All Forum Posts by: Lorie Alexandria

Ya I'd love to see it. thanks!

Thank you so much! :)

My sister and I would like to BRRRR a property together. What is the best way to work that out on paper? I was told it would be difficult to refinance with two names on the title. So I'm curious what we should do?

Funny enough the other side of the duplex is also for sale lol I'd love to buy it. It's 100,000 dollars more ...but owning both would give me alllll the parking. I'll have to ask the city about the original permits, correct? 

Yes, I did. I mentioned parking in my first post. The other big issue is splitting utilities, I need a second furnace installed ... it's not a concrete room with no windows lol It's a fully functional two bedroom apartment with high ceilings, a full kitchen, laundry, 3 piece bathroom etc .. I've looked into the requirements but I think a second furnace installation would be a big job. I also live in an area that has more illegal suites than legal. I imagine I'm one of very few people who give two ***** to make it legal. It's the norm here so the judge won't fall out of his chair in utter shock that someone lives in an illegal suite. Like I said though, I could always rent it as a whole house not a separate unit. 

The purchase price of the property is 275,000 and if I renovate the upstairs it will rent for 3000+ so that's more than 1% of the purchase price regardless of the basement suite. I do plan on reaching out to the city tomorrow, but if I house hacked and rented the basement while renovating the upstairs, I think I'm still winning. I can reno and have my mortgage paid by someone else while saving to buy another property ... I'm really leaning towards buying it. As a first time purchase it also allows me to get my feet wet as a landlord and house hack my way into owning a property that would be, if nothing else, cash flowing ... I could even rent to a family of 4 and they could just use a 4th bedroom in the basement instead of calling it a basement suite per se. I feel I have options. I think the age of the house limits my ability to legalize the suite without spending a **** ton of money ... it doesn't mean I couldn't legalize it down the road when I have more capital to put into it. Is that a fair assumption or do I have this all wrong lol 

So many people tell me to stay away from the mobiles. I wanted to buy one and add a breezeway/garage - I know it would work but the negativity from mortgage brokers was sending me in other directions. I decided I will do it but it won't be my first buy ... but I see it was yours ... hmmmm

Converting the kitchen to a kitchenette will also save me money lol I love this forum. 

I’d actually make more money if I rented by room lol genius! Much appreciated 

Hmmmm I would have two leases ….