Rent Bank

Social, economic and environmental issues in our ever-changing world.
BC Landlord
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Re: Rent Bank

Post by BC Landlord »

Vacancyrate wrote:Rule #1 when considering being a landlord/looking at a rental business is "Consider the income of the people that will rent your property and the area in which it is located".
...
You can charge $2500 a month for a one bedroom in Penticton but you're either going to be renting to a drug dealer or getting late rent more often than not.
That's a very good advice, Vacancy. But, that's what pretty much all landlords already do. In my case, I put out an ad and wait for about a week to collect applications. Depending on the time of the year, I get about 20 to 50 of them over that time. I sift through them, do credit checks, references, etc, short-list, and select a suitable one. That's how I probe the market, and shield myself from potential delinquencies. Not really a rocket science. It's worked well so far.
Even Steven
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Re: Rent Bank

Post by Even Steven »

removed
Last edited by Catsumi on Jan 2nd, 2021, 5:23 pm, edited 1 time in total.
Reason: Baiting
Mark1111
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Re: Rent Bank

Post by Mark1111 »

So I am going to weigh in on this since I have held multiple rental properties in all 3 of the Western provinces over the last 30 years. BC is, right now, is the worst province to be a landlord now that the NDP is in power.
I have already started to liquidate my rental assets and I really didn’t want to so soon but c’est la vie . They removed the term tenancy clause in the vague, uninformed and misguided hope that this would reduce renovictions. Fail: you just put more landlords in jeopardy and reduced the supply. Congratulations: you just failed Econ 101. If you mess with the laws of supply and demand, you will always fail.

The Liberals understood this; the NDP never did.

I have watched this party fail time and time again in BC for over 50 years. And to be honest, I thought they might have a shot at it this time. The only reason the term ‘renovictions’ was ever even coined, and deprecated, was because it represented the only vehicle left for landlords to accommodate a market rental increase.

However, it’s still, and always has been, a business people.

A market adjustment is always required to offset the same costs homeowners face and a landlord faces the same challenges (more so when you consider rental insurance, placement fees etc.). And it was only used because the BC NDP government didn’t have the vision, the balls and political will to address the real problem in the first place. Build your own *bleep* low income housing and stop heaving your responsibility on the backs of small landlords. Stop looking for shortcuts.

So now we have landlords, like myself, leaving for other investment opportunities. I am thinking AirBNB is starting to look a lot more attractive. Minimum vulnerability, maximum profit. I can make as much in 3 months on STR that than on LTR for the rest of the year. How long do I need to be beaten up by my government before I see the light?

Which is really kind of sad because I have some really great long term tenants, who will have to find new homes after years integrating into their neighborhoods. But when you step back and really look at even the best case scenario, which is never a constant, you come back with the cold reality that you are just too exposed. And your risk has grown. And the light at the end of the tunnel is just too far away.
If you want to test a man's character, give him power.
A. Lincoln
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

More empty threats from landlords.

Don't let the door hit you on the way out.
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

BC Landlord wrote:It's worked well so far.
Except now you expect charity to pad your profits.

You've hit the wall.
Mark1111
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Re: Rent Bank

Post by Mark1111 »

Vacancyrate wrote:More empty threats from landlords.

Don't let the door hit you on the way out.
I did not post for your amusement , approval or even to goat you Vacarate. What will hit you, and other renters, with the exodus of myself and many other landlords, is yet more properties removed from the Kelowna rental market. And it’s a pretty tight market already wouldn’t you say? The door hitting me on the way out will be very well padded with capital gains profit. But the people that now have to find a new home won’t be so lucky. But if you are not in my shoes you will never be able to understand that will you?
If you want to test a man's character, give him power.
A. Lincoln
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

I love how landlords think that the government is going to let millions of people be homeless while property owners just sit there with empty buildings. Or even better yet allow them to rent them on on Airbnb!

The pitchforks and policy changes will find you eventually.

Keep making those empty threats!
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alanjh595
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Re: Rent Bank

Post by alanjh595 »

Vacancyrate wrote:More empty threats from landlords.

Don't let the door hit you on the way out.
Who is going to buy-up and re-rent those properties?

Independent landlords are supplying properties that commercial landlords won't. They are the ones that offer private yard space for the tenants kids to run and play safely while being supervised by an adult looking out a window with full view of the entire area.
Try and do that from a 3rd floor apartment.

Where are these kids going to play? Where are they going to keep their bicycles, big-wheels, skateboards, on and on, ad nauseam.
These kids today are "cattle chuted", just like the adults are......into orderly rows, everywhere from check-outs to bank tellers, to ........everything.

NO, you can't have a sandbox, it's not clean, cats dump in it, junkies ditch in it.
NO, you can't go to the water park, the Coliform content is too high..
NO, you can't form a close relationship with that person, (they may have to leave at the end of their lease, or because we may have to move at the end of our lease).

NO wonder why today's kids are so messed up. They don't know where they will be living or under what circumstances 1 year from from the day that they move into a new rental house.
Bring back the LIKE button.
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Rejigger
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Re: Rent Bank

Post by Rejigger »

Vacancyrate wrote:I love how landlords think that the government is going to let millions of people be homeless while property owners just sit there with empty buildings. Or even better yet allow them to rent them on on Airbnb!

The pitchforks and policy changes will find you eventually.

Keep making those empty threats!
Well, if you’re okay with the government telling landlords what to do with the properties they own, then you’ll be okay with them dictating that for every bedroom a home has, there has to be at least one adult or two children occupying it. Or, anyone renting a two bedroom place must have at least two adults living there. But if the two adults are a couple, then they must either have one or two children to occupy the second bedroom, or else they have to downsize to a one bedroom place. Or, any single people MUST live in a bachelor suite. Kinda like how a single diner can’t sit at a table for four when the restaurant is at capacity.

Yeah, all renters MUST share their rental suites from now on, except for singles in a bachelor suite. How will that sit with tenants? Like squishing four people into a hospital room, only those who can pay for privacy will get privacy ... even in their own home.

Imagine Horgan floating this idea at his next media event, as renters’ eyes pop out of their sockets in reaction to it.

And then the government will be telling homeowners they have to start renting out any unoccupied bedrooms in their house (or else downsize). How will that go over? When will this government overreach hit a nerve with renters?

All of a sudden socialism isn’t fun and games anymore.
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Rejigger
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Re: Rent Bank

Post by Rejigger »

Mark1111 wrote:
Vacancyrate wrote:More empty threats from landlords.

Don't let the door hit you on the way out.
I did not post for your amusement , approval or even to goat you Vacarate. What will hit you, and other renters, with the exodus of myself and many other landlords, is yet more properties removed from the Kelowna rental market. And it’s a pretty tight market already wouldn’t you say? The door hitting me on the way out will be very well padded with capital gains profit. But the people that now have to find a new home won’t be so lucky. But if you are not in my shoes you will never be able to understand that will you?
I believe you, Mark111. I don’t know why anyone would be a landlord in this province. Go buy property in another province - you’ll be better off.

Fact is, stories like yours aren’t empty threats - they’re ‘mission accomplished’ for the provincial government. This is EXACTLY what the government wants: to make it unappealing for landlords to operate in this province, with the end result being a reduction in housing prices and more people owning individual houses (fewer people owning multiple houses). Those who are happy renting are going to have fewer properties to choose from. That’s not an empty threat, it’s reality.
Vacancyrate
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Re: Rent Bank

Post by Vacancyrate »

Rejigger wrote: All of a sudden socialism isn’t fun and games anymore.
Says the landlord begging for a welfare cheque!!!

Classic.
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JLives
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Re: Rent Bank

Post by JLives »

Mark1111 wrote:
I did not post for your amusement , approval or even to goat you Vacarate. What will hit you, and other renters, with the exodus of myself and many other landlords, is yet more properties removed from the Kelowna rental market. And it’s a pretty tight market already wouldn’t you say? The door hitting me on the way out will be very well padded with capital gains profit. But the people that now have to find a new home won’t be so lucky. But if you are not in my shoes you will never be able to understand that will you?
Well goodbye then.

Fun fact. Being a landlord is a choice and you don't have to do it or announce that you aren't.
"Every dollar you spend is a vote for what you believe in."
"My country is the world, and my religion is to do good."
W105
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Re: Rent Bank

Post by W105 »

^^^ too funny Jlives

yup, being a Landlord is a choice, nobody cares if you wanna be one or not..and I find it hilarious when amateur Landlords brag about being a Landlord when in reality the only reason most of them could become one is because of the low interest rates...if interest rates were 5-7%, they would be very few who could afford to become a Landlord..if interest rates were higher it would weed out the small time players in a instant.. so let's keep it real :biggrin:
ckil
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Re: Rent Bank

Post by ckil »

Mark1111 wrote:
with the exodus of myself and many other landlords, is yet more properties removed from the Kelowna rental market. And it’s a pretty tight market already wouldn’t you say? The door hitting me on the way out will be very well padded with capital gains profit. But the people that now have to find a new home won’t be so lucky. But if you are not in my shoes you will never be able to understand that will you?
How will the rentals be removed from the market? You may sell to another landlord. A mass exodus would push prices down allowing for renters to afford a place. Anyways, I am sure the market can handle your 3 units being removed. The capital gains is done in this cycle - perhaps it is time you sold. It sounds as if you are getting a little disgruntled being a landlord.
Mark1111
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Re: Rent Bank

Post by Mark1111 »

Rejigger wrote:
Vacancyrate wrote:I love how landlords think that the government is going to let millions of people be homeless while property owners just sit there with empty buildings. Or even better yet allow them to rent them on on Airbnb!

The pitchforks and policy changes will find you eventually.

Keep making those empty threats!
Well, if you’re okay with the government telling landlords what to do with the properties they own, then you’ll be okay with them dictating that for every bedroom a home has, there has to be at least one adult or two children occupying it. Or, anyone renting a two bedroom place must have at least two adults living there. But if the two adults are a couple, then they must either have one or two children to occupy the second bedroom, or else they have to downsize to a one bedroom place. Or, any single people MUST live in a bachelor suite. Kinda like how a single diner can’t sit at a table for four when the restaurant is at capacity.

Yeah, all renters MUST share their rental suites from now on, except for singles in a bachelor suite. How will that sit with tenants? Like squishing four people into a hospital room, only those who can pay for privacy will get privacy ... even in their own home.

Imagine Horgan floating this idea at his next media event, as renters’ eyes pop out of their sockets in reaction to it.

And then the government will be telling homeowners they have to start renting out any unoccupied bedrooms in their house (or else downsize). How will that go over? When will this government overreach hit a nerve with renters?

All of a sudden socialism isn’t fun and games anymore.
Considering the fact that many socialist governments dictate who can get what apartment based on their party affiliation, it’s conceivable that the NDP might consider occupancy restrictions on rental units like you describe.

They could use the Rent Bank qualifying guidelines to encourage this behavior.
If you want to test a man's character, give him power.
A. Lincoln

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