Edmonton Real Estate Blog

Tips On Finding A Good Tenant

finding_good_tenants_251Finding a good tenants is a process, it usually does not happen on the very first phone call or email you receive. Interview tenants, find out what are they looking for in a rental property. Find out why they are moving. Find out their immediate and future accommodation plans

There is no need to show every applicant who calls or email the rental unit. Use an interview process to determine if showing your rental property is worthwhile. Treat it like a job interview, not everybody who applies gets a face to face interview.

During the interview ask for the applicants address. Do a drive by see how they maintain their current property. Make a surprise visit if possible, let them know it is part of the application process.

When showing the property try not to speak too much, most people know...

Vendor Take Back

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A VTB is not some sort of STD, it is a term used in Real Estate which stands for "Vendor Take Back Mortgage". Better stated, a VTB is when the Seller of a property is willing to offer some or all of the financing on that particular property.

There are many different forms of VTB's, we have helped Buyers purchase a home where the Seller acted as the bank and held the entire mortgage. Other times it has amounted to 95% of the property value, but more often it amounted to 80% of the property value. Other main factors to consider with a VTB are the interest rate, amortization and term (length) of the financing. We have seen Sellers offer 6% interest rates all the way up to 9% rates. The amortization is usually between 25-35 years with a term of 1-5 years depending on the Seller's...