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Pursuing a Better life in Canada
I moved to Canada in 2009 to pursue the Canadian dream, as a student. My parents mortgaged our family home to send me to school. I went from a senior consultant at Zoho who was traveling the world, to being stuck in a basement without a car. After I graduated, I joined a startup, while my friends went to work for EY and Deloitte. Joining that company was one of the best decisions I have ever made, as Freshworks is now successfully note trading on Nasdaq.
I then saved up and bought a home. After a couple of years and through refinancing of my existing home, I purchased a larger house, and used the smaller one as my first rental unit in Canada. Still working full-time at Freshworks, I managed my own property. Through advertising the rental on Facebook Marketplace, I met a charming young family who became my tenants. In just 6 months, the family I thought were amazing tenants were proved to be drug dealers, and one of them was imprisoned for armed robbery. The police officers had kicked in every door, and I was not even allowed to enter my own house by the tenant's request. It took several months and an expense of $10,000 to get my house back. This was a lesson learned on the importance of having a proper screening process, and collecting valid identification. Not having the proper documents meant I was not eligible to collect the money these tenants owed to me. I came to the realization that renting out is not passive income, and as a landlord you don’t have many rights once you hand over the keys to your property.
So then, I had two options:
Looking at Property Managers, the quotes were coming in at a hefty rate of 10% of the rent collected, plus an extra charge for maintenance calls and their percent above all vendor costs. It was not sustainable to me, as a small landlord.
Did I give up then, or fix it?
After researching my options, I found that I was not alone. So many other landlords had their own stories to share. This wasn’t just my problem, or an issue of a few, but a national concern. No wonder we are in a housing crisis.
Recent news:
Fortunate people will find a better solution and move on. Just recently, my friend decided to sell their rental homes in Ontario, Canada, and instead is investing in other Canadian provinces, and in the US, where the system is neutral or landlord-friendly. Ontario is drastically losing rentals which compounds our existing housing crisis. If people cannot find rental homes, what are we going to do with the aggressive target to welcome new Canadians into our country? We have a housing shortage, and the lack of credit history is a barrier in finding a rental, and more so for new Canadians moving to Canada in search of a new life.
My passion for real estate and Canada would not let me sit idle, hoping for things to get better, or to invest elsewhere. The current system is not working and we need to fix it. So I thought, why not create an ecosystem that thrives on good behaviour? Build a platform that encourages and supports good landlords, and good tenants. Providing an avenue where both can come together to provide a great renting experience, at the same time offering a solution to help increase the housing supply? Sounds unattainable? Building better solutions is what makes this exciting to me. To step forward and try, and then succeed in making a mark on the second oldest business.
It was then an easy decision. To design and build Tenantcube, an affordable end-to-end property management solution, focusing on small landlord and tenants. With Tenantcube, landlords can rent with confidence, and enable experienced landlords to pass the wealth onto their next generation. Our platform will enable new Canadians to find their first home, build their credit score and hopefully become landlords themselves one day. We’re building a program that will guarantee the rent of new Canadians, breaking down barriers, and building bridges, within the rental process.
Are you a new Canadian, or in the process of moving to Canada, and interested in the opportunity to participate in our program? We would be excited to hear from you. Just reach out to get in touch with our team.
Tenantcube's web and mobile app helps landlords market their property, verify tenants, sign leases digitally and manage all communications in one place. Through this platform we want to enable landlords to rent with confidence, so that more landlords will get into the business, and not leave the business.
Helping landlords find great tenants.
We help landlords list property → push ads to multiple sites to help get more inquires. Every applicant sends an application digitally from any device → Landlords runs a credit check and when approved, signs a digital lease.
Tenantcube provides landlords with peace of mind.
Every 1st of the month is an anxious time for small landlords, worrying about mortgages, and if tenants are late with payments? We enable direct deposit and auto debit rent, paying landlords directly via our platform.
Don’t get enough time with your family?
Well, Tenantcube has landlords covered. Our call centre can manage tenant communication and maintenance coordination, so that you can spend more time with your family, and rest assured that your investment is protected.
Join us, and together we can work to build your portfolio, and rent out your properties to trust-worthy, deserving people.
This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Tenantcube Inc. or its affiliates.
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