OLA in "L'EXPRESS" (Semaine du 15 mars au 21 mars 2011)

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Ken S

Re: OLA in "L'EXPRESS" (Semaine du 15 mars au 21 mars 2011)

#1 Unread post by Ken S » March 15th, 2011, 9:27 pm

Not exact but pretty good translation
"As owners, we often had problems with tenants so we wanted to find a solution," says CEO Martin Poirier Buy My Rent, based in Ottawa, for a monthly fee, offers to cover up three months' rent unpaid.

The two associates of Martin Poirier are a lawyer and the other computer. All three are small landowners.

"We sought a kind of insurance, and I found this concept in the United Kingdom, but it did not exist in Canada or the United States," says Martin Poirier, who has decided to exploit the bonanza in Canada . "Here, it was calculated that the average owner loses $ 2,150 per tenant," he says.

Monthly contribution

"It ensures the rent, but we are not an insurance company. We buy the debts of a unique way, "says he continued to explain the operation of its business:" The rebate is paid to the owner based on the cost of membership they pay from the beginning of the rented out. The premium paid by the owner is based on the rent, for example a rent of $ 1,000 per month, it will pay $ 35, "says Martin Poirier. Another proposed formula includes an amount equivalent to 4 months rent.

"The owner whose rents were not paid first fills an application to the Commission on Landlord and Tenant, as the law requires it. It takes about a month. Once the response, Rent buys Buy My judgments and the owner has subscribed to the service can obtain a refund of three months of unpaid rent by a maximum period of 12 months.

No recovery process

"We bought the debt, but there is no process of recovery from the tenant. Sometimes the debt is sold, if it is salable, but there will be no fundraising, we do not sell to collection agencies, we do not want anyone disturbing the tenant. "

"The small landowners are more vulnerable because, unlike large groups that have their collection agencies, they have great difficulties in recovering unpaid rent" continues Martin Poirier for this service which could also facilitate the amicable settlements without necessarily resort to expulsion: "The owner filed a complaint with the Commission and Tenant, but he is not obliged to seek eviction of the tenant," says Martin Poirier to show that the owner may obtain a refund any finding arrangements with their tenant.

It also said to have a project to create a similar service for tenants in Toronto who would have difficulty finding housing because having had late payments before. In this case, they could offer themselves to pay the monthly premium for the owner receives a refund for non-payment of rent.

Interested owners

For their part, some homeowner associations, as the Owners' Association of Ontario, became interested in this service. "Ontario is one of the provinces that encourage more tenants," said Matthew Mazur-Goulet, one of the volunteers of the association, owns three units. "It can take months to remove a tenant and it can be very expensive. For a small farmer, it can be very difficult if I do not pay me a rental or two I can not pay my mortgage. "

Difficult situations

This highlights some of the difficult situations which may face the Ontario homeowners, "If someone who depends on welfare can no longer pay his rent, there is no way to recover the money. If a tenant decides to leave an apartment without giving the statutory notice of two months, the landlord can not rent the apartment until they have proved before the Commission and Tenant, the tenant is gone and has not intend to return, even if the lease has expired. "

"This is a new company so we had no experience with it, but it is a service that could be very useful," he concludes.

helga
Posts: 1695
Joined: August 26th, 2010, 5:18 pm

Re: OLA in "L'EXPRESS" (Semaine du 15 mars au 21 mars 2011)

#2 Unread post by helga » March 15th, 2011, 9:35 pm

Thanks for the translation KenS

Interesting concept.

New
Posts: 891
Joined: April 17th, 2010, 3:36 pm

Re: OLA in "L'EXPRESS" (Semaine du 15 mars au 21 mars 2011)

#3 Unread post by New » March 15th, 2011, 9:55 pm

My last french class was years ago, but I see some clear mistakes.
"As owners, we often had problems with tenants so we wanted to find a solution," says CEO Martin Poirier of Buy My Rent, based in Ottawa, for a monthly fee, offers to cover up three months' rent unpaid.

The two associates of Martin Poirier are a lawyer and the other computer. All three are small landlords.

"We sought a kind of insurance, and I found this concept in the United Kingdom, but it did not exist in Canada or the United States," says Martin Poirier, who has decided to exploit the bonanza in Canada . "Here, it was calculated that the average owner loses $ 2,150 per tenant," he says.

Monthly contribution

"It ensures the rent, but we are not an insurance company. We buy the debts of a unique way, "says he continued to explain the operation of its business:" The rebate is paid to the owner based on the cost of membership they pay from the beginning of the rented out. The premium paid by the owner is based on the rent, for example a rent of $ 1,000 per month, it will pay $ 35, "says Martin Poirier. Another proposed formula includes an amount equivalent to 4 months rent.

"The owner whose rents were not paid first fills an application to the Commission on Landlord and Tenant, as the law requires it. It takes about a month. Once the response, Rent buys Buy My judgments and the owner has subscribed to the service can obtain a refund of three months of unpaid rent by a maximum period of 12 months.

No recovery process

"We bought the debt, but there is no process of recovery from the tenant. Sometimes the debt is sold, if it is salable, but there will be no fundraising, we do not sell to collection agencies, we do not want anyone disturbing the tenant. "

"The small landowners are more vulnerable because, unlike large groups that have their collection agencies, they have great difficulties in recovering unpaid rent" continues Martin Poirier for this service which could also facilitate the amicable settlements without necessarily resort to expulsion: "The owner filed a complaint with the Commission and Tenant, but he is not obliged to seek eviction of the tenant," says Martin Poirier to show that the owner may obtain a refund any finding arrangements with their tenant.

It also said to have a project to create a similar service for tenants in Toronto who would have difficulty finding housing because having had late payments before. In this case, they could offer themselves to pay the monthly premium for the owner receives a refund for non-payment of rent.

Interested owners

For their part, some homeowner associations, such as the Ontario Landlord Association, became interested in this service. "Ontario is one of the provinces that favors tenants," said Matthew Mazur-Goulet, one of the volunteers of the association, who owns three units. "It can take months to remove a tenant and it can be very expensive. For a small farmer, it can be very difficult if I do not pay me a rental or two I can not pay my mortgage. "

Difficult situations

This highlights some of the difficult situations which may face the Ontario homeowners, "If someone who depends on welfare can no longer pay his rent, there is no way to recover the money. If a tenant decides to leave an apartment without giving the statutory notice of two months, the landlord can not rent the apartment until they have proved before the Commission and Tenant, the tenant is gone and has not intend to return, even if the lease has expired. "

"This is a new company so we had no experience with it, but it is a service that could be very useful," he concludes.
I can't see how this "Buy My Rent" thing can work. Doesn't pass my sniff test.

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aptsrus
Posts: 763
Joined: June 2nd, 2010, 2:57 pm

Re: OLA in "L'EXPRESS" (Semaine du 15 mars au 21 mars 2011)

#4 Unread post by aptsrus » March 16th, 2011, 8:59 am

Would take this more seriously if the guys running it looked over 35 year old.

http://www.buymyrent.ca/about_us/team.asp

Agree with Hawk, a greater explanation needs to be put on their website.
Pacta Sunt Servanda - the basic principle of civil and international law.
( Agreements must be kept )

Greg

Re: OLA in "L'EXPRESS" (Semaine du 15 mars au 21 mars 2011)

#5 Unread post by Greg » March 16th, 2011, 11:06 am

It's a insurance policy. If I have 10 units and pay $35 per month each that's $4200 per year for rent insurance. Assuming I pay that every year until I have to make a claim and all other LL with the company do the same premiums should cover there total pay out. The key is there total number of clients paying premiums should cover there claims. If only 10% of tenants default, as we assume, it should, in principal, work.
Seems like fairly basic math to me.

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