As you get started investing in Real Estate it is a good idea to read through the Tenancy Act of the province you are looking to own a rental property in. There are differences in each of the provinces and how they regulate the rental real estate business. Knowing the Act will help you to best manage your properties for maximum success when dealing with your tenants. In the end the Act will win out in any dispute. One thing to note is if the province has any sort of Rent Control. This will dictate how much you can raise your rents every year. In some provinces they will tell you the percentage in which you can raise the rent, in others like Alberta there is no stipulation on how much you can raise the rents. Get to know what the rule is for the province you are investing in so you can plan your cash flow accordingly.
Other differences you should look into is how much security deposit is allowed to be collected. In Alberta for example you are allowed to charge a full months rent as a security deposit, yet in British Columbia you can only collect 1/2 of a months rent as a security deposit. You should also know what the rules are regarding holding the deposits and how you can hold back portions or all of the deposit when a tenant moves out and you have to preform cleaning and repairs. Once again, knowing the Act in the area you are interested in investing in is part of your job as an investor to ensure you are running your properties correctly. If any dispute happens between you and a tenant and you have been following the proper procedures according to the Tenancy Act, you should be protected within it.
There is an old adage that goes, "Your network determines your net worth." Basically this means the more people you associate with the more potential you have towards developing the wealth you want to attain. However, I would like to add this: Your network needs to be made up of people who will assist you towards reaching your financial and personal goals, and not bring you down away from them. Take stock of the 5 people you spend the most amount of time with on a weekly basis. Are their current financial situations where you would like to see yourself? Many times when people do this exercise they find out that they tend to hang around the people who may be the reason for them not at the level of success they want to be at. If this is what you have found, you many need to change up who you focus most of your time and attention on.
So where do you go to meet these new people? Depending on the route you are taking to achieve success (whether through Business, Real Estate, Stock, etc.), there are many different clubs and meet ups that run regular events of meetings. These are the perfect opportunity to meet new people who will support you towards your goals. So, instead of going out every night to a local pub with your buddies, take a time to attend an event that will allow you to meet new people, hand out your cards, and grow your business. As your circle of influence starts to change, you will notice a shift in your personal success. As well you may even notice a shift in your overall attitude as well, as those who are supporting you will tend to make you happier, than if you spend it with people who just complain. SO, order your business cards, put on some nice clothes and get out there and network!
