made “everything happens for a reason” work for us

it’s been 4 years and we still don’t have a family so we’re making this scenario work for us by planning for our future and we’re now income property owners!

the market in this area is RIDICULOUS right now.  after losing out on even seeing a few good ones at the start (because they sold the same day they were listed) and switching to a new agent we finally got to see 5 places over the last week and the 4th one is the one we got.

i have to say, wow, it’s incredible to see how others live.  i’m not judging.  it’s just very interesting.

it was weird looking for an income property after purchasing our own home.  i found myself able to see past colours, clutter and dirt but i still had my standards that i was holding each house up to.  the agent kept saying, “you don’t have to live here”, but i did think of the quality of tenant we’re looking for and i kept thinking if i was renting, i would rent because of this, this, this…

in any case you see have a few duds before you get a gem and really we were very lucky that we only had to look at 5 houses to find our gem.

we put in our best offer right off the bat.  we knew that there were 2 other offers submitted before ours so we had a good idea of what we had to do.  we ended up offering almost $6000 over asking.  we aren’t having a home inspection.  we didn’t put in a closing date so they could tell us what works best for them.  our agent presented at 11:30 p.m. last night.  they had him call to tell us they had another offer and that they were apples to apples. we responded with “that’s it.  final offer”.  i think they realized that they had a great offer and stopped pushing for more and in the end our deal was the one they chose 🙂  our agent was there until 1 a.m.! poor guy.  (mind you, he did just make about $4000 for 10 hours of work).

this home was the best on the street.  pride of ownership just oozed out of it.  it’s near a big shopping area, transit that goes into our city and down south (Toronto).  minutes to the highway.  good school zone.

closing date is august 7th.

now comes the hard part.  finding a tenant.  choosing a house of this caliber makes it a little harder to kept the “it’s a rental” mindset. ideally i would like a young, professional couple with no pets.  next would be a young family still preferably with no pets.  we’ll see.

i’m in charge of “marketing/selling” the rental so anyone out there that is a landlord with any suggestions when listing or choosing a tenant i would LOVE your input.

i definitely need to do some research.  or A LOT of research hahaha.  the first thing we’ll do for sure is join our local branch of the Ontario Landlords Association.

here it is 🙂

x2949608_1 x2949608_5 x2949608_6 x2949608_7 x2949608_9 x2949608_11 x2949608_12 x2949608_13 x2949608_14

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7 thoughts on “made “everything happens for a reason” work for us”

  1. Love it! Good luck with it! For my rentals I have a few favorite vendors, let me know if you have any questions!

    Advertising for tenants – http://www.rentalhouses.com/ I’ve listed on lots of sites, but get the most and best quality from this site

    Background and Credit Checks – http://www.amerusa.net/ I charge a $30 application fee per adult to cover these costs

    Collecting Rent – https://www.sparkrent.com/ Least expensive on fees I’ve found

    Leases, applications and other forms https://www.ezlandlordforms.com/documents/100/residential-lease-agreement/?infinity=gaw~US%2BENG%2BSPART%2BLease%20And%20Rental%20Agreement~Rental%20Agreement%2BEXACT~32744952511~rental%20agreements~e&gclid=CjkKEQjw5qmdBRCn–70gPSo074BEiQAJCe7zdmawN83n8ruRbiBbxgy1krcJFr-SEA77-YfBDWGMNLw_wcB

    Let me know if those links don’t work!

    1. oh wow, thanks for all that! I’ll look through then tonight. how many places do you guys own? our realtor was talking about “when you have several properties” and we were like “let’s see if we can survive/manage one for now! ” hahaha

  2. It looks amazing, If I was in that area I would so live there 🙂 Great job! Make sure you know the laws regarding eviction, deposit, and other things like damage and renters insurance! I hope you guys have a great journey!

    1. thanks for the tips! that’s the only part of this whole thing that gets me feeling overwhelmed. i need to read up for sure! hubby has a pretty good grasp but i need to get it all figured too. everyone is saying they would rent it. i hope people in our area feel the same.

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