| by Kenneth Chase | No comments

How to convert basement to rental unit apartment for extra income

Thanks for tuning in to watch this
special video on basement apartments. I really believe in basement
apartments or triplexes, or quads, because it’s extra income
for you the owner. Especially if you live in that property,
it’s amazing to have that supplementary income that will help you pay your
groceries, pay your other bills, pay off your mortgage. If you’re a first-time buyer, and this is
really important for you, and let’s say you don’t have a family and you don’t mind
having somebody who lives in your basement, in a separate apartment and you can collect
six, seven, eight hundred – depending on the area your in – maybe a thousand dollars a month! That’s huge! That’ll pay a
lot of bills for you. The question is how to do this effectively
and if you can do it at all. I’ve had properties in the past, one of
them I’ve had for twenty two years – basement apartment inside – and it’s a legal
basement apartment registered with the fire marshal. Also, it’s within the zoning so
it’s been properly done and you know what, it’s headache free, and it’s great, great way to have a supplemental income. Basement apartments today, in most cases,
are illegal – there are actually many of them downtown that are death traps and fire traps
and that’s why the fire marshal is cracking down on these places. It’s not fair to the tenants. I think
tenants should have a decent place too. And to be honest with you, the nicer the place
the tenant has, in most cases, you will get a much better tenant and much
better rentals. You’ll have a tenant that will want to stay, and your vacancy rates may drop
to zero, if you’re lucky. So, what I’ve done over the years is, I tell
people to put in legal basement apartments. I know the contractors, I know the
rules involved and all the process that people go through. And the way our economy is going today, I see in
the future more and more people will have these properties converted over to legal
basement apartments. Also, some people who get along with
their tenants – who are older – sometime rely on the tenant
to watch over them. Well, there’s a couple of
things to look at. One, we need to know if you
can put one in by zoning, and of course the fire marshal. Two, you want to make sure that, well, how
much is it going to cost for you to put one in? So, on my website, go ahead and have a look
at the section for basement apartments. There’s a special free report and free video
that you can download, you’ll get it instantly. Just fill in your information. If you
have any notes or questions for me that’s a good time to write them right in there
and I’ll get back to you on those, and press submit.

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