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Investing In Barrie: How To Become a Successful Landlord

December 1st, 2013 · No Comments · How To Be A Successful Barrie Landlord

Barrie landlords success

There are lots Of Opportunities in Becoming a Landlord In Barrie, But You Need to Be Professional and Know What You Are Doing

Experienced Barrie landlords know our city is filled with opportunities and challenges.

There are a lot of positives to invest in Barrie residential real estate and become a landlord (or an investor).

As you can read in the Ontario Landlords Association forum, there are also lots of challenges in Barrie and all over Ontario.

Barrie A Top Ontario Investment Town in 2013

According to a report in The Examiner Barrie, Ontario is considered the 4th best city in Ontario for investing in rental properties.

The rankings come from research done by the Real Estate Investment Network (REIN).

In 2013 Barrie is only behind:

1. Waterloo, Ontario

2. Kitchener/Cambridge, Ontario

3. Hamilton, Ontario.

Hany Kirolos Spoke About What This Means

Who is Hany Kirolos? He is the Barrie Director of Economic Development.

Kirolos was happy Barrie was recognized in such a way but he said he wasn’t surprised.

He said Barrie has consistently been highly ranks and things keep getting better.

Why Was Barrie Ranked So High?

REIN’s report says Barrie is an attractive community for people who want a laid back lifestyle yet still want to live near a large city.

The economy is also getting stronger.

It’s no longer just a recreational area – with its golf courses, ski hills and trails – but has a year-round, diverse economy.

According to REIN Barrie is not just a place to take a vacation anymore.

With economic diversification, aggressive plans for growth and new transportation, Barrie on on the right track.

Barrie Landlords Still Face Challenges

Experienced landlords in Barrie know that while there are some great opportunities here, there are also tenants who keep Barrie paralegals charging high fees for landlords in trouble salivating.

Want More Proof Of Why You Need To Screen Tenants Carefully?

As we wrote last month there is lots of proof.

The story in the Barrie Advance was downright scary.

A John Street man called police frantically after another tenant of the building was allegedly chasing him around with a knife.

He told police he was locked in his own room for safety.

Police arrived Saturday afternoon to find the suspect also was locked in his own room.

A 53-year-old Barrie man was charged with weapons dangerous, uttering death threat and failing to comply with probation. He was held for a bail hearing.

Tenant Screening

One bad tenant can cost you thousands and if you hire someone to go to the Landlord and Tenant Board to ‘terminate’ the tenancy it will cost you even more money with no guarantees of success (but you still pay).

Multi Unit Buildings

If you own a property with more than one rental unit it important to protect your tenants by screening new potential tenants carefully.

Barrie Landlord Reality Check

Experienced Landlords know our city has lots of opportunities.

There are also tenants out there who will harm you and your rental property business.

This can lead you to lose thousands in lost rent and damages and legal fees to people who speak a good game yet never guarantee results.

Ontario Landlords Association

The Ontario Landlords Association offers Barrie Landlords access to incredible tools including Equifax tenant credit checks for only $10 / check.

Invest in yourself and your rental property by making sure you rent to all the excellent tenants out there (and steer clear of all the ‘pro tenants’ wanting to milk you dry!)

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