For Dave and Lucia, finding a great house with great income potential was only part of the equation. The other part? Finding that house in close proximity to Lucia’s family. For Dave, it was about buying the first building block in their real estate empire. Lucia was making decisions based on their family’s future, while Dave was thinking about their financial future. In the end, family won out, so my job was to make sure Dave’s vision was achieved as well. With a wedding on the horizon, we had to work fast. Foundation and electrical problems threatened to ruin the honeymoon, but I was there to make sure they lived happily ever after.
Design Theme: Boutique Hotel Hidewaway
Purchase Price: $580,000
Realtor Appraisal: $710,000
Increased Property Value: $130,000
Chosen Renovation Option: $65,000 – Large two bedroom apartment with open concept layout. Estimated rental income $1250.
Alternate Renovation Option: $55,000 – Two bedroom apartment. Estimated rental income $1100.
Estimated Monthly Rental Income: $1,400