Look for Marc LaCouvée's monthly article in every edition of The Beacon Magazine ( www.eyesonbc.com)!
REAL ESTATE: MAKING IT WORK FOR YOU
1. This is a business. Develop a system to keep track of the rental and financial processes. You could be audited by the government at any time.
2. Go to the BC Government website to download all the free forms you will need to enter into a residential tenancy agreement. Make sure you read them all and very carefully! http://www.rto.gov.bc.ca/documents
3. Verify EVERYTHING put into the rental application.
4. Thoroughly screen your applicants. Check references and eviction records.
5. Keep the relationship between you and your tenants business-like and treat all tenants with respect.
6. Conduct regular inspections of your property and enforce rules immediately and consistently.
7. Keep good records and document everything. A property specific journal is a great start. If you have a need to record anything, make notes as to time of day, weather, names of parties involved and the nature of the event. This could be of great benefit to you if a problem ever goes to arbitration.
8. Use www.Craigslist.com or www.Kijijii.com to advertise your rentals. They are free.
9. Educate yourself and continue to seek further training. Become extremely familiar with provincial laws governing the rental process.
10. Know that in this process there will be challenges! Don’t let them take your focus off the long-term goal. This is not a get rich quick scheme but it can generate long-term wealth with due diligence and some work.
Please note that this is not to be considered legal or rental advice in any manner. This is purely intended to be a simple list that can begin to guide you to your real estate objectives.
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