accountingsucks
Recycles dryer sheets
- Joined
- Jan 28, 2006
- Messages
- 346
I know several people who rent out their fully finished basements here in my town so as to help with their mortgages. Going rate is about $800 or so although some get more for really nice developments. They have their own separate entrances so you don't have to ever see the tenant and it works well for the people I know. Let's say you can get 10K per year...that effectively reduces the FIRE nest egg one needs by $250,000 assuming of course a steady source of rental income. These units are very easy to rent out where I live. Also for tax purposes this is not considered income since it would be ones primary residence (although property taxes go up a little if it is a legal suite).
Anyone here do this? I am looking at all possible methods to get passive income and this would appear to be a good one. When I bought my home in 2002 I almost bought one of these places with seperate rental suite in the basement. It would have been an extra 800X12X7 = 67,000 in my pocket if I had done so and I've been kicking myself for not doing it. I guess the only downside is that one may tire of only having 1/2 the house available, sharing a garage, etc.
Anyone here do this? I am looking at all possible methods to get passive income and this would appear to be a good one. When I bought my home in 2002 I almost bought one of these places with seperate rental suite in the basement. It would have been an extra 800X12X7 = 67,000 in my pocket if I had done so and I've been kicking myself for not doing it. I guess the only downside is that one may tire of only having 1/2 the house available, sharing a garage, etc.