Rental application for Condo

[Jethro Bodine]

Long story short. I bought a condo last year for my youngest daughter to live in while she recovered from addiction. Unfortunately she had relapsed in the late summer/fall (another long story) and has left to go live somewhere else. After doing the repairs (her and her friends left it in a horrible state) I am ready to lease it to someone new. It was never my intention to be a landlord but I figured I might as well try it, given that if I sell the condo after 1 year I will take a loss. Except for a recent minor rebound, condo prices sank in Winnipeg last year due to rising interest rates. Plus I need to recoup the cost of all I have put into upgrades/repairs.
I was wondering if any one on here has rental properties and would be willing to share a copy of their Rental Application with me. I have a Lease that I was able to download form the Manitoba Tenancy Branch website but they do not have an Application Form. I plan on being very selective as to whom I rent to and want to make sure I get all the information I can but also realize that in this day and age there are also certain things we cannot ask. If you are willing to help, send me a PM and we can discuss further.
Thank you and Cheers,
J
PS: Mods, I realize that there are strict rules on PERB about soliciting and giving legal advice. I don't think this request falls under that category but if you feel this post violates that rule then you can certainly remove this post.

 

[Pumped]

Couple things to consider. A capital loss can be forwarded for a number of years. If you have other investments that create capital gains, then you can write them off against your capital loss.

Next, the new increase in capital gains. If the market does recover and you have a capital gain on the sale of the property, it may affect you at that time.

Condos have a lot of issues as rentals: 1. Strata board -- do they allow rentals? Are there limits on the number of rentals in that building? What are the strata fees and are you facing any special assessments in the near future? 2. Can the rent you charge cover the mortgage, property taxes, income taxes, strata fees and the cost of the repairs/updates you've done?

I've been a landlord in the past and am very, very reluctant to ever do that again. Take a wander over to Reddit and see how LL's are treated over there. You're better off forgoing rent for a month or three than renting to the wrong person (as you found out with your daughter and her friends).

Check for a LL association in your province -- they can provide some guidelines. If you have a residential tenancy branch read through their website and understand your rights and responsibilities.

You can put a lot of stuff on paper that the average yahoo will simply ignore and you can't enforce.

 

[Crookedmember]

Why not turn it over to a property manager and let them deal with all the shit?

 

[Pumped]

Why not turn it over to a property manager and let them deal with all the shit?

That is what I eventually did, but it only puts a layer between you and the stench, and it adds to your costs (usually 10% of total rent).

One way or another, with a manager or not, you are still on the hook for whatever happens to your property.

 

[Jethro Bodine]

Why not turn it over to a property manager and let them deal with all the shit?

I was considering that.