Cliff and Thyrza bought this 1950s bungalow in an older suburb. After purchasing the house three years ago, they spent $100k completely renovating the main floor to make it their own. But there is unfinished business in the basement. They originally intended to finish the basement and rent it out, but over time have started to use some of the space. Cliff moved his office to the basement and Thyrza has claimed the laundry room as her own. They are now ready to get back on track with the original plan. The only problem? They can't agree on how it should be renovated. Cliff would like to see two apartments in the basement, whereas Thyrza is not willing to give up her laundry room. Cliff and Thyrza need Income Property help.
Josephine is a divorced, working mum with two teenagers at home. She has made lots of sacrifices over the years and managed on one income to buy a four-bedroom home to raise her kids. Josephine had a good job at a mortgage company but has recently been laid off. She'd has been planning to build herself a financial back-up plan in the form of a basement apartment, but didn't get around to it in time for this financial set-back. She has the financing in place and wants to move ahead with her plan, but she knows nothing about renovating. Her sister, Rita, supports the project and her big sis, but she knows even less than Josephine about renovating. Josephine needs Income Property's help.
Nadia & Gino met online five years ago ? when they were divorced single parents with challenging careers. They married earlier this year but their household income has been cut in half due to lost jobs and a poor economy, and as a result, they're eating up their savings quickly. Gino decided that property might offer a more secure financial future so he bought this duplexed 60s bungalow in small town suburbia and rented out both units. The extra income from this property is essential for them to move forward towards a secure financial future but six months ago the basement tenant moved out and they decided to upgrade the apartment to try and attract a higher rent for the space. To save money Gino took a stab at doing some of the renovations himself - but the place is now gutted and uninhabitable and they've lost months of much needed revenue. They've got limited resources to finish the job and they're stuck wondering what to do next. They need Income Property help.
Diana is a flight attendant and flying solo as a recently single parent to two boys. She'd been living in Costa Rica and has returned to Canada to raise her children. While she was still away she found this 1940s detached brick home and decided it would make a great home to raise her children in. Her parents scouted it, then Diana put in an offer and unexpectedly got it - sight unseen! Her parents have helped finance the purchase by providing a second mortgage. Diana's plan is to pay down the mortgages by creating a basement apartment where she and her boys will live for a year or two and rent out the two story, 3 bedroom home above. When her finances are more stable, she'll move back into the upper unit and rent the basement as a long term 2nd income. For the past two months, she's attempted some of the renovations and hasn't finished any single task except to completely gut what was a finished basement. Diana needs Income Property's help.
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.
Ten years ago Rob and Tricia bought this four bedroom detached house in a suburban town with lots of space to raise a family. As the future comes into focus they realize they need to think about how to pay for that future. An income suite in their under-used basement seems to be the solution. Their city has just changed the rules so income suite are are now allowed and legal. The basement has high ceilings, a walk out to the backyard, a kitchen and a bathroom, but that doesn't mean it's ready to rent. Rob's handy but neither one of them has any idea how to convert this into a legal, self-contained apartment. They're hoping that their home will offer the relief and security they need. Rob and Tricia need Income Property's help.
Tiffany and Jamie have been living in Toronto for the past few years and were married last summer. They're an enterprising, ambitious young couple with dreams of interesting careers, and a house that will one day be a place to raise a family and bring in a second income as they go through their career and personal changes. They've just taken possession of a classic 50s bungalow in a leafy Toronto suburb. It fits their bill because it has a huge bright basement that offers income potential. The problem is they have no renovation experience what-so-ever. Tiffany and Jamie need Income Property's help.
Rita and Eric 'tied the knot' six months ago and have been living in the basement apartment at Rita's parents home. They've just bought a 1980s detached brick house nearby with its own 'in law suite'. Their first impressions of the house were great. They planned to move in upstairs right away and focus on getting the basement up, running and rented. However their second impression was very different. Once they took possession, they decided they could not live with the upstairs kitchen and tore it out. Without a kitchen in their new home, they are stuck at Mum & Dad's until it's finished. Renovating and renting this basement apartment will help them pay for the upstairs work and move into the house sooner rather than later. Renovating it into a safe suite is well beyond the skill sets of these newlyweds. Eric and Rita need Income Property's help.
Ross is a singer songwriter who makes a living teaching music to kids. He loves this work but his goal is to spend more time and energy developing as a songwriter. He recently bought this downtown triplex, which will bring in extra revenue and allow him to do just that. He's also ready to get married and start a family and this house will be part of that dream as well. The house had been well maintained but has aesthetic and practical problems with the main floor apartment. The shower and the toilet are in two separate rooms off the tiny 1950s kitchen; it still needs to be properly separated from the main entry and a bedroom must be defined. Ross is looking for guidance to upgrade the apartment so he can rent it now, but easily convert it to a single-family home in the future. This first-timer has style but not the know how. He needs Income Property's help.
Josephine is a divorced, working mum with two teenagers at home. She has made lots of sacrifices over the years and managed on one income to buy a four-bedroom home to raise her kids. Josephine had a good job at a mortgage company but has recently been laid off. She'd has been planning to build herself a financial back-up plan in the form of a basement apartment, but didn't get around to it in time for this financial set-back. She has the financing in place and wants to move ahead with her plan, but she knows nothing about renovating. Her sister, Rita, supports the project and her big sis, but she knows even less than Josephine about renovating. Josephine needs Income Property's help.
Andrew is a single guy working full-time and going to school part-time to complete his Masters degree. When he graduates in a month, he'll have to begin paying back his $80,000 student loan. That's not the only debt he's got to handle ? he bought a duplex from his grandparents 2 years ago. He rented the upper unit and moved into the main floor apartment which he started to renovate with an eye to recapturing the home's historic roots. When the upstairs tenant moved out a year ago he decided to convert the house back into a single family home and get room-mates to help cover the mortgage because he still needs the rental income. The entire house is now in various stages of renovation because he tried to do it all himself with help from family and friends to cut costs. He hasn't completed a single area because he's too busy with work and school. Now his big student loan is due on top of the mortgage and he urgently needs the extra income from renters that he was banking on - but the house is un-rentable! Andrew needs Income Property's help.
Andrew is a single guy working full-time and going to school part-time to complete his Masters degree. When he graduates in a month, he'll have to begin paying back his $80,000 student loan. That's not the only debt he's got to handle ? he bought a duplex from his grandparents 2 years ago. He rented the upper unit and moved into the main floor apartment which he started to renovate with an eye to recapturing the home's historic roots. When the upstairs tenant moved out a year ago he decided to convert the house back into a single family home and get room-mates to help cover the mortgage because he still needs the rental income. The entire house is now in various stages of renovation because he tried to do it all himself with help from family and friends to cut costs. He hasn't completed a single area because he's too busy with work and school. Now his big student loan is due on top of the mortgage and he urgently needs the extra income from renters that he was banking on - but the house is un-rentable! Andrew needs Income Property's help.
Jerry and Amee met at work and it was love at first sight. Fast-forward one year later, and they're still working together as government environmental officers. These two have big plans! They're getting married, already talking about having a family and they've just purchased their first property: a 1960s suburban bungalow. They paid $406,000 for this suburban house ? and beat out 30 other buyers with an endearing note to the original owner! Amee's family is also headed in from the Philippines for the wedding and to help with their home reno. These new home-owners are stretched to the limit, and are now officially at risk of being house poor, long term! They've put all of their savings and investments into this house, and hope to create a basement income suite that will fund their big dreams of starting a family within the next three years and eventually fund trips to visit family overseas. The problem? They barely know a hammer from a saw. They need Income Property's help.
Rui is a divorced dad with two school age children who is now rebuilding his life after a significant business failure that set him back $150,000 and left him with a tax debt. Rui and the kids moved in with a relative while he began to rebuild his life and stabilize his finances. About a year ago he was finally able to buy a nice bungalow in a suburban town outside of the city and got to work renovating the basement apartment where he and the children now live. He started tackling the 3-bedroom main floor apartment, but raising two children and trying to launch his fledgling IT support business is proving too much for the single dad. The rental income is essential to help Rui regain his financial stability, pay for the kids' expenses and eventually pay for their education. He's a handy guy and started the renovations upstairs but between raising his kids and nurturing his business, he has no time to finish the job that will help him get back on his feet. Rui needs Income Property's help.
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