We conducted a walkthrough of a completed 3-unit Garden Suite conversion project in Hamilton, Ontario, with my client Seif from Newfore Inc. The property, located on Hamilton Mountain, was originally a single-family home with a detached garage on a double lot. It has been transformed into a duplex with a garden suite, now qualifying as a legal triplex or 3-unit property.
Key Takeaways:
- Property Potential: Situated on a double lot, this Hamilton Mountain property presented an unmatched value-add prospect.
-Transformation Journey: From a single-family residence to a dynamic duplex with an additional garden suite, witness the birth of a 3-unit legal triplex.
- Insights from Seif: Grasp the financial dynamics, challenges, and benefits of this project. With Seif at the helm, his dual role as the owner and the General Contractor offers invaluable insights.
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Website: www.rltco.ca
Contact Seif:
Website: www.newfore.com
Instagram: Newforeinc
Email: info@newfore.com
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www.rltco.ca/go/hamilton-inve...
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00:00 Introduction
01:50 Project Vision
02:39 Rents
02:56 Double Lot
03:41 Garden Suite tour
04:16 Garage conversion Layout
05:55 bathroom
06:09 bedroom
07:10 Challenges with project
11:32 Dealing with the city
13:36 Lessons/Changes for next time
15:45 Beating High Interest Rates
16:20 Costs/Numbers
18:32 Appraisals/New Value
19:26 Future Potential