All Forum Posts by: Lorie Alexandria

There is one main door into a foyer - then one set of stairs leads up to a door for the upper unit and another stairs leads down to the basement suite door. So you don’t enter the upstairs to go downstairs. I can figure out the parking but I need to split the heat controls so I might need to add a furnace. I actually think it’s possible to have it deemed legal… I just don’t know if it will break the bank to do so. 

I only need 3!! I have room for 3 - wow! Haha now what else do I need smh

Where can I find the actual rules? Is it based on municipalities? 

Fort Mac 

At least I’ll have house hacked my way into a cash flowing rental property ..

The realtor told me 2 rooms downstairs and 3 upstairs would require 4 parking spaces! There’s street parking, but I guess that doesn’t count. It’s 275,000 in a 400-500+ town plus I could pocket the money from the suite while I Reno the upstairs. UGH! I think I have to double check this parking space crap. 

If I BRRRR a property with an illegal basement suite will I get screwed on the refinance? I don't think I can make it legal because there is a requirement for multiple parking spaces which would be impossible to do. So I wouldn't be able to count the gross rent from the basement … :/

That's awesome. Thank you!! 

Can I pay for the renovations (using the BRRRR method) using my line of credit or is this something I should save for or finance with the mortgage? THX