August 17th, 2012
An Ontario Landlord Explains Their True Goals and Objectives
Dear Mr/Ms. Tenant,
I am an Ontario landlord. I have purchased a rental property for several reasons. This open letter to you is to share information so that we can be a team. After all, you need me, and I need you.
1. I am not getting rich on this venture.
In fact, for the first 12-18 months of me buying this property, I am going to lose money. Even then, this duplex/triplex that you are living in will net me approx $200-$300 per month after all expenses have been paid. Doing the math, I believe that works out to $2,400-$3,600 per year.
At some point in time, I hope that this property gains value, and I can sell it for more that I bought it. It’s a great concept that you could work towards in your lifetime – if you are so inclined.
Until then, you need a place to live, and I need a tenant.
2. Please take care of our property.
It’s your home, but it’s my house. If I know that you will keep your home in decent condition, I will be much more motivated to ask you to help me pick out a colour next time I paint the walls, or replace the carpet. Please don’t be a Tenant from Hell.
3. I promise to respect you and your personal rights.
I will give you all the notice I can before I have to enter your apartment. After all, this is your home, but it’s my house. If I need to replace a toilet, or fix something, I will give you advanced notice.
I hope the respect will be mutual. After all, it’s the little things that count. If we can all get along, we will both enjoy working with each other. I am not here to mess with your life.
4. I was you once, perhaps you will be me one day.
I know what it’s like to rent. I know what it’s like to be a tenant. It’s actually a decent way to live.
I never worried about the roof, the plumbing, needing a new stove, or fridge, or even if the carpet was getting worn down and needed replacing. I never worried if the city increased utilities, or taxes – I paid a flat rent, which can only increase by a very small amount each year. I let my landlord worry and take care of all of that.
You need me, and I need you. If neither one of us are jerks, this will work out just fine.
Mr/Ms. Ontario Landlord.
Discuss this at the Ontario Landlord forums here.