Getting a tenant to agree to an illegal lease gets landlords nowhere, points out eviction expert Mark Weisleder, a Toronto lawyer and speaker at the upcoming Investor Forum Toronto.
The Early Bird deadline to purchase tickets for the upcoming Investor Forum Toronto is Feb 15 and space is filling up quickly. To reserve your place, please visit www.toronto.theinvestorforum.ca
Video transcript below:
Jemima Codrington: Evicting a tenant is a step no landlord wants to have to take. But if you are dealing with late or mis-payments, noise complaints, damage of baggage, sometimes it’s the only option. Crew caught up with Lawyer, Investor and Speaker at this year’s Investor Forum, Toronto, Mark Weisleder to find out how to go about evicting tenants.
Mark Weisleder, Toronto Lawyer, Author, Speaker
What challenges exist when evicting tenants?
Mark Weisleder: I think the number one complaint is why does it take so long to evict a tenant and is the government going to change the process. And what I’d like to explain to people is that there are one million rental units in the province today.
Every year approximately 50,000 N4 applications to evict a tenant are started. Of those half result in an eviction, which means 25,000 tenants are evicted from out of their units each year. Which means that 2.5% of all tenants are evicted. That also means that 97.5% of the income related to rental properties is almost guaranteed.
For this reason you are not going to see any change by the government and there are a lot more tenants than landlords when it comes to vote, so there will be very little change. The trick is to spend the time to find the right tenant, so you are not one of those 25,000 each year.
What can we expect from your session at the Toronto Investor Forum?
Mark Weisleder: At the Toronto Investor Forum what I hope to demonstrate is how the legislation is really consumer protection legislation for tenants and that’s why it’s so important that you do everything related to qualifying your tenants and what you put in a lease that does not violate the Act because it doesn’t matter if a tenant agrees to something that’s void it’s thrown out and that’s what I hope to lead the investors to. A real good understanding of what they should and should not be doing when they are renting units to tenants.
Jemima Codrington: To learn more book your tickets to the Investor Forum, Toronto today.