Lesley the Landlord? Sure, why not!

I’ve decided on a new house hunting strategy: looking for places that already have tenants in the basement. With the exception of one house, all the houses I’ve seen so far have been single family dwellings, and they have not been in desirable areas. If I can get a place with rental income, I’ll be able to carry a higher mortgage. So I’m starting to look at houses that are more expensive than I could normally afford, just as long as they have a finished basement with separate entrance, kitchen, bathroom, etc. Hopefully I’ll still be able to find something nice even though it’s been converted into multiple units. I plan to live in the upper unit(s), rent out the basement. Allow someone else to pay for part of my mortgage, just like I’ve been doing for my landlords.

I saw a place today that had three units, the top floor, the main floor and the basement. The layout of the upper floors was very dorm-like, long hallways with rooms off them. There were no open spaces, and neither unit had good flow. The bathroom on the main floor was really bizarre. You walk in, there’s a toilet on the left and a sink on the right. The bathtub was the width of the room, as to be expected. But there was more bathroom on the other side of the tub! You would have to step through the tub to get to the ‘storage area’ on the other side. The tub had two shower curtains! It was so weird. Why not just install the tub at the back of the room??? I’m not even sure I want to go into detail about the basement. Let’s just say the word “dungeon” came to mind when I saw it. It is inhumane that the current landlords are charging the poor fellow (a law student) $745 a month. Despite all this, I’m really glad I saw the place. It’s good to see what a $469k with rental income looks like. When you do the math, having a tenant in a more expensive home will actually lower my monthly payments. Can’t wait to see the listings that come through after my agent revises my search parameters!