Less Tenants = More Money for a Triplex Owner who was Formerly Renting to International Students

Episode HINPR-602H

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  • August 14, 2014

    11:30 AM e/p

Carol purchased this downtown triplex heritage home in the early 90s, for $393k. Since then, she has served as landlord, tenant, and handywoman to this property. In order to maintain her $1300/month mortgage payments, in combination with $25,000 worth of annual expenses, Carol housed foreign language students in various bedrooms throughout the house. Now, with the mortgage paid off and no longer up for a flurry of teenagers in and out, Carol has decided to revamp her dated, incomplete basement to become a self-contained unit. After years of makeshift renos and barebones facelifts, Carol is burnt out, and is unable to take on this task by herself. Carol has drained her savings account keeping this massive property afloat, and is desperate to again begin saving for retirement before it's too late. Carol needs Income Property help.

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