such as pay stubs, credit check., tax returns, letters from employers, proof of other income, etc. At the same time, you must ensure you aren’t violating any laws about the types of income requirements you’re allowed to have for someone who wants to rent out your property. • Will you rent your home to extra adults? A common example is college students or people in a roommate-type situation. You’ll need to consider your rules and requirements for these tenant candidates and determine if you’re in compliance with the law. Maybe you’d rather not rent out to college students for fear of frequent parties and ensuing property damage, but your preference needs to be within the law. Check with your attorney on any legal uncertainties. • How many people will you allow to rent your house at once? For example, will you rent your two-bedroom house to a family of two adults and eight children? They might not seem like ideal tenants, but please be warned: You must make sure that whatever policies you put in place don’t violate any CMHC regulations. It’s a good idea to research CMHC rules, and other guidelines when considering renting to families with children. • Will you rent your house to people who have filed for bankruptcy? If so, how recent a bankruptcy filing will you accept? In addition, what are the bankruptcy requirements? For example, will you have different requirements for somebody who filed a personal bankruptcy vs. someone who filed a consumer proposal? • Will you rent your house to someone who has been through a foreclosure, short sale, or car repossession? If so, how recently? Many landlords don’t wish to attract
136
Powered by FlippingBook