All Forum Posts by: Anthony Therrien-Bernard

Hi,

I was wondering if anyone on here does rental by the room and where you got insurance? I am looking to rent out a 7 bedroom single family home by the room and so far have not found an insurer that will cover me.

Thanks!

Ok thanks Shane

What are the privacy regulations when it comes to security cameras? Are you allowed to monitor any outdoor and common areas?

@Luke Marsh 

Thanks Luke that's my thinking so far

I have been thinking about the corner where the electric fireplace currently is but I was worried it might look out of place in the living room. There is a door there going to the basement. Unfortunately no way to access laundry from the hallway to that other bedroom but that was a good idea

Yes I would like to have a set on both floor to separate both units (there are separate entrances already and legalizing the basement suite) so there would be no access to the basement. I also figured that 7 bedrooms for 1 washer+dryer might be a bit much but maybe I'm wrong? Unfortunately no way to use a common area with the current layout .

Hi everyone,

I just purchased a new rental property 3 bed up 4 down that I will be taking possession in a few weeks. I am doing a few changes including legalizing the basement suite and one place I'm struggling to find a good solution is on adding a washer+dryer on the main floor. I've attached pictures of the current setup, my plumber wants to put them in the middle bedroom's closet (the one with the foggy window) but they would be sticking out a bit and I also plan on renting this house by the room so that could be a problem to have the laundry in one of the rooms. I've attached pictures of the property. Let me know what you think :)

Main floor:

Basement:

That all depends. First if you buy with 5% down you can't refinance at more than 80% LTV so you would need to have gained significant equity (or real estate prices go up significantly) so after a year it's not very likely. There are also a few other things to consider for example you need to quality at the higher mortgage amount and there is also a cost to doing a refinance, however if you have no mortgage to pay and you are diligent with your money that would allow you to save for the next property. Another thing I like is step mortgage from Scotiabank (other banks do this as well) where you get a secured line of credit that allow you to use the equity as it accumulates.

I would highly recommend that you buy a suited property and rent the basement (or even better live in the basement). This will allow you to buy a rental property with 5% down and if you do this right you can basically live for free which will supercharge your savings for the next property!

Of course, I pm'ed you