How to Purchase a Rental Property

1. Find someone who excels in organization (sailors and other military types are gifted in this area) and leave all the dreary details to him.

Voila! In one simple step, you too, can reap the benefits of landladyship!

My sailor, AKA the detail guy, bought a binder (bright orange so it stands out from his substantial collection of other information binders) and has compiled an exhaustive collection (alphabetized, categorized and backed up digitally) of every scrap of paperwork generated in this never-ending process.

He set up the harrowing meeting with the insurance agent.

He has left messages with four different departments of the Township of Esquimalt because the seemingly benign insurance lady needs to know the date of the small addition over the car port (May 1976), the age of the oil tank (the stack of annual inspection reports from the oil company aren’t good enough–unless we know the exact age of that baby, a functioning oil tank must become landfill when we replace it with a new one), the date the original 1940’s era plumbing was replaced and intimate information regarding the upgrading of the house’s electrical system.

My sailor has dealt with the increasingly demanding emails from the lawyer’s assistant who NEEDS to know the insurance information like yesterday.

Then there’s a rental agency. Since neither of us have any experience as landlords and I have zero interest in becoming involved in this process, my sailor decided we should hire a property manager to deal with the daily nitty gritty. I’m good with that decision, but just finding someone, anyone, who isn’t away on holidays and can take us on as clients, is no small challenge.

We’ve reached the critical point where he can’t even come for a walk with me because he must wait by the phone for replies to his various messages.

I wouldn’t presume to speak for my sailor, but I for one will be glad when this process is finally over.

4 thoughts on “How to Purchase a Rental Property

  1. Wow! Sounds like despite making great progress, and managing to keep yourself out of it, you’ve still got a ways to go.
    Hope it comes to a quick, successful conclusion!

  2. O you lucky thing! (And this doesn’t come from jealousy – it’s wonderful!) I hope you can get the house you like and love.Do it as soon and as fast as you can. I have spent my life doing up and improving properties that I rent. Tidying up, making a garden… And when done the landlord decides to sell for an extra 100 thousand because the place is lovely. This current house I have weeded and laboured on now for 7 weeks. It’s already a picture. The vegie garden is already producing. I’m too old now to do another house after this. It knocks the crap out of me… I know they’ll sell this one. I think it’s a form of slavery.

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