Earlier this year Samuel came out to one of our property tours, saw what our other investors were doing and it didn’t take him long to take action. He’s currently on his way on closing his first investment in Peterborough.
We purchased our first single-family property 7 years ago in Whitby. We spent a lot of time researching and understanding all types of strategies. In January we decided to rent out our single-family townhome. Since then we’ve gone on a couple of Peterborough property tours with Smart Home Choice. In July we pulled the trigger on a bungalow in South West Peterborough and the plan is to convert this single-family into a legal duplex.
Getting the two of us to agree isn’t always easy. As a member of Smart Home Choice and an active Real Talk with Gary listener we’ve heard a lot about “SMART goals”. The Rolodex gave us multiple financial professionals, legal advisers, and construction specialists to choose from. During the property tours, we were able to meet and hear two different contractors review and discuss each other’s projects while we took notes and asked questions. Chris, Gary, and Quinton were always accessible and each provided valuable insight on all aspects of the Peterborough market. Throughout this process we have been able to discuss the different options and come to a conclusion both of us are happy with.
At this point our journey has been a great experience. Next up is the conversion and hopefully and additional property before the end of 2020.
Here are some approx. numbers.
- Expected renovation cost – $60K
- Anticipated Upper rent – $1700 + hydro
- Anticipated Lower rent – $1500 + hydro
- ARV $500K-$515K
Samuel and Valerie
Realtor – Gary Hibbert