1 Family House Rental - Landlord Forum thread

1 Family House Rental by LLWanabe (ny) on November 13, 2009 @10:28

I plan to buy a 1 family home set up as a mother-daughter (in-law suite). Separate entrances, central heat+air, boiler and utility meters. Can I have the in-law suite rented (1 BR, 1 BATH)or do I need to have the house re-classified as a 2 family home as someone informed me. the reason I want to buy the house is because i can offset some of the mortgage with the rental. thanks.

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Re: 1 Family House Rental by Micah on November 13, 2009 @10:57	[ Reply ]
Ask the housing department in your town/city. You need to go through city hall for the permits anyways. Generally yes as they will have to adjust your property taxes to compensate.

Re: 1 Family House Rental by Anonymous on November 13, 2009 @12:10	[ Reply ]
Don't try to legalize it. It can be a nightmare. They will raise your taxes and make you pay large permit fees annually. Worry about getting a permit if not having one becomes an issue with the town. Most people in my county (NAssau) don't have permits because the county is trying to keep the population down on the school districts.

Re: 1 Family House Rental

Re: 1 Family House Rental by Anonymous on November 13, 2009 @12:44	[ Reply ]
The area would have to allow for multi family zoning or single family. In some areas you have to apply for rental permit and may need to pay for permit or have inspections. You may need to pay higher proptery taxes. You definately would need to report the income on your taxes.