Landlording Advice - Credit Check in Canada

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Landlording Problems - Credit Check in Canada

Q: Greetings!!
My question is regarding the credit check process. Could you please teach me the proper way of of performing such credit checks? The proper way of screening tenants. What do I do, where do I start, how does it work, etc.
I am a landlord, and I do perform some basic backround checks on my potential tenants (ie. the place they work, phoning up their previous landlords and references etc.) However, I still run into a lot of problems where tenants don't pay on time or simply don't pay me at all, refuse to move out, then we go to arbitration and normally at the end they damage my property before they leave, I still don't get paid!
Would a credit check actually work on screening out these trouble makers? Please enlighten me because I don't want to run into these kinds of situations any longer.
My second question is that after I am awarded by the arbitrator the full amount of security deposit plus any owed rent, my tenants always "escapes" from my place and I don't know where to find them. Where do I go from there? Do I hire private detectives to track them down. bring everything to the provincial court, then ask for the money they owe me plus all these legal fees incured during the process??
Thank you kindly for taking your time and reading my question.
A: Experience is a great teacher yet nobody likes his teacher when all the experiences are bad. Where to start? How does it work? It is simple, really. You use other peoples' money to secure your financial future. It starts with a plan and it works like a charm in a rising real estate market and over the long haul - if you follow the plan you simply cannot miss. I compare it to baking a cake; if you follow the recipe you get predictable results. If you don't have a recipe in the first place, or you start firing in any ingredient you have in the house, it is unlikely that you'll get a digestible product. Same diff' with being a landlord.
What I can do for you is enter your contact information into my data base, keep you informed of events, TeleSeminars, activities, and even talk to you on an on-line advice show I'm about to start. It's like any interest group really; you meet up with people who have similar interests and share experiences and expertise.
Immediately though, before you rent to anyone else you must use an accredited credit reporting agency like TenantVerification.com and follow through with verification. It works extremely well in weeding out good tenants from bad ones. You'll save tons of money in that you might not need to hire private eyes and skip tracers, plus you'll know where to go to collect when and if that becomes necessary.
Being a successful landlord is as simple as I recently told a real estate investors' seminar: "Get with the program. Stick with the plan. Follow the recipe. And call me, we'll do lunch!"


 
 

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