This is our latest project that we are very proud of, located in HillCrest Village in the St. Clair West area
Invest in areas that meet the following criteria:
- Public transit accessible with high walkscore (80+) rating
- Have good school with good Fraser report and EQAO ratings
- Great neighbourhood & community feel, eg. Wychwood Barns, The Beaches, Greektown...
- Strong potential capital appreciation
- Turn single family property into legal duplex to maximize cash flow
- High quality modern finishes to attract high paying professionals
- Timeline from closing: 4 months renovations + 2 month contingency
- Renovation budget with contingency $180k
- Restructure financing after renovation completion and tenants' occupancy to recover capital costs
- At offer acceptance, design & permit process begun
- Involved trades were notified of project timeline and time commitment required from them
- Design drawings provided to trades and site visits were conducted to go over project details
- Committee of adjustment application submitted for legal duplex conversion
- Project was completed in 2 phases: main & upper unit followed by basement unit to allow for appropriate city permits and approvals for legalizing basement
- All work (structural, plumbing and electrical) was completed via permits and city inspections
- Completed renovations in 3 months from possession (1 month ahead of planned timing)
- Overall costs came in $3,000 under budget
- Both units rented for higher than initial cash flow analysis
- Property value after renovations is higher than projected
- Annual pre-tax ROI 27% on total capital investment of $153,000
Opportunities for strong positive cash flow investment properties in Toronto exist. Choosing the right firm to work with is the first step
