Ever wonder what makes a basement suite legal?
Want a checklist for risk-factors to help you identify an illegal unit?
Do you know the difference between a sublease and a lease transfer?
In this coaching call episode with investor Chauntelle, we expose the pitfalls of renting out rogue units. Whether you're just starting out or a seasoned pro, this episode is your ticket to understanding the in’s and out’s of illegal (and legal) additional suites.
Tune in, level up, and get ready to make your real estate dreams a reality!
What we learned from Chauntelle and Terrie in this episode:
- The Ultimate Secret to Rental Success Lies in This Must-Know Legal Compliance
- Your Guide to Mastering Zoning Regulations!
- The Astonishing Power of Legalized Basement Suites.
- The Shocking Impact of Illegally Rented Units on Your Property Value.
- The Hidden Dangers Lurking in Master Lease Agreements - What You MUST Know!
- The Unseen Dangers of New Rental Models Could Wreck Your Finances - Learn How to Stay Safe.
Notable Words From The Episode:
The "severability clause" can determine how rent obligations are divided among multiple tenants on one lease. -Terrie Schauer
[00:02] Podcast intro
[01:14] Terrie welcomes Chauntelle as a returning guest to discuss the complex and potentially problematic issue of subletting and basement suites in the real estate market.
[2:31] Terrie discusses the checklist of considerations for landlords regarding basement suites.
[10:22] Terrie discusses the legal and practical implications of renting out properties with incorrect zoning and multiple tenants on a single lease.
[21:45] Terrie discusses the financial aspect of renovating a basement suite and expanding the number of units in a property.
[25:20] Podcast outro
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Terrie Schauer’s Instagram: https://www.instagram.com/terrieschauer/