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08-04-2022, 11:33 AM
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#23126 | | My homepage has been set to RS
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Originally Posted by Great68  There's pros and cons to both. No one really talks much about the pros of Mom & pop rentals.
I lived in a mom & pop rental for 5 years. It was fantastic for us. We got to know them on a personal level (The husband later became my dentist). They were very flexible, treated us well, and never once raised the rent in those 5 years.
I feel like a professional management firm is going to be very by the book, expect annual increases, and you're just a number to them. Expect no personal connection. | Agreed. I was 3 years in a mom & pop rental and we are still friends with our former landlords.
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08-04-2022, 12:20 PM
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#23127 | | Performance Moderator
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Originally Posted by waddy41 Not good that there will be less supply available for actual home buyers
However, would renters feel more safe renting from Blackrock vs. mom/pop landlords?
Blackrock can withstand being cashflow negative and wait for property values to rise. They're not going to play games to try to evict you. They can't have their parents/children "move in" to boot you out
How are Aquilini's, Bosa, etc. as landlords .. ? | I watched a CBC special in Toronto on corporate owned buildings a couple weeks back, it was quite troublesome because the corp would decide to do somewhat minimal or casual upgrades to the building which fulfilled a "renovation" loophole and then they'd up people's rent by an astronomical amount or try to turn the building into a "luxury" building... tenants were having a real hard time because they can't afford legal expertise the corporations can to fight them, etc.
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08-04-2022, 12:45 PM
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#23128 | | RS has made me the bitter person i am today!
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Our units under renovation are given a 25 - 50% discount. So I see renovations as a plus.
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08-04-2022, 01:01 PM
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#23129 | | I have named my kids VIC and VLS
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New west and Burnaby has a million buildings managed by that same company, they have the signs out front with the logo forget the name
The buildings are disgusting, very poorly maintained
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08-04-2022, 01:05 PM
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#23130 | | Willing to sell body for a few minutes on RS
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Originally Posted by Gerbs Rent is only increased by the RTB limit.
| I mean, increasing by anything beyond the RTB limit would be sort of illegal...
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08-04-2022, 01:06 PM
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#23131 | | Need to Seek Professional Help
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I think mom & pop amateur landlords get a bad rap when they are oblivious to tenancy rules & regulations and should NOT be landlords. They also get a bad rap from tenants that follow the rules to a T. Amateur landlords aren't going to know all the rules but there's almost always an opportunity to figure things out together (assuming they aren't the type that shouldn't be landlords).
My mom rented a 2bd basement suite in Vancouver to a lady for 20 years. For the first 15 years, the rent was set at $600 and was never increased. After 15 years, my mom asked to increase the rent to $800 and the lady agreed. If that lady came back and said that my mom could only increase her rent by 1.5% (or whatever the calculator says) my mom would have spent as much $ as needed to evict her.
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08-04-2022, 01:17 PM
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#23132 | | Willing to sell body for a few minutes on RS
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Originally Posted by Alpine my mom would have spent as much $ as needed to evict her. | How exactly do you think she would have been able to accomplish this? The old bad faith "owner use" scenario? There are very few other legal reasons you can evict someone.
This is exactly what gives all mom and pop landlords a bad name.
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08-04-2022, 01:18 PM
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#23133 | | I *heart* Revscene.net very Muchie
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I think it all depends on when the mom & pop bought their place.
People who bought 20+ years ago and wanting to rent out their basement suite for some extra income is going to have much different rental expectations than someone who just bought in the past say 7 years and who basically NEED rental income in order to help pay their mortgage payments. Even worse when such person bought a SFH in the last 2 years.
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08-04-2022, 01:18 PM
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#23135 | | Network Admin Team
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Originally Posted by waddy41 Blackrock can withstand being cashflow negative and wait for property values to rise. They're not going to play games to try to evict you. They can't have their parents/children "move in" to boot you out
How are Aquilini's, Bosa, etc. as landlords .. ? | From my experience, no games were played because there were far larger projects to focus on. Its the smaller players that tend to pull those stunts. Rent increases, etc were all by the book. However, costs were always kept minimal if it wasn't in violation of any laws/bylaws. Most of the properties were purchased in the 70's so cashflow from rent is just a bonus for ownership at this point.
All attempts were made to keep the most vocal tenants (even if they're scam artists) happy because negative media attention was unwanted as it wasn't good for the development side, hotels, etc.
- Managed the IPP portfolio for one of those well-known families
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08-04-2022, 01:25 PM
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#23136 | | Need to Seek Professional Help
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Originally Posted by Great68 How exactly do you think she would have been able to accomplish this? The old bad faith "owner use" scenario? There are very few other legal reasons you can evict someone.
This is exactly what gives all mom and pop landlords a bad name. | 100% owner use in bad faith to evict and just leave the unit empty.
Charge below market rent for 15 years, then want to increase the tenant's rent to 50% below market rate and get countered with a 1.5%? My mom would be livid and she'd rather take 0 rent than continue to give the tenant a discount on principle alone.
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08-04-2022, 01:28 PM
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#23137 | | :inoutugh:
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Originally Posted by PeanutButter | ASHL (Adult Safe Hockey League), how fitting lol
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08-04-2022, 01:30 PM
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#23138 | | I have named my kids VIC and VLS
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A buddy of mine is in a similar scenario on Langley. Has rented to the sale woman for like 8-9 years right now, an old retired nurse her family lives nearby. He said he’s about $600 per month below market rate but he has a feeling if he approaches her and says he’s gonna increase rent it’s gonna be a big thing
People should be grateful they had a landlord for that long that didn’t raise it.
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08-04-2022, 01:31 PM
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#23139 | | RS has made me the bitter person i am today!
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Originally Posted by Great68 I mean, increasing by anything beyond the RTB limit would be sort of illegal... | Mom and Pop's do it all the time. Most tenants don't know RTA laws! 
To be fair most people don't know how the world operates.
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08-04-2022, 01:36 PM
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#23140 | | Network Admin Team
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Another thing I was told recently was the amount for the vacancy tax bill for the units that are unsold and when it kicks in (heard 5-6 months after occupancy). I dont care how rich some of these developers are, that bill would suck to pay esp for the unsold 3+ million dollar penthouses
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08-04-2022, 01:37 PM
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#23141 | | I have named my kids VIC and VLS
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Honestly after dealing with strangers when i initially rented my suite, I have zero tolerance for BS or even a hint of it if I was to have to rent it out again. To this point over 6 years we’ve only had 2 different tenants, one was a random who turned out to be amazing him and his wife were from the states we are still friends today. The next was a friend of a friend so there was some accountability.
I’ve never once raised the rent between either group. But when I first posted my BRAND NEW suite for rent on CL I got 5-6 emails basically calling me a peice of shit for charging so much bla bla bla, now I figure I’m about $300 below market value.
I write in quite a few additional addendums into my agreement. I’m also the type of person I think that if you really tried to fuck with me and play this tenancy board BS that sooner or later someone is going to meet you on the way coming home and it’s not gonna be good.
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08-04-2022, 01:42 PM
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#23142 | | Performance Moderator
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It's tough because of the human element... I think a good tenant is worth the discount or less than market value... but then things go on tooooooooooo long and people either don't appreciate it or get entitled.
My dad rented an entire HOUSE to a guy on a farm for $800 a month for 10+ years... ridiculously low rent... and there were stipulations not to use the basement, garage or barn.. but he used all 3 to store stuff... when we sold the property he turned into a total pain in the ass and the relationship got ruined because of it... like dude you basically saved $250k in the last 10 years off market rental price and then act like you're entitled to the place now??? Unbelievable.
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08-04-2022, 01:55 PM
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#23143 | | I *heart* Revscene.net very Muchie
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Originally Posted by PeanutButter | Gets it from his dad Phil Moore. Aka roid rage
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08-04-2022, 01:57 PM
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#23145 | | Rs has made me the man i am today!
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Originally Posted by Hondaracer Honestly after dealing with strangers when i initially rented my suite, I have zero tolerance for BS or even a hint of it if I was to have to rent it out again. To this point over 6 years we’ve only had 2 different tenants, one was a random who turned out to be amazing him and his wife were from the states we are still friends today. The next was a friend of a friend so there was some accountability.
I’ve never once raised the rent between either group. But when I first posted my BRAND NEW suite for rent on CL I got 5-6 emails basically calling me a peice of shit for charging so much bla bla bla, now I figure I’m about $300 below market value.
I write in quite a few additional addendums into my agreement. I’m also the type of person I think that if you really tried to fuck with me and play this tenancy board BS that sooner or later someone is going to meet you on the way coming home and it’s not gonna be good. | The same people who have nothing better to do but complain, and instead of bettering themselves they'll just shit on others for their miserable lives that they've reaped themselves?
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08-04-2022, 02:18 PM
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#23146 | | Need to Seek Professional Help
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Originally Posted by 68style It's tough because of the human element... I think a good tenant is worth the discount or less than market value... but then things go on tooooooooooo long and people either don't appreciate it or get entitled.
My dad rented an entire HOUSE to a guy on a farm for $800 a month for 10+ years... ridiculously low rent... and there were stipulations not to use the basement, garage or barn.. but he used all 3 to store stuff... when we sold the property he turned into a total pain in the ass and the relationship got ruined because of it... like dude you basically saved $250k in the last 10 years off market rental price and then act like you're entitled to the place now??? Unbelievable. | Yup. It's how some mom & pop landlords get a bad rap. Because if my mom's situation ended poorly this tenant would be telling everyone how my mom was the landlord from hell and wanted to increase her rent by 40% vs. 1.5%, while conveniently leaving out the fact that her rent would still be 50% under market rates after the increase.
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08-04-2022, 02:24 PM
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#23147 | | RS Veteran
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Being a land lord is tough depending on who you end up with. My parents had a Brazilian girl who came to Vancouver for school. She was awesome. Until one day she stopped coming home and the police show up to our front door telling us she nearly ended getting caught up in a prostitution ring. Needless to say, we were obligated (and heart broken) to tell her parents and she was sent home pretty much the next day. My parents never ended up renting our place ever again.
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Originally Posted by Badhobz ^PICS DAMNIT!!!! ill eat the pate out of her banhmi anytime. | | |
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08-04-2022, 02:54 PM
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#23148 | | :inoutugh:
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Currently renting out a place to an international student. Since they have no income or credit history in Canada, the parents prepaid a years worth of rent in full.
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08-04-2022, 03:07 PM
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#23149 | | RS has made me the bitter person i am today!
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Originally Posted by bcrdukes Being a land lord is tough depending on who you end up with. My parents had a Brazilian girl who came to Vancouver for school. She was awesome. Until one day she stopped coming home and the police show up to our front door telling us she nearly ended getting caught up in a prostitution ring. Needless to say, we were obligated (and heart broken) to tell her parents and she was sent home pretty much the next day. My parents never ended up renting our place ever again. | We had the police show up for domestic abuse once. The Cambodian dad was never to be seen again, mom ended up not having enough money and became homeless with the 8 year old kid, rent was like $600 for basement suite 
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08-04-2022, 03:54 PM
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#23150 | | RS has made me the bitter person i am today!
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Originally Posted by TOS'd Currently renting out a place to an international student. Since they have no income or credit history in Canada, the parents prepaid a years worth of rent in full. | interesting, I got a few groups of international students looking to rent my place. I didnt know what to expect, undergrad level SFU students, renting a decently sized house. I was worried they would be having parties and shit. So I ended up going with some older people instead. Maybe I made a mistake... lol
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