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Income Property: Joseph

Joseph and I go way back. I’ve been good friends with his brother for years and gotten to know him as well. When I heard he was looking for an income property, I couldn’t help but lend a hand. Joseph needed to “downsize” to a fixer-upper property with an income suite that he could rent out to lower his monthly mortgage payments, while reducing his debt load from years of paramedic training, and trying to carry a mortgage on a single-income. This was his “last shot at independence” before resorting to moving in with his parents at 40 years old.

Design Theme: Nuts & Bolts

The Numbers

THE NUMBERS

Purchase Price:         $450,000

Realtor Appraisal:         $540,000

Increased Property Value:         $90,000

Chosen Renovation Option: $40,000 – One bedroom apartment with a reworked kitchen and cosmetic upgrades. Estimated rental income $850.

Alternate Renovation Option: $55,000 – Two bedroom apartment with new kitchen, new bathroom, and new layout. Estimated rental income $1000.

Estimated Monthly Rental Income: $1,000

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