Property Sense

02/03/2023

Proud sponsor of Kingston Youth Hockey!

05/13/2022

Joint Venture Opportunity
- Secondary Suite Conversion

We have this great East-end Kingston bungalow under contract for only $575,000.

The strategy for this asset will be a Secondary Suite Conversion/BRRRR. The main floor is nicely finished and just needs to be separated from the lower unit to be rent ready and cover our carrying costs while we create a legal second unit in the basement. Projected cost for creating the secondary suite is $60,000. After renovations are completed and units fully occupied, we will refinance based on a projected after repair value of $725,000.

We are looking for a 50/50 Joint Venture Partner that has cash and that can obtain the mortgage. For this deal, you would need the downpayment, closing costs and renovation budget and be able to qualify for the mortgage. Our Joint Venture is based on you providing the required capital and we will oversee renovations and long-term asset management!

FINANCIALS

Downpayment: 20% of $575,000 = $115,000

Closing/Carrying Costs = $15,000

Renovations = $60,000

Total Cash = $190,000

Refinance within 6-9 monyhs to a 5yr Mortgage Term

Projected After Repair Value: $725,000

Projected Rental Income $4,090

Projected Funds Left Invested After Refinance: $70,000

Closing date is June 29th so you'll need to act fast!

Reply if you would like a more detailed pro-forma. Or better yet, book a Wealth Building Strategy Zoom call here: https://calendly.com/propertysense/wealth-building-strategy-call

04/20/2022

Joint Venture Opportunity

Isn't it ugly?!

That's why we have this Kingston legal triplex under contract for only $512,500. It needs some work but that means forced appreciation and we have the team to do it! And with 2 of the 3 units vacant this is a great opportunity to add value!!!

The strategy for this asset will be a BRRRR on an already legal triplex. We will buy, renovate, rent, and refinance at current market value. Cost for this renovation is $100,000. After renovations are completed and units are fully occupied, we will refinance based on an projected after repair value of $700,000...or more if we are successful with cash-for-keys on the third unit.

We are looking for a 50/50 Joint Venture Partner that has cash and that can obtain the mortgage. For this deal, you would need the downpayment, closing costs and renovation budget and be able to qualify for the mortgage. Our Joint Venture is based on you providing the required capital and we will oversee renovations and long-term asset management!

FINANCIALS

Downpayment: 20% of $512,500 = $102,500

Closing/Carrying Costs = $15,000

Renovations = $100,000

Total Cash = $217,600

Refinance within 1 Year to a 5yr Mortgage Term

Projected After Repair Value: $700,000

Projected Rental Income $3,985

Projected Funds Left Invested After Refinance: $67,000

Closing date is June 8th so you'll need to act fast!

Reply if you would like a more detailed pro-forma. Or better yet, book a Wealth Building Strategy Zoom call here: https://calendly.com/proper.../wealth-building-strategy-call

02/08/2022

One of the first things I look for when considering a house for adding a secondary suite is how easy it will be to create a private entrance. This layout is one of my faves!

01/21/2022

It's been a great year to be in the market with no end in sight to price increases due to lack of supply and increased demand.

Kingston's real estate market is on fire, with house prices growing by 38.1% year-over-year in 2021, leading all Canadian markets.

11/05/2021

Gotta love it when a plan comes together...

07/16/2021

Always great to under promise and over deliver!

05/21/2021

When the old plumbing decides to spring a leak after all the renovations are done. It's not always sunshine and puppy dogs! 🙄

05/18/2021

Look what came in the mail! Thank you Keyspire for the recognition for Stories of Success!

04/09/2021

After a 12 week wait the new windows finally came in. Well worth it!

Extra bonus when the tenants are appreciative!