[quote user=invst4profit]Does REIN by any chance have any in depth training on the Ontario RTA and operations of the LTB.
Does REIN in essence do any teaching on how to be a successful landlord in Ontario as opposed to a successful investor so as to prepare members for the mine field they can potentially encounter.
For example does REIN provide info on the use of paralegals in representing landlords at the LTB. Or about the ambush tactics of free Duty council provided to tenants or the dirty tricks regarding maintenance issues used to delay hearings for months to the benefit of tenants getting free rent. Are new landlords advised to never accept anything other than first and last months rent and to insure they have it in hand as cash or certified prior to handing over the keys.
Is there any in the trenches landlord training provided to newbies?
Just curious as I never hear anything about that topic.
Greg, thanks for posting this response, and asking your questions. Upon first look you may think this, but not being a member you are seeing less than 20% of the whole story.
One of the core REIN` philosophies is: "Treat Your Real Estate Investing as a Business", and we are VERY clear with our members that your job as a Real Estate investor does not begin until you own the property and the most important part of your business is the day-to-day management. If you can't survive the day-to-day management, you have very little (or no) chance of making a return on your investment.
We believe that instead of 'scaring' members with horror stories and everything that can go wrong, we arm our members with the skills, systems, procedures, protocols and support to mitigate risk in all the potential challenges that can happen when running a Real Estate business. This includes how to profitably and proactively manage your properties in Ontario.
Sorry if this reads like an essay... but there is plenty to cover.
For example, the resources available to REIN` members (specifically how to be a pro-active property manager in Ontario):
** This site, that you and other Canadian Investors frequent to contribute their helpful information. Our members appreciate your contributions and please continue to offer your 'in the streets' perspective. One of the things you do not see is the members-only section of the website. This is where REIN` members go to the 'ask an expert' section where there are people on hand to help out with the following:
Legal
Accounting/ bookkeeping
Financing
Property Analysis
Joint Ventures
Multi-Family Properties
Marketing your properties
General topics
** Members have access to over 66 landlord and tenant forms, including many forms specific for Ontario. In fact, right now we have an Ontario lawyer reviewing all the Ontario leases, notices and tenant forms to make sure REIN` members have the proper forms that comply with the Ontario RTA.
At our REIN` members-only workshops (and REIN` "Interview with an Expert" Series), we support our members in the following ways to be successful property owners. These are meeting & interview topics members have been exposed to in the past 12 months (in no particular order):
** The Ontario eviction process taught by a lawyer and a professional Bailiff.
** The steps for tenant screening (finding, filtering and choosing; and most importantly, how to keep the good ones) - including a detailed 4-page flow chart of the exact procedure to follow once a tenant serves notice.
** How to manage your property manager.
** Senior steps to collecting your rents.
** How to mediate your discrepancies.
** We often have panel discussions featuring professional property managers (i.e. Adam Hoffman, Carrie Koch, Donna Collings, and Dan Pellitier). These and other REIN` members professionally manage properties on a daily basis, and on these panel discussions they spill the beans on exactly how to properly manage the landlord/tenant relationship.
** Discounts for 3 different credit check companies, including a company that will give you a full tenant profile with credit scores, past landlord & employment checks and background checks (including lawsuit searches).
** REIN` members are provided with research reports with the best places to advertise your rentals based upon traffic and which sites get the best results. As well, if a member wants a second opinion on their rental ads, we have someone at our office that will rewrite the ad and give members a marketing consultation.
** Substantial discount from a debt recovery expert who is a top debt recovery expert in Canada. (only charges REIN` members 25% of the amount recovered, where most others charge 40% - 50%).
Honestly I could go on and on here. Suffice it to say, REIN` members are armed with top quality information, education and support to be successful property owners in Ontario - but nothing beats the lessons learned from doing it... and that's where REIN` members excel. With more than 29,000+ REIN` member properties transacted, members are action takers they learn by doing, and they are supported with their actions (by REIN` and the other investors in the network).
I'll finish thie post with one final note... We are constantly adding more and more strategies to the database of knowledge available to our REIN` members, and one of my biggest focuses has been the "Interview with an Expert" series, where we interview the area experts and uncover the sophisticated strategies.
I am about to set up a series of interviews with more professional property managers in Ontario to provide even more detailed information for Ontario members (i.e. Adman Hoffman). If anyone else would be interested in being featured in this series, please contact the REIN` office and we will get the ball rolling...
Hope this helps
