Income Property Episodes
University Fee Fixer
Jasmine is the proud single mother of 20-year-old university student, Calvin. Three months ago she sold the nicely renovated house where she raised her son to buy a run down rooming house in an up and coming area. Her plan is to live on the main level, in a two-bed apartment and renovate the upstairs to create a two-storey apartment so that she can contribute to her son's education costs. As soon as she took possession she had the upstairs gutted, installed a new furnace and windows, replaced the knob and tube wiring and unexpectedly also had to replace the rotted roof. She has spent 60% of her budget on these essential home improvements and the apartment is still gutted to the bare studs. She's overwhelmed about the myriad of design decisions that have to be made and realizes that she's in way over her head, and out of her element. Jasmine needs a solid plan to get this apartment rented before tuition fees are due.
New Start, New Income
Vanessa and Carmen met four years ago and have been inseparable ever since. Vanessa is graduating from university in the spring and they've set a wedding date for the fall. Although they'll both live with their parents until the wedding, they've already bought their first house. Scott is married to Carmen's sister so it's no surprise that he's influenced them to buy a fixer-upper income property to get started on home ownership. The suburban back-split bungalow they found has all its original 1960s details, and no charm. They plan to duplex it into a two-floor upper and two-level lower unit but they are challenged with the weird configuration of rooms and ugly finishes. They're broke first timers who have to juggle their mortgage payments, reno budget and the wedding they're hosting on one modest salary. They need Income Property to show them how to make this house work for them.
Funding This Family Through Maternity Leave Will Require An Income Suite
Patricia and Manny traded in their sports car and party days for an older home and family life. Now they have a feisty 16-month-old daughter and newborn twin girls! When they found out they'd have three children under the age of two, mild financial panic set in! They had a tough time coping with the first maternity leave and with increased child rearing costs this time round, they know they have to come up with a plan to generate some supplemental income from their dark and dingy basement. They've got a few ideas on how this space could make them money, but in the mean time Manny has gutted the entire basement down to the brick walls and stud ceiling. Now Patricia, daughter, Sofia, and the twins are living with the grandparents until the dust settles safely at home and the renovation is over. Now that the twins are here, Manny can't possibly get the renovation done on his own. This space has to be ready before Patricia moves back home with Sofia and the new babies. They need Income Property help.
Figuring It Out
Jung and Angie grew up in Vancouver and met at a mutual friend's party. Within months they were married and by the end of the year they'd packed their TV, and a few of their favorite clothes into their sports car and drove across the continent to where opportunity awaited. In the past two years they've moved five times before buying their first house, a 1960s bungalow in a suburb at the edge of town. The main level is beautifully renovated but the basement apartment has been gutted and they're not sure why, but suspect that there may be water issues. These first time homeowners have had several contractors in to give quotes on what it will take to get it rentable and each one has a different theory, different solution and a different price. They're lost and don't know who to trust and what has to happen in order to ultimately bring in a tenant and the rental income they were counting on. Furthermore, Angie's Dad is holding the mortgage. They need Income Property to solve the issues and create a great income suite.
Retirement Reality Check
Monica and Raphael have worked hard, saved and bought a modest home in a comfortable suburb. For years Monica wanted to buy an income property but there was never enough extra money to invest and Raphael was afraid of taking the risk. Monica recently discovered that according to their current financial statistics they need to work well into their retirement years, so she convinced her husband that it was time to take the plunge and use equity from their home to buy an income property to supplement their income now and into retirement. They looked hard for a building they could afford and finally found a rundown triplex on a busy street. There is lots of work to be done to upgrade the top floor unit and with an impossibly low renovation budget for the whole building they are going to have to invest some sweat equity into their property before they can attract the needed tenants.
Rosalina & Arun are burnt out & need to finish their basement renovation so they can concentrate on finishing their own living space for their family
Rosalina and Arun bought a stunning 1897 grand detached Victorian home. In the past it has been a rooming house and a hair salon with residential units. Their initial intention was to live on the second & third floors and continue to rent out the main floor and basement separately and use the income to bring the house back to its original splendour. Fast-forward 5 years and major basement apartment issues later (flood, mould, asbestos, etc.), and Arun and Rosalina are exhausted financially and emotionally. Now with Arun's 3 kids moving in they need to maximize their living space and take over the main floor in addition to the upper two floors for everyone's sanity. They have lost their vision with the basement apartment due to all the setbacks. They need Income Property's help.
Susan is living on a single income & needs to turn her basement into an apartment to add a second income helping to pay bills & provide for her family
Two years ago, Susan and her husband separated. They agreed that the best situation for their daughters was for them to stay in the family home with their Mum. Susan is now paying the costs of homeownership on her own and has the added expenses of what she calls 'outsourcing the burly manly tasks.' The house has a large, finished, but underused, basement which Susan would like to convert to an apartment to bring in a second income to help cover household expenses and give added financial security for her family and future. Susan has embraced her unexpected independence and is full of drive and determination but this basement conversion is one thing she can't tackle on her own. She needs Income Property help.
Nelson & Sarah need to renovate their basement suite to attract a good tenant, stay on top of their expenses & fund the rest of their own renovations
Two years ago Nelson & Sarah bought this 1970s duplex in the heart of Little Portugal from Nelson's Dad. He'd rented it to tenants for years and it was in original condition when they took possession. They fixed up the main floor to express their own clean contemporary style. The basement apartment, however, is still stuck in the 70s with at least 10 different patterns of tile - it's a tile kaleidoscope! It desperately needs to be updated to attract the sort of tenant they want downstairs. They need Income Property's help.
Property Partners
Naomi and Scot were living as a couple in this 5 unit multiplex in a downtown university neighbourhood, when last year, their landlord told them he was selling. This pair of bold twenty-six year olds put together all of their savings and borrowed from family for a down-payment and bought the building for over a million dollars! Not long after that they split up. Their romantic relationship didn't work out but they're still friendly property partners. Their plan was to upgrade the rental units as they become vacant. Naomi and Scot want to spruce up this large but dated two-bedroom apartment - and raise the rent. The problem is, they put most of their money into the downpayment and only have a very small fund to draw from and no experience to guide them with how to spend their meager resources or how to renovate an old property! They need Income Property's help.
Reena & Kulvir Need to Rent Their Basement Unit so They can Save to Add a Second Story to Their Home
Reena and Kulvir are newlyweds and have recently bought their first home. This modest two bedroom 1960s house appealed to them because it's located in an older suburb not far from their parents, but most importantly it had an income suite in the basement which would help to pay the bills and let them plan a family without worrying about lost income. They also have a few other dreams ? building a second story on the house to accommodate that family, postgraduate education and one day, a world trip to visit relatives around the globe. They've just moved in and the first step is to get this income property rented but the space is dated and dingy and they have no design creativity or construction experience to know what to do in order to attract the kind of tenant they want. They need Income Property's help.
Common Spaces Spruce Up
When Laura met George he had recently bought this rental property. Laura and George lived in one of the four units until they were married and could afford to buy their own family home. Looking after the units and managing the tenants consumed all their spare time then, but now with their own house and a new baby they have absolutely no time to do the essential maintenance on this property. In fact, its quickly becoming the worst house on the street, and needs an urgent intervention to prevent major problems. Giving it some clever, low-maintenance curb appeal and improving the common spaces in the interior will also add value to each of the individual apartments. This property is supposed to fund Laura and George's future retirement, but now it's a bone of contention and Laura is tired of nagging George who simply has no time! They need Income Property help.
A Tenant to Pay the Mortgage
David and Peter met ten years ago and they've since made the heart of this internationally renowned city their home. In the last couple of years keeping close ties with their families has become a top priority but with both sides living abroad it's become increasingly expensive to do so. They decided to simplify their Toronto lives so that they could afford to take time off. They gave up their hip condo and bought this Victorian duplex, which they hope will bring in enough rent to cover their entire mortgage. They'll live in the upper half but need to update the main floor unit, which hasn't been renovated for 30 years. They have no time or know-how to make the upgrades. They need Income Property help.
Live Smaller & Smarter
This East Coast farm boy loves his rural roots and large family but felt like a fish out of water until he hit Toronto. He conquered his student debt, saved hard and bought this two story Victorian semi in the east side of downtown. There's more space than this single guy needs and because he believes in working smarter not harder, he wants to split it into a duplex and create a second floor apartment to help pay down his mortgage. Sean is a decor junkie but he has no practical experience or skill in planning, construction or property management. He's eager for guidance on how to turn this century semi into a duplexed rental unit. Sean needs Income Property help!
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