We are in Hillcrest Village in Toronto and this is a continuation from Episode #183 – Investing in Hillcrest Village Toronto Gut Renovation. The owner Nawar Naji has completed his $180,000 renovation in creating this high end executive style duplex. This episode will show the finished product and Episode #183 will show you the before picture. This renovation project is truly a “role model example” of what many of my investor clients aim to do.
The purchase price of this house was $525,000. Nawar stayed on budget of $180,000 in his renovation. It took exactly 4 months to complete this renovation and that includes Nawar going to Committee of Adjustments. Furthermore, Nawar was able to rent the upstairs apartment for $2780 / month plus utilities and $1250 / month plus utilities for the basement apartment. For a total gross income of $4030 / month. The rental demand was incredible! He was able to rent the upstairs within a week or two of advertising it. After all expenses, Nawar will be cash flowing close to $1000 / month! Many people wonder who in the world would pay this much for rent when they could simply buy a place? The rental market in Toronto (especially certain hot pockets) is in very high demand and has been for quite some time. There are always people looking to rent quality suites…especially the young executive professionals who need a couple more years until they buy their own home, but need a place to rent in the mean time.
Well done Nawar! Thank you for sharing your renovation project details with our viewers…I know this will educate and inspire others to do similar things.