This look inside an investment renovation opens CREW's series "Show us Your Investment Property." As Jemima Codrington reports, finding the right location and picking the right upgrades to match can expand your ROI. We have the numbers to prove it.
Give us a tour of your investment property. Click here
Video transcript below:
Jemima Codrington: This week’s episode of Investor Insight takes us to the affluent neighbourhood of High Park. We take a look inside an investment property that’s all character on the outside and modern city living on the inside. Welcome to this week’s episode of “Show us your Investment Property” on Crew TV.
J.B. Partners, Nam Phung and Paul Hecht bought the property for $700,000 back in September. The legal duplex consists of 3 units which have all undergone significant renovations that combine modern living with a property of distinctive character.
Paul Hecht: So High Park’s a great location in Toronto because it has High Park, obviously which is a huge park which people love. It’s got [Worres] Village for all the streets and coffee and shopping. It’s very convenient to downtown because it is also on subway line and you know chances of Toronto removing the subway line are very rare. So we like that, it brings those tenants in and it attracts the professional kind of tenant which is the kind of tenants we are after.
Unit # 1
So right now the guys have just finishing up the bathroom. We have extended it up, made it a little bigger. We have a kitchen behind us, this will be a one bedroom unit and we have bamboo flooring down, once we are all done. We will rent for about $1050 a month plus utilities.
Unit # 2
Nam Phung: Basically what we did, we knocked out the old kitchen and we put in the brand new kitchen with the new appliances. They look expensive but it only cost us a small fraction of what it looks and we hope to rent this place for $1550.
Unit # 3
Nam Phung: Okay so, basically what we did here when we bought this place and this was basically closed up. It had a room here and a room behind me. So what we did, we make it open, we knocked out the two walls and choose only a window and keep a fireplace and make an open concept. This is more attractive to a young professional or a couple because there is an openness in spaces and we hope to rent this unit for $2150 plus [hydro].