The less owners know, the happier they are
History matters
I believe that your high school history lessons do have a practical use.
It is important for unit owners to be able to read the audited Financial Statements and the complete Reserve Fund Studies—not just the spreadsheet—for the previous three to five years. Compare the current reports with the older ones. The further back you go, the better your understanding.
"We spend a great deal of time studying history, which, let's face it, is mostly the history of stupidity."
Stephen Hawking
However, knowledge comes at a cost. Going through these documents takes a lot of time. There are a lot of terms that you need to understand.
For me, after spend a lot of my spare time over several months, I learnt that my condo corporation, though it looked okay to the causal observer, had been poorly maintained, needed millions in renovations and that the Board had no interest in facing reality.
Of course, the price of knowledge had to be paid. I sold my unit and moved to an affordable detached house.
The Brampton Way
In financial industry, The Brampton Way refers to using fake credit ratings and employment records to be approved for mortgages. The Brampton Way is also used for rental applications.
Something to be wary of if you are planning to rent your condo unit. Read below:
I saw this Twitter posting a couple of days ago.
“Last month a small landlord approached me with a problem I hear often. He had a tenant that was three months in default. He filed an L1 and called me to learn what else can be done. Waiting ten months for a hearing with no rent while paying the mortgage will ruin him.
Fake documents
I looked at the documents the Tenant used to secure the place. Long story short fake credit score, pay stub and job letters. Not surprising to me but shocking to the landlord because he used a “top producing Realtor” to represent his interests. That didn’t happen.
The tenant claimed to be working for Trillium Roadways. I spoke to Trillium and he basically said “oh great, another one”. He said for years someone has been editing his letterhead and paystubs to look like it was their own.
Landlord paying for moving truck
Today the tenant called and said he’s out. The last thing he needs is more attention from the cops. He said he had a moving truck outside ready to go. He wanted the landlord to pay the moving company $510 so they’ll haul his stuff. We agreed. So long.
The locks were changed. Took possession of the unit and here’s what I discovered: small claims court documents for ripping people off. There was a Toronto Police Services disclosure for stealing from a mall. Landlord Tenant Board orders for previous evictions. Fake documents that were used to probably secure a new tenancy.
This needs to end. Far too many small landlords are putting themselves into financial ruin by taking a chance on a tenant that doesn’t qualify for market rate rentals. This landlord felt bad for the young couple with a child that had trouble finding another house. Big mistake.
Warning to all housing providers in the GTA: Ahad Khan and Tasmia Amberin are looking for a new place to live. Given their criminal behaviour and lack of income they don’t belong in market rate rentals. Protect yourself and your investment.”
Brooklyn apartment fire takes lives of four newborn puppies; resident suspects scooter battery sparked blaze
New York Daily News (abridged)
By Ellen Moynihan, Valentina Ruiz and Emma Seiwell
02 December 2022
FDNY officials have blamed lithium ion batteries in nearly 200 blazes this year that resulted in at least six deaths. A blaze Nov. 5 on E. 52nd St. in Manhattan injured nearly 40 people and resulted in the dramatic rescue of a woman who was dangling from a window of the apartment where the blaze broke out.