Vacant Space Renovated into Rental

Episode HINPR-605H

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  • December 27, 2013

    8:30 AM e/p

Susan bought this property, six years ago. This charming Victorian house suited her needs because it had already been duplexed and she could live comfortably in the one bedroom, second floor unit and could rent the main floor & basement apartment to bring in a second income. Two years ago she met Jeff and he moved in a year later. The main floor tenant moved out 8 months ago and the apartment has been sitting empty ever since. The place was renovated well when it was duplexed 20 years ago but now is in need of updating to meet its rental potential. Susan was collecting $1450/mo and the 8 months of lost income have added up to thousands of dollars. Their dream is buy a new home together and Susan will keep this one as an income property. Susan and Jeff haven't had any time to work on the apartment and they're stuck, knowing it'll be months before they can get to it. They need to renovate and rent it so they can move forward with their property goals. Susan and Jeff need Income Property's help.

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