All Forum Posts by: Ryan Manziel

I just purchased my first property in guelph ontario. I am living in the basement and renting the upstairs. I am getting 1700 plus 75% of utilities and my mortgage is 2060. Is there any advantage to claiming the rent on taxes? Someone was telling me if your mortgage is more then you receive in rent then you don't pay tax on it? 

I just got a place in guelph 5 months ago, I purchased a bungalow for 650k which has an apartment in the basement which I live in and rent the upstairs. I would suggest getting an agent and a broker asap so you can get an idea what you will be pre approved for. Guelph is nice but the market keeps going up!

I took the house on vacant possession as it is full tented with the basement apartment and the three bedrooms upstairs. I will keep the rennovations first in mind as i was initially just going to rent it as it is and see what I can get. I am getting 1175 plus utilities for the 3 bedroom upstairs and 1125 for the basement. These don't seem competitive compared to other homes being rented in the area. It is 2 separate kitchens and the laundry is shared. Yes there is a separate entrance for the basement tenants and the upstairs tenants. 

Hello all I just purchased my first property, I am planning on living in the basement and renting the upstairs. Any advice from those that have done this before would be appreciated. I am planning to fix it up and eventually brrrr the property.