If you’re thinking about buying a rental investment property, you may find yourself considering a property that has existing tenants.

As a buyer, particularly if this is your first time as a landlord, it can be hard to know whether existing tenants are going to be an advantage or a disadvantage to you. Realtor® Keven Braet says existing tenants can be a great way to make a smooth transition into an investment property, but there are also potential issues to be aware of.

“Placing tenants is arguably the most important skill in being a landlord. A good tenant is worth their weight in gold. A bad tenant is a nightmare that will leave you wondering what possessed you to get into the rental investment business.”

 

In deciding whether to take on a property with existing tenants, Keven recommends considering a few key questions about the tenants themselves:

 

  • Was the existing tenant co-operative and easy to deal with while you were viewing the property?
  • Was the property well kept?
  • Did they criticize the previous owners or point out insignificant issues when you were viewing the home?

“If any of these issues are leaving you with any doubt about a tenant then do not buy that property. You could be taking over someone else’s nightmare.”

 

 

Existing Agreements

When purchasing a tenant occupied property, you are not only taking on existing tenants, but the agreements they reached with their former landlords. Keven says it is important to be aware of the agreements reached with the previous property owner.

“You are obligated to the agreement reached with the previous landlord. This includes rents, payment schedules and rules so be sure you know what was agreed to before buying a tenant occupied property.”

 

 

Legal issues

Keven’s advice is to think of being a landlord as a business. Do everything by the book. Keeping proper records and agreements, conducting proper inspections and giving proper notices is the best way to protect yourself and your investment.

If there is one document all landlords in British Columbia need to be aware of, it is the Residential Tenancy Act.

“The number one problem for new or uninformed landlords is their complete lack of knowledge of the Residential Tenancy Act. They assume that being fair and reasonable with their tenants will mean their tenants will be fair and reasonable with them. You will need to rid yourself of this misconception or you may pay a hefty price for the learning curve. What counts in BC is the Residential Tenancy Act and only the RTA.”

The good news is, you don’t have to figure all this out on your own.

“Get professional advice from a knowledgeable Realtor® or Property Manager with a property management license. Do not rely on the advice of a friend that has a rental property.”

 

Keven Braet

Keven Braet

For more information, contact Keven Braet today or talk to us at Team Powerhouse Realty in Prince George, BC.

 

Can McLeod

Pursuing a successful real estate career in beautiful Prince George has been an amazing opportunity for me. I pride myself on high standards, professionally and ethically, and I work hard to get my clients the results they are looking for. Home renovation projects are a passion of mine, and I enjoy discussing how buyers can adapt properties to suit their needs.

I like to tackle projects that are both creative and technical, and I’m often tinkering with Hot Rods and motorbikes. I also host a local radio show, which has been a great way to express myself. I look forward to the future and to working with you to achieve your real estate goals.

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Chris Lodge

Hi, my name is Chris Lodge and I am in my sixth year of selling Real Estate in Prince George and Fort St. James. I have always loved houses, whether it be fluffing, decorating, renovating, preparing them for sale or selling them I am in my element.

I am professional, knowledgeable and personable and I would love to help you sell your home or help you find one that suit’s you needs. I try very hard to offer my clients a stress-less, drama free Real Estate experience. I will do my best to meet and hopefully exceed your expectations of a Real Estate Professional.

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Crystal Brown

My name is Crystal Brown, REALTOR® at Team Powerhouse Realty. My career as a professional agent began in May 2015. Since then I have enjoyed many successes in helping people buy and sell homes.

I have lived in Prince George for nearly 20 years. During that time I have been actively involved in the community through my business and personal life, and have also taken on a variety of volunteer positions. I have built valuable networks and a deep understanding of the city and its people. I use that knowledge every day when advising residents and newcomers on their next move. Great relationships are the foundation of true success.

I continue to look ahead to the future of real estate with excitement and determination as I see many opportunities for growth in my business, as well as in my community.

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Mark McVey

I am a long-term resident of Prince George and have been selling real estate here since 1997. I am CEO at Team Powerhouse Realty, a company I co-founded in 2007. I have a passion for helping people, and get great fulfillment out of negotiating the best terms for my loyal clientele.

I love sharing my real estate skills and knowledge with others, and am a Buffini & Company Certified Mentor. In addition to my busy work schedule, I am also actively involved in men's soccer, the Cinema CNC Film Festival and PG Roadrunners. I am also a RYT200 Certified Yoga Instructor.

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Brad Messum

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Brian Steinhauser

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Keven Braet

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Kristine Newell

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Lindsey Kuemper

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Lori Cruddas

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Matt Steinbach

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Tim Higham

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Don Kehler

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Harry Backlin

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Matt Vigue

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Steve Andersen

Like most realtors I began my real estate career doing residential sales, and since I live on a rural property I really enjoy doing the more complicated country property sales.

While I still enjoy helping buyers and sellers with their housing needs I have transitioned over to doing more commercial sales and leasing. I find this both interesting and challenging and feel my skills are well suited to dealing with complicated commercial/industrial/business real estate transactions.

I endeavour to provide exceptional professional service to my clients putting their needs first so they trust me, enjoy dealing with me and recommend me to their friends and acquaintances.

On a personal level I am married with two children, have lived in Prince George since childhood and have always been a real outdoorsman. Prince George has so much to offer, is a great place to raise children and I really enjoy taking the family on camping and fishing trips throughout the Prince George area and our beautiful province.

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Rolf Van Driesum

Rolf was born and raised in Prince George, BC. A previous career in construction and current involvement in the mining industry provide him with an unparalleled insight into market trends and commercial opportunities throughout the region.

Rolf is driven by a desire to provide leadership in a number of capacities, both locally and internationally. He is engaged in development opportunities in Thailand, Myanmar, and the Dominican Republic as well as in British Columbia. Rolf joined Team Powerhouse Realty in 2011, and has since become part of the management team.

Rolf is also a husband, father to four and grandfather to four. He is a member of the Westwood Church.

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Ashley Woods

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Sarah White

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Rebecca Worthington

I work by referral helping buyers, sellers and investors stay focused on their big picture goals while I focus on the details. Exceptional client care, current market expertise and strong negotiating tactics are paramount to my business. I specialize in family homes and investment properties.

My husband and I were both born and raised in Prince George and are now raising our beautiful four daughters here. This is a wonderful community to be a part of as it has so much to offer.

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