A Landlord Reveals Her Goals To Tenants
Dear Tenant,
I am an a person who invested in an Ontario property. This makes me an Ontario “landlord”. The term “landlord” has a lot of negativity. It brings back memories of British Lords with castles and ripping off working class people.
That’s not me. I work two jobs and have a mortgage. My one rental property is nicer than my own house I live in. My car has over 200,000 kms on it and is 12 years old.
So please call me an Ontario “housing provider” or an Ontario “resident who wants to be a great owner of a property people rent from me.”
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.
Let’s be partners in this venture, working together for both sides to succeed!
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 don’t be a bad tenant who thinks I’m some kind of super rich predator sucking you you dry and spending your rent on Ferrari’s and caviar.
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.
Sincerely,
Ms. Ontario Landlord
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Tags: goals, how to succeed as a landlord, landlord advocacy, landlord tenant win win, new landlords, ontario landlords