If you currently own and manage a rental property, sooner or later you'll begin to consider hiring a property manager. Maybe you work a full-time job and are thinking about paying someone else to manage your property, or perhaps your investment is out of town or in another province and you are unable to manage it. Either way, the purpose of hiring a property manager is to free up your time and give you some peace of mind knowing that your properties are being looked after.
Landlording can be a good way to provide you with a regular income as well as the potential for capital growth. However, buying a rental property is certainly not a get-rich-quick scheme. The net rental income you receive may not be enough when you consider the headaches you might have.
When you first purchase a rental property, you will likely have to decide whether you will manage your rental property or hire a licensed Property Manager. Being a Landlord in BC brings many legal and financial obligations. A Landlord must comply with governing bodies and health, safety and housing standards required by law. In addition, rental income is taxable and must be reported to the Canada Revenue Agency.
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