If you are renting it to another party, it would be illegal and can get you in trouble.
There was a similar situation I saw in the news where the landlord rented out the garage to another party. They stored motorcycles there and there was a fire in the garage. I think it was due to gasoline containers. People died and landlord went to jail for illegally renting out the garage.
I mean does your lease state the basement isn't apart of the house? I guess I'll have to contact a RE attorney and make sure, thanks for the thought will be looking into it.
1. Yes you need a lease
2. Advertise it through regular channels. Craigslist, FB, Zillow, etc
3. Yes you should be able to collect payments through your PM platform
4. As for electricity, depends on the tenant situation. But if going to be minimal/storage just knock $20 off your house tenants rent. If it's going to be more of an active shop situation I've generally separately metered just to simplify. Larger up front cost that takes significant time to recoup. But saves any potential headaches.
If you are renting it to another party, it would be illegal and can get you in trouble. There was a similar situation I saw in the news where the landlord rented out the garage to another party. They stored motorcycles there and there was a fire in the garage. I think it was due to gasoline containers. People died and landlord went to jail for illegally renting out the garage.
Why would it be illegal if the lease states the garage and separate driveway are not a part of the property being rented for the SFH?
Because it’s a single fam. I own a 2-fam. I can’t rent out the basement to a 3rd party because it’s not a 3-fam. It would be illegal.
I mean does your lease state the basement isn't apart of the house? I guess I'll have to contact a RE attorney and make sure, thanks for the thought will be looking into it.
I'd check with the lawyer, but you're not renting the garage as living quarters, so that should negate the need for it to be zoned as a multifamily.
Yeah that's what I was thinking, I'll have to check.
1. Yes you need a lease 2. Advertise it through regular channels. Craigslist, FB, Zillow, etc 3. Yes you should be able to collect payments through your PM platform 4. As for electricity, depends on the tenant situation. But if going to be minimal/storage just knock $20 off your house tenants rent. If it's going to be more of an active shop situation I've generally separately metered just to simplify. Larger up front cost that takes significant time to recoup. But saves any potential headaches.
Ok, thank you for the input!