Basement Rental?

[Anonymous]

I would rent the condo out. You are going to need a larger cushion of money to maintain and handle emergency repairs than purchasing the larger property would give you. Personally I would not want to be that close to my tenant.

[Anonymous]

Is your basement a legal apartment?

There are all kinds of possible health & safety violations with renting and illegal basement apartment. If DC finds out you will get a hefty fine, may have to destroy any illegal things (kitchenette) and the renter would be forced to leave an you may be forced to reimburse all of the rental payments.

[Anonymous]

Anonymous wrote:I would rent the condo out. You are going to need a larger cushion of money to maintain and handle emergency repairs than purchasing the larger property would give you. Personally I would not want to be that close to my tenant.

+1

[Anonymous]

I hear the pp, but IMHO, $500/month income on the condo wouldn't be enough to make it worth it for me. Too much risk that you'll have to spend all that money on regular repairs, not to mention fixing things up if you get a terrible tenant.