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Updated almost 10 years ago on . Most recent reply

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Kevin Woods
  • Hamilton, Ontario
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First time duplex buyer. Q's about renting out upstairs

Kevin Woods
  • Hamilton, Ontario
Posted

Hi fellow investors!

I just bought a house and recently converted it to a duplex so I can get some financial help and save for my next property. Im planning on renting out the 3 bedroom main floor for $1500-1800 all inclusive. Meaning I live in the basement and pay for  both units Internet-50$, gas-?, hydro-?, water-?, HVAC rentals-$100 .  The mortgage is $740(including prop. Tax)  bi-weekly and I have a consistent job, paying a take home of $1600 every 2 weeks. There is also a second bedroom in the basement I might rent out to a buddy for $500 (also all inclusive). Im 23 and single so I wouldn't even mind the company. Now that you have the details I have a couple questions.

-How do I stop the tenants from abusing all inclusive (mostly hydro)?

-upstairs has no laundry. But there is a laundromat literally across the street. Should I install a second pair of utilities upstairs? Because im worried this will scare away the good tenants that I want?

-Who gets the backyard? I thought of doing unit #1 gets odd days and unit #2 gets even days but that might be a bit of a hassle.

Any other tips or thoughts on my scenario are welcome. What do you guys think? 

Thanks 

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