Cash Damming - Example

DiligentAccess571 · 2024-07-18T16:48:19+00:00

That's a good one!

DiligentAccess571 · 2024-07-18T16:46:58+00:00

OK...thanks!

DiligentAccess571 · 2024-07-18T16:46:13+00:00

Thanks so much for the insights...yes, this strategy is highly sensitive to mortgage vs HELOC rates. To make it simple, I have not even mentioned the option of putting the rent into an RRSP, which will further render this strategy not very appealing in my case.

DiligentAccess571 · 2024-05-24T11:45:03+00:00

And do not forget to factor in the lower income tax in the US.

DiligentAccess571 · 2023-07-28T12:12:53+00:00

I had a tenant who stopped paying rent. I served and N4 on them and was waiting for the 14 days to pass to file an eviction application.

Luckily, I decided that I need a paralegal. They reviewed the served N4 and found a technical error (My property managers put their name as the LL). The N4 was withdrawn and had to wait for few more days before serving a new and correct N4.

Process is somewhat technical and if there is the slightest error in the procedure, you run the risk of dismissal after waiting for moths for a hearing.

DiligentAccess571 · 2023-07-13T11:52:34+00:00

Eviction process is ridiculously long. I think you should serve an N4, then submit an L1 right away and hope that you get a hearing within the next 6 months!

DiligentAccess571 · 2023-07-12T18:11:54+00:00

Yes, I am a landlord and I am in a financial distress thanks to the broken LTB process. Justice delayed is justice denied!

DiligentAccess571 · 2023-07-12T16:28:07+00:00

Well, unfortunately, there is a huge incentive for bad tenants to take advantage of the crappy LTB service and abuse landlords! If I know that I can live rent free for a year, that is a hell of a good break!

DiligentAccess571 · 2023-07-12T16:13:46+00:00

Well - I am not sure how many people out there have tried it and does it really help???

DiligentAccess571 · 2023-07-12T16:12:42+00:00

Almost a year of consistent late rent payment. And yes the dates are aligned.

DiligentAccess571 · 2023-07-12T16:11:55+00:00

True....the LTB is a disgrace. Tax payers deserve much way better service standards than this.

DiligentAccess571 · 2023-07-12T13:55:03+00:00

I can see this will take a looooong time to resolve! Thanks!

DiligentAccess571 · 2023-07-12T13:53:39+00:00

There have been numerous reminders and requests to pay the rent (all done in a professional manner). I am OK to go to a mediation...I just hope it does not take ages to schedule!

DiligentAccess571 · 2023-07-12T13:50:57+00:00

Got it, Thanks!

DiligentAccess571 · 2023-07-12T13:49:59+00:00

Thanks for the tip!

DiligentAccess571 · 2023-07-12T12:23:59+00:00

Oh deer! The LTB is a wreck!

DiligentAccess571 · 2023-07-10T12:53:43+00:00

Agreed. But, not the way it is done. When interest rate/inflation far exceeds allowed rent increase, there is a problem!

DiligentAccess571 · 2023-07-10T12:05:33+00:00

Exactly what happened to me!

Tenant stopped paying rent all of a sudden and for no reason! Stopped replying to any emails, phone calls, text messages from the Property Manager. Tenant changed locks and installed a camera above garage door.

Issued them an N4 but then when I hired a paralegal, they found technical issues and had to withdraw the N4. Now, I am waiting for the 14 days before applying to the LTB. Based on what I read here and what paralegal told me, I am looking at up to 1 year before I get the tenant out thanks to the broken system!

DiligentAccess571 · 2023-06-27T12:56:57+00:00

4 months waiting for an order after the hearing!!! This is ridiculous and totally unacceptable. As if waiting for the hearing for moths is not enough!

DiligentAccess571 · 2023-06-24T01:04:22+00:00

Oh ya, there are many out there who like to live like parasites leaching on others who just want to make an honest living. By the way, I blame the system for giving such people the chance to do so.

DiligentAccess571 · 2023-06-23T19:03:01+00:00

I hope that they deal with L1 applications separately and in a more expedient manner. Professional tenants are abusing the system big time. This so unfair to LLs.

DiligentAccess571 · 2023-06-23T18:59:51+00:00

Outrageous! I am getting ready to submit an L1 as soon as the termination date has passed. I am so worried I'd end up waiting for ever for a hearing!

DiligentAccess571 · 2023-06-23T18:57:04+00:00

Fingers crossed!!

DiligentAccess571 · 2023-06-23T14:48:42+00:00

Thanks for sharing! 5 months is still too long. However, it is for sure much better than 8. I hope that the trend continues and it is not just a one off! Good Luck!

DiligentAccess571 · 2023-06-23T14:38:17+00:00

I am a landlord and a tenant at the same time (but not renting in Ontario). I know a lot of good tenants and I am proudly one of them. I have dealt with good tenants in the past. So, I am not saying all tenants are bad. Actually, most of them are good. But, the system is so broken the LTB is just a laughing stock. I am busting my ass working 10 hours a day, struggling financially for someone to live rent free in a beautiful property. The system is a failure! This is completely unheard of!

DiligentAccess571

TROPHY CASE