Experience real estate investors are experienced because they've lived through it, the good and the bad. But why attend the school of hard knocks if you can just learn from somebody else's mistakes? Instead, my name is Mindy Johnson and I'm the community manager here at BiggerPockets.com. Today, I've got 6 not so obvious tips from experienced landlords to help minimize your pain when you get started. Number one, payment upfront rent can seem like this great big awesome thing. You collect a big wad of money up front, you don't have to worry about your tenants paying on time because they've already paid. Except, what does your state's landlord-tenant laws say about collecting upfront rent? Some states limit the amount you can collect upfront, while other states require you to pay interest on it. If you don't know, you need to find out. Another thing to consider is your tenant's motivation for paying upfront. Why do they have this giant wad of cash sitting around right now? Could it be that they came into some money and they know they'll spend it, so they want to pay the rent upfront? Well, what happens when all their upfront rent is gone? Chances are, good all the rest of the money is going to be gone too, and then you're going to be tasting a tenant who can't afford your rent. Another thing to think about is maybe they're trying to avoid contact with their landlord for nefarious purposes, such as growing pot. Or maybe their intent isn't quite so nefarious, but they still don't want you to come around. Perhaps they're renting it out on Airbnb. Of course, there are exceptions to every rule. Perhaps if you're offering student housing, the parents wish to pay the entire expense upfront. Tip number 2,...
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Residential Tenancy Agreement Ontario 2024 Form: What You Should Know
The Tenant agrees to provide the Owner with an Annual Property Assessment for the Rented Premises at the same time as the Owner submits the Tenant's Annual Property Assessment to the Property assessor for Land, and to allow the Owner to review and assess the Tenant's property in accordance with the Real Property Lease (or similar agreement for the same premises) and such other terms as may be set out by the Real Property Lease (or similar agreement for the same premises); to pay the annual property assessment as set out in the notice of assessment, which is due no later than the 15th day of the next month at the latest, and to not attempt to re-settle the Tenant's property in any manner, other than by giving the Owner written notice that such attempt has been abandoned; to pay all fees, taxes, assessments and other assessments associated with the tenancy in accordance with the Real Property Lease (or similar agreement for the same premises) and any updates as required; to allow the Owner access to the rented premises with reasonable notice by regular mail, and to notify the Owner in writing of any changes to the security deposit or rent, provided the change is reasonable and does not unreasonably impair the quality of life of the Tenant by a significant amount; to provide the Owners with such information as may be required to carry out their obligations under the Residential Tenancy Agreement, including any notices to provide information or service to the Occupant or occupants of the rented or leased premises; to maintain the Rented Premises in normal good repair and to use any reasonable amount of energy in the management and repair of or avoid, to the extent reasonably necessary, the use of any excess energy, including, but not limited to, lighting fixtures and electrical equipment; and to use reasonable efforts to maintain the Rented Premises clean and sanitary.
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