit check later. This helps you to find out where somebody has moved to, which is helpful if and when you need to take somebody to small claims court or collect from them.