All Forum Posts by: Jeremy Wickens

This is definitely a question for your accountant but in MY area the rent is taxable income and only certain things can be written off. For example I can write off the interest on the mortgage but not the principal, and yes I believe in my area they also will write off a percentage of the house for the utilities. I'll be honest, I rely on my accountant for everything tax related. I go in, sit down with her and spend about an hour chatting and discussing what I'm doing in my life. She figures out the rest. I highly advise doing the same. 

I cannot get work outside my current career that pays anywhere near what I'm making because I didn't finish college. Trades that specifically state they will take you as long as you have Gr12 Math are overlooking me. This sounds trivial except.... the same people that are overlooking someone who finished high-school and a year of college, will be evaluating your every move as a potential partner.

If you end up not enjoying the living situation, this plan provides an additional exit strategy of making it a 2 unit rental. 

The only thing I can think of is pay her to leave. I don't know what kind of hurt you are going to be in when the new tenants need to move in so you'll have to figure out what is going to hurt you less. If you do the cash to move strategy make sure you do it right. Cash in hand when everything is out with no further damage and keys in hand, and they have to sign for it. I have never had to do this but it is in one of Brandon Turners books for sure.

Some places also prevent adding an additional Stove plug. Like Michael says, just check ahead of time on the community regulations.

could you refinance for less and keep the cashflow at par? 

In terms of where to market it, I would start with anywhere that is free as well as reaching out to every investor, agent and buyer you know. In terms of how to market it. That depends on your goals. If your holding costs are low and you have the network you'll probably get the best bang for the buck selling it as a turnkey operation.