All Forum Posts by: Zach Theberge

@John Warren thank you for the great information John! I agree with you and I will look for exactly that.

Hello Everyone,

I am planning on purchasing my first deal in the next year and I would like to get some advice. I live in Ottawa, Ontario and I am looking at doing a house hack.

I want to buy a bungalow and convert the basement into a Secondary Dwelling Unit. Ideally, I want to find a property that has already had the basement converted, but I am not opposed to finding a property and going through the process to have it done myself.

I am looking for some insight from anyone who has done this, such as costs to convert basement into a 2 bedroom, 1 bath apartment. Also any information that will aid me in getting started. Thanks in advance.

@Theresa Harris Thank you for the info and yes that is exactly what I meant when I said “tenant friendly”.

@Matt Goddard Thanks for the information Matt. I am currently reading a book on managing rental properties and have noted how to pre screen tenants using minimum qualification standards. I received a lot of forms as well with the book that I could use as templates to develop my own versions based on the Ottawa market.

Do you have any tips on how you go about vetting your prospective tenants as well as creating a strong application?

My father and I are keeping exactly what you said in mind when it comes to renovating. We are modernizing the property with materials that are tenant friendly, cheap and appealing as well.

Yes I agree that this is great way to gain experience property managing and know it will be stressful, but hopefully rewarding as I develop vital skills in this business venture.

Thanks for offering your help in the future as well.

@Michael Masterson Thank you for the great information and I appreciate that you support my thinking.

@Jill F. Thanks for the information. I am located in Ottawa, Ontario. The condo is payed off I believe, so there won’t be a mortgage to factor in when it comes to expenses and other expenses should be minimal after the renovation is complete. Having this in mind, I think the property should cashflow in the first month of being tenanted.

Hello everyone,

My name is Zach and this is my first post on the BP forums. I am currently in the phase of educating myself on becoming a rental property investor and saving money to obtain my first deal.

Recently I have been helping my father renovate my grandfathers condo that he will be renting once complete. I had the idea that once we are finished renovating, I want to propose to my grandfather that I will manage the rental for him for free in order to gain experience before I buy my first property.

Before I propose this to my grandfather, I want to get some insight from everyone on any legal matters if any or precautions I should take before committing to this.

I appreciate any feedback someone could offer, thanks.