Tuesday, 25 October 2016

Bugalow to Duplex: The Backstretch!


This project is our answer to mediocrity. This would be our 4th rental property but our first multi-family property. Up until this point we had 2 townhouses and 1 condo. Though they had been very good for appreciation the cash flow we received form them was slim to none. This project is all about cashflow for us.

Fireproofing

Though it may sound like a very complex thing to undertake it was actually quite simple. The building code her in Ontario stated that we required safe and sound insulation in every shared wall and ceiling. It also stated that we required 3/4 inch type X drywall on the wall to give 45 mins before the fire could burn through the walls and ceiling. This took a only a few days and then it was on to painting.



 Upper Unit Completion

Though we were hoping to have the upper unit complete in May the permitting process took more time and as usual in a construction project delays happen. In the end the upper unit was complete right around the Canada Day (1st of July). Though I haven't talked about the upper unit much it really was mostly was updating. We did a complete update of both the kitchen and bathroom and refinished the hardwood in a couple of rooms. We then put it on the market and rented it for $1650 for August 1st. With that complete the full focus of our contractor and ourselves turned to finishing the lower unit. 

Flooring, Cabinets and finishing touches.


Once the walls were painted downstairs the flooring was put in over a few days. What a change that was and we started to feel like the work (and the money) would soon be over. We had now seen the basement of this 3 bedroom home go from a dungy rec-room, workshop, utility room to a blank slate to a very nice looking 2 bedroom separate unit. All that was left at this point was the finishing touches which I will go over in my next post.

Check out our Bungalow to Duplex posts -  3 month updateNew beginning, Now for Inspection, Plans and Progress or How I paid off my mortgage journey for more info.


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


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