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This course is presented by Glen Godlonton and Andrew Jones, professional realtors and experienced landlords in Calgary, Alberta. Disclaimer: Although the information presented in this course may be applicable in […]
A.1 – An introduction to landlord success
Have you thought about being a landlord? What’s your “WHY”? There are several reasons you might be thinking of becoming a landlord. No matter your reason, being a landlord is […]
A.2 – Why be a landlord?
There is a wide variety of property types that you can rent to your tenant. Apartment Condos Each unit is Independent and Legal Monthly Condo Fee is Payable (typically includes: […]
B.1 – 5 Kinds of Buildings to Seek
Zoning, Permits & Secondary Suites A large number of properties in Alberta have secondary suites, mainly in the basement. This gives the landlord two separate units to rent and should, […]
C.1 – Zoning
Secondary Suites: Legality ILLEGAL SUITES Even though the City of Calgary has a process to legalize Secondary Suites in Calgary, it is still possible to purchase and own an Illegal […]
C.2 – Legality
Fire Safety March 12, 2018 is the magic date. If your suite was built BEFORE March 12, 2018, the city considers this an existing suite and there are less rules […]
C.3 – Fire Safety
Purchasing Properties for Rental Income This lesson we’ll look at purchasing properties specifically for rental income and we will cover the following: Finding agents and what type of experience they […]
D.1 – Purchasing Properties for Rental income
Ideal Tenant Profile The Tenant Profile is a description of the type of tenant you are looking for a particular property that you are looking to rent. Not every tenant […]
E.1 – Ideal Tenant Profile
Advertising When you write your advertisement, target the type of tenant that you are looking for. Describe them in the advertisement. State something like “This cute and cozy inner-city condo […]
E.2 – Advertising
Pre-Screening Process When a potential tenant reaches out to you via Phone, Text, Email, Facebook, Messenger, Instagram, TikTok, what do you do next? The pre-screening process is a very important […]
E.3 – Pre-Screening Process
Showing the Property The process of showing the property begins as soon as your current tenant gives notice they are moving out. You’ll want to begin advertising the rental at […]
E.4 – Showing the Property
HOW TO QUALIFY THE TENANTS: There are several steps to making sure the applicant you select is a qualified tenant. This means you have verified facts about their employment, credit […]
E.5 – Qualifying Tenants
Closing the Deal A few small steps and you’ll secure the tenant for your property:
E.6 – Close and Sign the Deal
This section covers several important things related to leases: lengths and terms, types, inspections, subleases and lease terminations.
F.1 – Leases
There’s preparation a week before and the day of Move In Day. You’ll also have a large checklist to complete once the tenant arrives. These steps save you from midnight calls down the road.
G.1 – Walkthrough
As the landlord, if your tenant is renting in a condo situation, it’s important for you to review the rules with the new tenant. If there are special rules about […]
G.2 – Reviewing the Rules
Key management tips and handover on Move In Day.
G.3 – Handing over the Keys
As a landlord in Alberta, you are responsible to provide your tenant with a safe and well-maintained property. The better you look after your property the more value it will […]
H.1 – Plumbing
A few appliances tips
H.2 – Appliances
Depending upon the age of the home the electrical system is probably in good condition
H.3 – Electrical
If you do have a wood burning fireplace that the tenants use, have it professional swept and inspected at lease once a year.
H.4 – Fire Place
Insure your property has the correct amount of smoke alarms and fire extinguishers in the home. Check current fire code in your area. The minimum is 1 in common areas […]
H.5 – Smoke & CO2 Alarms
FIRE EXTINGUISHERS: Install extinguishers in the unit. Check current fire code in your area. Minimum is 1 in common areas and 1 in furnace room. FIRE CODE: Windows Smoke […]
H.6 – Fire Extinguishers & Windows
CHANGING THE LOCKS: Always change the locks between tenants and when you purchase a new property. KEY MANAGEMENT: Keep track of your keys, there is noting worse than getting to […]
H.7 – Door Locks & Keys
Property Care for the Tenant ITEMS FOR THE TENANT: Depending upon the property, you may choose to leave some items for the tenant to use during there stay in your […]
I.1 – Tools and responsibilities
The tenants have moved in, and they seem happy so now what do you have to do on a daily weekly, monthly, basis? CONTACT DETAILS. As we purchase more and […]
J.1 – Do's & Don'ts
I recommend that you inspect your property at least 2 times a year, at least once every 6 months, and probably in the first 3 months after a tenant moves […]
J.2 – Inspections
When is it time to raise the rent? In Alberta we can raise the rent once a year and we must give at least 3 months notice.
J.3 – $$ Increases
Drive by your properties occasionally keep an eye on them see what’s going on. Look for: TALK TO THE NEIGHBOURS Get to know your neighbours. They are there everyday; they […]
J.4 – Neighbours
MOVE OUT NOTICE: At some point the relationship will come to an end. See move in and move out procedures for what to do on the last day.
J.5 – Lease Renewals
LEASE RENEWAL At the end of the lease term, and if the tenants are staying you should have a new lease signed. In review there are Fixed Term Tenancy (which […]
J.6 – 90 Day Rent Increase Notice
PAPERWORK: They say the job is not complete until the paperwork is done. Managing your rental empire is the same. If you can file as you go through the year […]
K.1 – Filing System
ACCOUNTING: Yes; you must do accounting. You need to track all your income and expenses for each property separately. TAXES: Yes, you must pay taxes yearly. PLEASE TALK YOUR TAX […]
K.2 – Accounting Practices
RENT PAYMENT What ever method you use make it as simple as possible for you. LATE PAYMENTS– If the tenants call up and say they are going to be late […]
L.1 – Collecting $$ Rent
BANK ACCOUNTS
L.2 – Bill Payments
UTILITIES: Who will pay the utilities? This can make the difference between being cash flow positive or not. Who pays the utilities can be a function of the building type […]
L.3 – Utilities
When you own a Condominium, the condominium (condo) Corporation will be charging you a monthly Condo fee, that may include items such as Exterior Maintenance, Landscaping, Snow removal, Insurance for […]
L.4 – Condo Fees
The Alberta Landlord Tenant Act states that Landlords may ask tenants for a Security Deposit, sometimes called a Damage Deposit Security deposit amount: The security deposit cannot amount to more […]
L.5 – Security Deposit
M.1 – How domestic violence affects the lease
In August 2016 the Residential Tenancies (Safer Spaces for Victims of Domestic Violence) Act was proclaimed. These changes allow victims of domestic violence to end a residential tenancy agreement early and without […]
M.2 – Domestic Violence Legislation
GETTING RID OF ANNOYING TENANTS: Every once in a while, you may need to get rid of a bad tenant that has NOT had any substantial BREACHES. To prevent this […]
N.1 – How long does it take?
LANDLORD WANTS TO END: There are several reasons you may want to request the tenant to vacate the property prior to the end of the lease. (Major renovation does not […]
N.2 – Eviction Scenarios
In the case of Eviction, there are some rules to follow when making a change to the lease or terminating the lease. Whenever there is a bad tenant situation, you […]
N.3 – Breaking the Lease
Here is a list of some important notice periods which may be required by law:
N.4 – Notice Periods
Property Management companies oversee many of the operational tasks such as running ads for rentals, screening tenants, collecting rent, overseeing repairs and maintenance for the property. It is up to […]
O.1 – Fees for Service
O.2 – Scope of Responsibility
If the lease is coming to an end, talk to the tenant and find out for sure they are leaving. Maybe they would like to renew for another year. Or […]
P.1 – 45 Days
A comprehensive cleaning list to use for move out day.