Hamilton Duplex - East 33rd Street

About The Project

This is a 900 sq ft bungalow up on a really nice Hamilton Mountain Neighborhood close to schools, parks, shopping and transportation. On this property we updated the main floor and removed the wall between the kitchen and living room to create an open concept. The basement was completely gutted back to the exterior black walls.

To save on the budget instead of replacing the kitchen cabinets on the main floor which were in pretty good shape we painted them and added a new laminate top and white subway tile. On the floors we went with 14mm laminate with grey tones. We then painted all the walls, ceiling and trim.For a final touch new stainless steel appliances were installed.

In the basement it was a complete gut. As i always we went with R23 spray foam for the exterior walls. On this one i also upgraded the service and separated the meters. I often get asked about meter separation and if its 100% separated from each unit. For the most part a good portion with the exception of some circuits being shared are but without gutting the main floor walls its difficult to make it 100% separated. What we make sure we do now is having the A/C on the main floor panel and the Furnace on the basement panel, biggest reason is that the main floor will draw the most in order to cool it.

With the layout we went with a 2 bedroom with walk in closets and a den. The flooring we used a 5.5mm vinyl plank that looked quite amazing. The main living area received some slim line pot-lights to really brighten it up. We went with a modern shaker style white kitchen cabinets and to finish it off, quartz top and white subway tile.

All in all this place turned out really nice and was rented quite quickly. This is a property that we kept ourselves so i can share the numbers with you.

Our purchase price was $420,000 renovations came to $95,000. After refinancing we got back $68,000. Our cash-flow on this property is $650 and that takes into consideration 7% PM fees, $100/month maintenance, plus $100/month insurance and 2.5% vacancy rate. Our cash on cash return is 5.3% and our 5 year ROI based on a 3% yearly appreciation is 17%.

In my books that’s an excellent return and i would do that every time i could. Well that’s it for now and we are off to the next one.

Contact us If you want to know more about secondary suites and how to can profit from them, or if your interested in a hands off cash flowing investment property we are always willing to discuss a JV partnership.

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Hamilton Secondary Suite Conversion

About The Project (Fennel Ave)

Welcome to Fennel Ave. This project is on the Hamilton Mountain and it was quite an extensive Job. We finished Spring of last year but I didn't get a chance to post a blog. This year I am committed to posting blogs on all my secondary suites hoping to inspire anyone who wants to get out there and start investing in Real Estate and what better way than a cash flowing income property.

I’m also doing this to help those who don't Know much about secondary suites and how to profit from them. As always I am willing to help with any info I can provide. The world cant be all about receiving. I believe the more we can help one another and teach what we know to someone who is willing to listen and learn the better off we will all be. If I can ever be of any help please reach out.

Main Floor

Anyway enough of that and on with the blog. On the main floor of this corner property my clients who are also great fiends of mine decided to create that open concept by removing the wall between the kitchen and family room. This required engineered drawings which we had to wait a couple of weeks for. The open concept look is very popular and something that tenants would appreciate.

For the floors we installed 14 mm laminate over the existing hardwood which will preserve the existing floors if ever someone wanted to convert back. The existing floors were in great shape but the new laminate floors gives it a more modern look.

The bathroom was gutted for the exception of the full size wall to wall shower that was in great condition. We added new quartz floor tile a new toilet and vanity and that was it.

For the kitchen we installed a new shaker style thermo Foyle cabinets with an undermount sink and quarts top. For The back splash was finished off with a modern mosaic tile and then new stainless steel appliances to top it all off.

I should mention that we like to use over the stove microwave hood fans and the reason is to create more space on the kitchen countertop. The cost difference is very little but it makes a lot of sense. Little touches like that and adding a nice back-splash can go a long way are great value add items.

I forgot to mention that this property did have vermiculite in the attic and we had to get remediation done on the property. This is very common in some of these older homes but don't ever let that stop you from purchasing a great property. This is a very easy fix and was caught in the home inspection and allowed for in the offer to purchase.

Basement Suite

So for the basement it was a complete gut right back to the block foundation walls. The layout was quite spacious and allowed for a 3 bedroom apartment. Meter separation with service upgrade to 200 amps was installed.

For windows we installed a hopper style egress window plus an additional window to meet with the light requirements.

Bathroom finishes were upgraded with a modern 12”x 24” quartz tile for the tub surround and the floor. Standard toilet and vanity sink was used but turned out quite nice.

The flooring was a vinyl plank click style that is very durable and water resistant plus it looks amazing. This is not the flooring your Granny had back in the day lol. These floors come in various colors and textures. They are becoming very popular for their look, durability and style. and I have seen them on the main floor of some custom build homes. I myself will be using it in my own basement that's in the process of being done.

The kitchen is a mirror image of the main floor kitchen, Same shaker style grey cabinets and quartz top with mosaic tile. These value ad finishes will make your rental stand out and possibly yield a premium rent or at the very least a premium tenant.

Painting finishes were consistent throughout using a light grey on all the walls and semi gloss on the trim.

I can’t share the numbers on this one as its not my property but what I can tell you is that even with the extensive reno there was some very nice equity created and this place was rented out very quickly, even the shed was rented. This is now a solid income producing property. If you want to know more about how you can profit from secondary suites or how you can team up with us for a hands off passive investment please contact me.

Well that's it for this one! stay tuned for our next secondary suite blog.

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Hamilton Duplex - East 23rd Legal Conversion

About The Project

This is a story and a half house so it had some challenges being smaller than the typical Hamilton bungalow that we usually work on. One of the challenges was the bathroom location and size of the space we had to work with. 

The other challenge is parking, the frontage is not quite big enough and because of the fire hydrant on the front lawn there was no way to extend the parking in the front so it had to be submitted with parking in the back. 

On this property we decided for the first time to extend the vinyl plank flooring into the bathroom since it is waterproof and it actually came out quite nice. We didn't go high end on this one and kept it simple and clean and Hydro was not separated as we had a budget to keep in mind. Due to our limited budget we decided to re use some white appliances from another project that were still in great shape. 

All in all it came out quite nice and looks great and cozy. We spray foamed  the exterior walls as we always prefer doing on all of our projects so cooling and heating will be as efficient as possible.

Our inspections all went through without any issues, we stayed on budget and it's now a legal 2 family home. 

Days after completing this smaller 2 bedroom basement suite it was listed on Kijiji for $1,275 plus utilities and within a week we secured great tenants. Another successful project, and another cash flowing property.

 

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Hamilton Duplex - Cameo ave Legal Conversion

About The Project

This is a 1000 sq ft bungalow in a really nice Hamilton mountain neighborhood . Pride of ownership really shows here with nicely manicured lawns. This project was not a big one and some of the space was existing. 

The scope of work here was to separate the units, ad a washer dryer closet on the main floor and turn the existing 1 bedroom basement into a 3 bedroom as well as ad a kitchen.

While this was not a complete basement gut the client decided to separate the hydro. We upgraded to a 200 amp service with meter separation. When dealing with existing finishes its always a bit more challenging as walls and ceiling may need to be torn out. The panels now need to be installed in the separate units and are no longer allowed to be in one unit. This actually makes a lot of sense anyway as each tenant should be able to access there units breaker panel.

Putting the panel on the main floor also creates a bit of work as some tear out is required to run the wiring and then your dealing with with paint and patch work and of course creating a nice access panel to cover up the breaker panel.

A new furnace and a/c unit was also installed and we moved the original location as to allow for a bit more room for the kitchen. The Existing bathroom in the basement was quite large and that's where we created a separate washer/dryer closet and it came out quite nice and fit it with the space perfectly as if it was always there.

A kitchen was added and we created 2 extra bedrooms making this a 3 bedroom basement suite. At first everyone was worried that creating the extra bedroom made for a small kitchen but tenants didn't seem to mind as they really liked the unit and it was rented out extremely quickly.

The main floor was also rented out very quickly and we had that ready to rent out first and continued working on the basement. There can be some challenges when you have a tenant already in before the basement unit is completed, especially when your dealing with things like meter separation, plumbing and installing a new HVAC system and this one did have its challenges as some of these services had to be interrupted.

All in all we got through it as the tenant was great and very patient and understanding as she new about the ongoing Reno and somewhat expected it, regardless its nice when you have those type of great tenants and you really have to appreciate that and let them know. We always hear about the bad tenants but reality is that there are way more good tenants then bad ones.

In the end this project came out great, inspections were all complete with no issues and it had 2 awesome happy tenants. Most importantly its now a cash flowing income property that didn't have any real unexpected issues except for  couple of faulty interconnected smoke detectors that were quickly replaced.

If you want to know more about Primo Reno and how we can help you on your duplex conversion project we would love to hear from you.


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For more information about this project or legal suite conversions. Please complete the form below to get in touch with our team.

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