Globetrotters Ann-Marie and Scott had one objective – travel the world. Great idea, but they needed a plan to help fund that dream. The solution? Multiple income properties to help them cash flow their way around the globe. Conflicting opinions on the type of house to buy and a potentially scary basement temporarily grounded their investment, but despite a few setbacks and drainage issues, they ended up with a property that would help them take flight.
Design Theme: Modern Travellers
Purchase Price: $230,000
Realtor Appraisal: $300,000
Increased Property Value: $70,000
Chosen Renovation Option: $50,000 – Fully renovated two bedroom apartment with new washroom and bigger bedrooms. Estimated rental income $950 for newly renovated basement and $1250 for main floor.
Alternate Renovation Option: $40,000 – Two bedroom open concept apartment. Estimated rental income $800 for newly renovated basement and $1250 for main floor.
Estimated Monthly Rental Income: $950