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From one home to three?

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RealEstateJ | 11 Nov 2014, 03:55 PM Agree 0
I’m thinking about converting my single-family home in Leslieville into three units. Is it worth the investment?
  • Women's Millionaire | 11 Nov 2014, 08:14 PM Agree 0
    Hi Real Estate J,

    I can help you out with this question if you like! It's all about the math.

    The best way to determine this is by looking at all the building renovations, costs, putting it into a business plan the amount of time you will be putting into it and calculating your return on investment on an annual basis.

    I can also introduce you to a lot of Real Estate investment opportunities if you like, where you will probably make a lot more money with your investments and saving you both time and money!

  • retrackers | 26 Nov 2014, 10:42 AM Agree 0
    Be careful with zoning issues. If you have equity it would make more sense to yank out some of your equity and buy a legal triplex somewhere else. Leslieville is doing well with single family as it is. Personally, I wouldn't go triplex there for resale purposes. Duplex maybe but it makes more sense to yank out $100k in equity (will cost you about $500/m on a mortgage or heloc right now) and put that as a down payment on a legal triplex that cash flows $500/m plus you pay down principal of that property, get appreciation, etc... Just my opinion :) Good luck!
  • RealEstateJ | 26 Nov 2014, 01:53 PM Agree 0
    Thanks! You've both made good points. Anyone else with suggestions? I want to rent the place to students and I think Leslieville is an up and coming area with a vibrant tenant base. But there may be other places closer to universities in smaller markets that entice me as well and I like this idea of a triplex. Do you have any hotspots in the City or in a smaller market where I triplex can pay dividends?
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