Investors become landlords because we see a business opportunity.
People need nice places to live in and investing in rental property seems like a great industry to be part of.
You’ve read some people who became landlords and although it wasn’t easy they earned enough profits to consider themselves wealthy.
With their new financial freedom they could help out family members, pay for their kids’ university tuition and even take a trip or two.
Challenges for Nova Scotia Landlords
In past blogs we’ve discussed some of the challenges Nova Scotia landlords face.
One of the biggest challenges is what you face if you rent to bad tenants.
It used to be we thought all the worst tenants were in Ontario.
And they still are, as this Ottawa landlord can attest to.
Landlords all over Canada face the ‘bad tenant’ challenge, even Manitoba landlords face this challenge.
Bad Tenants In Nova Scotia
We wrote before about what happened to small landlord Lee Cowan.
She’s the landlord who rented to a group of tenants and after they moved out (without proper legal notice) she found they had trashed the place including:
- Appliances destroyed
- Basement was flooded and now smells horrible and has damaged the enter unit
- Cabinets have been ruined
- Drywall has been destroyed all over
Lack of Tenants
Another problem landlords in our area face is something that isn’t common in other areas of Canada, even places like Manitoba.
It’s a lack of good tenants.
As a recent CBC News report illustrated landlords can find enough renters to fill their properties.
Some landlords are even offering move theaters and gyms where tenants can work out in their rental buildings.
And get ready for this…some landlords are offering tenants free TVs, yoga, rebates from local dentists and even Apple Ipads if you rent from them.
Landlords in Nova Scotia, PEI and Elsewhere in the Region
Have you found good tenants for your rental properties?
What do you think will happen in 2014?
Discuss this in the Nova Scotia Landlords Forum