All Forum Posts by: Jashan Mundi
Jashan Mundi has started 4 posts and replied 12 times.
Post: Small Multi-Family Markets
- Investor
- Brampton, ON
- Posts 13
- Votes 3
Hey BP family!
I'm interested to hear everyone's opinion and recommendations on which Real Estate market offers a lot of small multi-family properties (2-4 units) !? My budget is between 50K to 150K.
I'm a fan of the small multi-fam space and already own one in Canada. I'm looking to expand my multi-family portfolio in the USA but haven't decided which market to pick.
Cheers,
Post: My First Property- Househacking in Metro Detroit at Age 23
- Investor
- Brampton, ON
- Posts 13
- Votes 3
That's awesome and good for you!
I'm looking to start house hacking in Windsor, Ontario (I'm Canadian). I'm wondering what type of tenant rented your bedroom? (e.x. student.)
I'd love to invest in the Detroit area in the future and am interested to hear the local demand for bedroom rentals.
Cheers,
Post: Basement Rental (Income, Legal, Recommendations, etc.)
- Investor
- Brampton, ON
- Posts 13
- Votes 3
@Matthew Irish-Jones @Timothy Smith @Noah Gregory @Kenneth Garrett thank you all for the help!!!
Post: Basement Rental (Income, Legal, Recommendations, etc.)
- Investor
- Brampton, ON
- Posts 13
- Votes 3
@Noah Gregory great! I appreciate the help and much needed information.
Post: Basement Rental (Income, Legal, Recommendations, etc.)
- Investor
- Brampton, ON
- Posts 13
- Votes 3
Originally posted by @Noah Gregory:
Agreed with @Kenneth Garrett make sure all space you plan to rent conforms with local laws. That being said you need to have a plan. Is this going to be a true split level such that both floors have full kitchen, laundry, entrances, etc. I currently rent in a basement like this and have all these separate from top level. It's also fine to have both floors share these but expect less rent as this is a more common house rental situation as opposed to two separate apartments.
I would definitely include a seperate full kitchen, laundry, entrances, etc. for the basement tenant.
If you don't mind me asking, in which market are you renting the basement? Is it common in your state for basement rentals?
Post: Basement Rental (Income, Legal, Recommendations, etc.)
- Investor
- Brampton, ON
- Posts 13
- Votes 3
Originally posted by @Timothy Smith:
In Buffalo, you see very few finished basements as water table is high. Unless you are getting further out into the suburbs, the old fieldstone foundations are designed to seep and I believe would be prohibitively expensive to finish. But, maybe people here have done it. I just can't see it as a worthwhile pursuit, legal or not.
Appreciate the insights. Do you have any experience/knowledge with owning a property that can generate more than one source of rental income in the Buffalo market? What is the range of rent that I can expect from renting out a unit in multi-families?
I'm looking at multi-family houses like duplexs and triplexes if basement rentals aren't so common.
Post: Basement Rental (Income, Legal, Recommendations, etc.)
- Investor
- Brampton, ON
- Posts 13
- Votes 3
Originally posted by @Matthew Irish-Jones:
@Jashan Mundi you need to get finished basements approved by the local building dept. They are not easy to get approved. You will need an egress window added as well. Depending on what type of foundation you have and the surrounding area that can be a big cost. You also may need to get the property rezoned. You can't add units without zoning approval. When you add all of the above together you usually realize why not that many investors are doing this.
Would the better option to buy a duplex/triplex that can be rented for that multiple streams of rental income?
I didn't know that basement rentals weren't very common over in the States.
Post: Basement Rental (Income, Legal, Recommendations, etc.)
- Investor
- Brampton, ON
- Posts 13
- Votes 3
I'm curious about knowing the market for finishing and renting a basement to tenants.
I've targeted the Detroit, Buffalo, and Niagara falls markets for single and/or multi-family houses, but I'm interested to hear from any investor outside of these markets.
Here in Canada, it's quite common to rent the main floor and basement so an investor gets that double source of rental income. I'm not sure if the situation is any different over in the States.
1) What kind of rent can I expect with a finished basement?
2) Are there any legal restrictions and/or procedures that I should know about before finishing the basement?
Post: Investing in American Real Estate as a Canadian
- Investor
- Brampton, ON
- Posts 13
- Votes 3
@Roy Cleeves Thank you for the insight! Do you normally visit the property before making the final decision to purchase or would a great home inspector's opinion provide you with all the details and potential damages/repairs?
Also, did you ever have any trouble with financing from the banks/lenders?
Post: Investing in American Real Estate as a Canadian
- Investor
- Brampton, ON
- Posts 13
- Votes 3
Hello everyone,
I've been searching around for investment oppurtunities for this summer.
Does any fellow Canadian invest in the USA rental market?
I'd love to know the pros/cons/procedures of investing in the USA markets as a lot of their markets are MUCH more affordable compared to Ontario. I'm also wondering the best way to get financing and mortgages from the bank for properties between the 50K - 150K price range. I see a lot of potential markets in Detroit, Buffalo, Niagara Falls, etc.