I just heard today that there is going to be a moratorium or stop on evictions again, in Ontario, Canada! This is very bad to news and just when things were getting back to normal again. Many of you are waiting to evict non paying tenants and have gone through all the normal processes and now were waiting for your online hearing date.
My Advice to all Landlords and Real Estate Investors is:
1. See if you can get an additional 3-6 months of deferred mortgage payments. Explain to the banks about the government stopping evictions.
2. Get your properties refinanced so that you will have funds to carry you again through this hard time.
3. Don’t purchase properties with tenants, only purchase vacant properties, that way you can find the best tenants that will fit your 5 Star Tenant Profile.
4. Start a new strategy of Fix and Flip so that you will make money with real estate without having tenants.
5. Rent to Own strategy, once again you will only get tenants who want to buy your home and will put down a large down payment.
2. Get your properties refinanced so that you will have funds to carry you again through this hard time.
3. Don’t purchase properties with tenants, only purchase vacant properties, that way you can find the best tenants that will fit your 5 Star Tenant Profile.
4. Start a new strategy of Fix and Flip so that you will make money with real estate without having tenants.
5. Rent to Own strategy, once again you will only get tenants who want to buy your home and will put down a large down payment.
No one knows how long this Eviction moratorium will go on for and I don’t want any of my Association members to suffer both the hardship of bad tenants and not have money in your pockets to pay bills.
Reach out to me if you need help with coming up with a plan of action at realwealth@live.ca or call 1-866-226-4730.
Regards,
Maria Rekrut
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