Buying first property with legal basement suite

[Account Closed]

Hi everyone, I’m planning on buying my first property with a legal suite. I’ve been looking for the last 4 months and I think I finally found one that I’m interested in, it’s a duplex (only buying one side) in a newly developed area. I’m planning on living upstairs and renting out the basement. That way I can get a feel for how it’s like to mange a property. I checked the numbers and seems like a good deal. Gonna put an offer soon I was looking for a feed back if it’s a good idea or not? Or any advices on due diligence and duplexes, or stories of similar situations Thanks

[Andrew Kerr]

@Account Closed - congrats on moving forward with finding your first deal. If you could provide more info it would help others comment. As an example, whats the purchase price, is there any deferred maintenance that would need to be done, what can you get for rent on the basement unit, since you are only buying one side, are there HOA dues. What type of financing are you looking at.