Talking to my neighbor changed my mind about renting out my basement suite

I was having coffee with my neighbor Dave last Tuesday, and he told me he made $24,000 last year renting out his basement suite in Edmonton. But then he said his insurance doubled and he had to replace the water heater twice after tenants left it running empty. Now I'm torn between the extra income and all the headaches he described. Has anyone else had a similar experience where the numbers looked great on paper but the reality was way different?

3 comments

3 Comments

morgan_king361mo ago

Bet you Dave didn't mention how much time he spends on it either. Honestly, between the late night calls for a clogged toilet and having to chase down rent for the third month in a row, that $24,000 starts looking more like minimum wage after you figure in all the labor. Ngl, you gotta treat it like a part time job, not just passive income sitting there. Tbh, if you're not ready to be on call at 2am for a busted pipe, it might not be worth it.

aaronsullivan1mo ago

Tbh I spent 3 hours last night fixing a sump pump. Not glamorous.

reese_lee91mo ago

My neighbor bought a duplex last year thinking he'd just cash checks. Then the water heater blew on Christmas Eve. He's been telling everyone it's "passive income" but I see him over there every weekend sweating over something. Nobody talks about the grunt work that comes with owning stuff.