Hi,
A am a real estate investor. I viewed an apartment building. The area, rents and CAP are Good!
However, main issue there is tenants apparently have serious issues with the current landlord and took him to the Landlord and Tenant Board (LTB).
I am not sure exactly what the issues are but apparently repairs not being done on time and perhaps some other things they just don't like about the landlord(?)
I met a few of the tenants there and that is how I know.
Is this by itself a good reason NOT to buy OR is it actually the opposite - an opportunity to buy and improve relationships with the tenants by being a good landlord? In other words would you walk away based on the above OR would you consider buying (assuming everything else looked good)?
Also, will the Landlord and Tenant Board (LTB, Canada) release relevant information to me as a potential buyer? If not, is it reasonable to ask the seller to sign a document allowing LTB to share all current files/cases against him with me? I think as a buyer it’s reasonable as you need to know what the issues are in order to resolve them later. However, I guess most sellers would actually not provide the info to the buyer or provide a document allowing the buyer to receive it from court.
THANKS.
A am a real estate investor. I viewed an apartment building. The area, rents and CAP are Good!
However, main issue there is tenants apparently have serious issues with the current landlord and took him to the Landlord and Tenant Board (LTB).
I am not sure exactly what the issues are but apparently repairs not being done on time and perhaps some other things they just don't like about the landlord(?)
I met a few of the tenants there and that is how I know.
Is this by itself a good reason NOT to buy OR is it actually the opposite - an opportunity to buy and improve relationships with the tenants by being a good landlord? In other words would you walk away based on the above OR would you consider buying (assuming everything else looked good)?
Also, will the Landlord and Tenant Board (LTB, Canada) release relevant information to me as a potential buyer? If not, is it reasonable to ask the seller to sign a document allowing LTB to share all current files/cases against him with me? I think as a buyer it’s reasonable as you need to know what the issues are in order to resolve them later. However, I guess most sellers would actually not provide the info to the buyer or provide a document allowing the buyer to receive it from court.
THANKS.