Monday, 11 January 2016

Bungalow to Duplex!


Ask almost any landlord out there and they will tell you it was accidental. If you want to continue this "lifestyle" one day you have to sit yourself down and make a decision, do you want to be remain an accidental landlord or do you want to get serious and try and generate income from rental income.

We bought a condo in 2009, a townhouse in 2012 and another townhouse in 2014. In future posts I will explain the properties in detail but one issue that we have is that we are barely cash flow positive on the properties. Well we finally decided to get real and determine how to generate some income! We found a Realtor that specializes in rental properties and that has a lot of contacts. We then immediately talked to a mortgage broker that also dealt with a lot of investors.

We have since restructured our finances in order to find our next property and this time it will not be an accident. We are now focusing on a 2 unit property or creating one with some sweat equity! We have put in an offer on a Power of Sale single family bungalow tonight. If our offer is accepted we intend to make it a legal duplex and generate income and hopefully passive appreciation. Stay with us on the journey!

Do you have a story you want to tell, leave me a comment, I would love to hear about it!

1 comment:

  1. Our original offer was our max offer and our agent presented it this way. The offer was not accepted and they countered $10K below the asking price so we walked on Jan 13. Today our agent asked us if we would consider submitting the offer again because the seller (the bank because it is power of sale) would like to review it again. This bungalow to duplex may just happen, the new deadline is 19 Jan.