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Updated over 9 years ago,
First time duplex buyer. Q's about renting out upstairs
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