Quote:
Originally Posted by Ahuch
Generally speaking if you can afford the risk, the longer you can rent it out the more it makes sense.
Tax stuff is pretty straight forward - accountants can probably help you out but I just do mine myself. You can claim mortgage income, condo fees, basic non capital stuff. The big one you can't claim is anything principal for obvious reasons, and that's going to push you towards taxable income.
I find my own tenants on Rent Faster for my condo, but might move over to a property manager eventually.. My tenants almost never bug me, but when they do call it's always at the worst possible time (on vacation, dealing with a car issue, etc)  |
Thanks for the reply.
By risk I assume you mean whether or not there will be renters? As in, being able to afford two mortgage payments at the same time. That has crossed my mind. We would be okay for a few months, longer term gets a bit dicey but I dont think the rental market is that dead.
Also, other than maintenance costs, property taxes, damage from tenants. Is there anything else I am overlooking?