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live-in rental investments?

samsara

New Member
I’ve seen all types of financial threads around here, so I’m wondering if anyone has any sound advice on live-in rental investments. Basically I’d like to mortgage a property and have space rented to generate income, while living on site. I understand I’d be responsible for property taxes and upgrades, payments with no tenants etc… but do you need any special licensing to turn your property into rental units? Is insurance a factor? Has anyone tried this out and experienced a shortage of renters? Ups/downs – what do I need to know?

Any experience would be greatly appreciated!
 

kennyboy

TRIBE Member
samsara said:
I’ve seen all types of financial threads around here, so I’m wondering if anyone has any sound advice on live-in rental investments. Basically I’d like to mortgage a property and have space rented to generate income, while living on site. I understand I’d be responsible for property taxes and upgrades, payments with no tenants etc… but do you need any special licensing to turn your property into rental units? Is insurance a factor? Has anyone tried this out and experienced a shortage of renters? Ups/downs – what do I need to know?

Any experience would be greatly appreciated!
Are you talking duplex, triplex?
 
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samsara

New Member
Rental code?!

There are 2 places I have my eye on - Both are 2 bedroom homes with basement apartments, no separate entrance on either.

I guess the whole separate entrance makes a big difference with renters ya?
 

dig this

TRIBE Member
i think you can rent out one or two units, but after that you have to get licensed or get a permit.

My friend did it, a great idea. I've considered it myself, but it can be a full time job, especially if the house needs a bit of work.
 

samsara

New Member
I guess this is something I'd need to get legal advice for - in terms of lease agreements and what not?

I have no idea about any of this.
 

acheron

TRIBE Member
yes get legal advice but you will also have to make sure the apartment is up to municipal and fire code or else you can get taken to court by the tenant.

renting is a huge hassle - I'd never do it again - you get some twerp in there who wants to rip you off, he's got the advantage the way the rules are these days.
 

samsara

New Member
Municipal and fire code inspections are taken care of by the city? Or would a land lord be responsible? Still unclear if you have to register this kind of rental property with anyone. I guess I have lots of research to do, but thanks for the input!
 
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Hi i'm God

TRIBE Member
Majority of places are not legal basement appts period, but the city could not just go kicking people out or they would have a huge problem at hand.

The house I currently own in Barrie is a walkout bungalow and we have a cpl that live in the basement, our place is illegal no matter how you look at it however the city turns a blind eye until some nosy neighbor complains. We have made it up to fire code though, 2 entrances windows in each bedroom large enough ect. Unless you’re renting by the room I highly doubt you'll be making money or breaking even especcially factoring the extra utilities, however the extra income will help.
 
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kyfe

TRIBE Member
from an insurance perspective,

many companies will not touch a property with a renal unit if they have a shared entrance and common areas, very similar to boarding houses. if you plan to rent it out build a sept. entrance otherwise you'll have problems
 
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