All Forum Posts by: Joseph Jin

I recently purchased a house in Hamilton, Ontario.

Going to convert single (bungalow) to duplex.

Would it be possible to advise if there is anything in below that you think is unnecessary for our investment purpose:

Ground Floor:

- Has all original items but painted

- existing old wood floor (narrow wd strips)

- existing laminate countertop with old painted cabinets

- existing painted base boards

- washrooms fixtures are working fine - painted old vanity cabinet

Should I leave all items above leave as is?

Basement:

- Ikea Kitchen w/ laminate countertop

- new standard doors/frames/hardware (lowest prices ones)

- New Ikea washroom vanity/fixtures

- convert existing shower to bathtub (standard)

- stainless steel appliances (get lowest priced ones)

- stackable white washer/dryer (get lowest priced ones)

- pot lights in living/kitchen/hallway

- standard light in bedrooms

- enlarge livingroom window (to get permit)

- new flooring - Luxury Vinyl planks

- AC/furnace/Roofing - 16 yrs old (should I replace before refinance? or keep until they stop working?)

Thank you,

I am doing BRRRR by converting single (bungalow) to deplex. For my basement unit, I have 2 options:

Which one would add more value ?

1) 2 beds (160 sf + 110sf)

2) 2 bed + 1 Den (120sf +110sf) + (60sf den)

My fiance and I are looking into first investment in Ontario.

I work in Etobicoke, so I am trying to find our first investment property not too far from work - preferably within 100-150km.

Here is the breakdown of what we can afford:

Current posesed cash: 200k

pre-approved mortgage: 600k

I am currently thinking of duplex conversion in Hamilton, so I can BRRRR. However, I am not confident if Hamilton might be the most optimal market for us. I know I can cash flow with $100-200 possitive after refinance, but not too sure if the hamilton makret would continue to appreciate as other markets.

If you were in my shoes, how and where would you invest with the capital I have?

Because this is my first investment property, I think it is right to focus on appreciation of the property instead of cash flow. - I have no doubt on meeting the minimum cash flow (positive).

Also, we would like to build our real estate investment portfolio. Hopefully more than 10 properties within 10 yrs.

Your feedback is much appreciated!