Income Property Episodes
University Fee Fixer
A single mother sells her house to buy a run-down rooming house with the plan to live in and renovate the two-story apartment so she can contribute to her son's education costs. But after spending 60 percent of her budget on essential home improvements, she becomes overwhelmed by design decisions and needs a solid plan to get the apartment rented before tuition fees are due.
New Start, New Income
Vanessa and Carmen met four years ago and have been inseparable ever since. Vanessa is graduating from university in the spring and they've set a wedding date for the fall. Although they'll both live with their parents until the wedding, they've already bought their first house. Scott is married to Carmen's sister so it's no surprise that he's influenced them to buy a fixer-upper income property to get started on home ownership. The suburban back-split bungalow they found has all its original 1960s details, and no charm. They plan to duplex it into an upper and lower unit, but they are challenged with the weird configuration of rooms and ugly finishes. They're broke first-timers who have to juggle their mortgage payments, reno budget and the wedding they're hosting on one modest salary. They need Income Property to show them how to make this house work for them.
Maternity Leave Income Suite
Patricia and Manny traded in their sports car and party days for an older home and family life. Now they have a feisty 16-month-old daughter and newborn twin girls! When they found out they'd have three children under the age of two, mild financial panic set in! They had a tough time coping with the first maternity leave, and with increased child rearing costs this time round, they know they have to come up with a plan to generate some supplemental income from their dark and dingy basement. Manny has gutted the entire basement down to the brick walls and stud ceiling, and Patricia and the kids are living with the grandparents until the dust settles safely at home and the renovation is over. Now that the twins are here, Manny can't possibly get the renovation done on his own. This space has to be ready before Patricia moves back home with Sofia and the new babies. They need Income Property help.
Figuring It Out
In the past two years, Jung and Angie have moved five times before buying their first house, a 1960s bungalow in a suburb at the edge of town. The main level is beautifully renovated but the basement apartment has been gutted and, although they're not sure why, they suspect that there may be water issues. These first-time homeowners have had several contractors in to give quotes on what it will take to get it rentable and each one has a different theory, different solution and a different price. They're lost and don't know who to trust and what has to happen in order to ultimately bring in a tenant and the rental income they were counting on. Furthermore, Angie's Dad is holding the mortgage. They need Income Property to solve the issues and create a great income suite.
Retirement Reality Check
Monica and Raphael have worked hard, saved and bought a modest home in a comfortable suburb. For years Monica wanted to buy an income property but there was never enough extra money to invest, and Raphael was afraid of taking the risk. Monica recently discovered that according to their current financial statistics they need to work well into their retirement years, so she convinced her husband that it was time to take the plunge and use equity from their home to buy an income property to supplement their income now and into retirement. They looked hard for a building they could afford and finally found a rundown triplex on a busy street. There is lots of work to be done to upgrade the top floor unit, and with an impossibly low renovation budget for the whole building, they're going to have to invest some sweat equity into their property before they can attract the needed tenants.
Reno-Weary Professionals
Rosalina and Arun bought a stunning 1897 grand detached Victorian home that was previously a rooming house and a hair salon with residential units. Their initial intention was to live on the second and third floors, and continue to rent out the main floor and basement separately, using the income to bring the house back to its original splendor. Five years and major basement apartment issues later (flood, mold, asbestos and more), and Arun and Rosalina are exhausted financially and emotionally. Now with Arun's three kids moving in, they need to maximize their living space and take over the main floor in addition to the upper two floors for everyone's sanity. They have lost their vision with the basement apartment due to all the setbacks. They need Income Property's help.
Susan's Solo Solution
Since separating from her husband, Susan has been raising her daughters and paying the costs of homeownership on her own, with the added expenses of what she calls "outsourcing the burly manly tasks." The house has a large, finished but underused basement that Susan would like to convert to an apartment to bring in a second income to help cover household expenses and give added financial security for her family and future. Susan has embraced her unexpected independence and is full of drive and determination, but this basement conversion is one thing she can't tackle on her own. She needs Income Property help.
Mold Rescue Operation
Two years ago Nelson and Sarah bought this 1970s duplex in the heart of Little Portugal from Nelson's dad. He'd rented it to tenants for years, and it was in original condition when they took possession. They fixed up the main floor to reflect their own clean contemporary style. The basement apartment, however, is still stuck in the 1970s, with at least 10 different patterns of tile -- it's a tile kaleidoscope! It desperately needs to be updated to attract the sort of tenant they want downstairs. They need Income Property's help.
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