I'm continually surprised when my clients tell me how much they are able to rent out their legal second suites for.
I've said before that second suites are nothing new. What IS new is that we have housing affordability as such low levels that a lot of middle income earners can not only NOT afford to buy a house (given harder lending criteria), they are also not able to rent an entire house. This leaves a lot of high quality tenants who demand higher quality second suites, and are willing to pay for them.
This is what we are seeing again and again.
My clients, Tim and Kelly provided exactly this type of accommodation for their tenants. And I had a chance to interview them recently to discuss this.
If you're planning on going through this process, I highly recommend that you check out this video, as Tim and Kelly offer some golden nuggets of advice for investors.
Going forward, I will be putting together videos similar to this to provide you with actionable information you can use to create amazing second suites.
After all was said and done, Tim and Kelly was able to create over $500 in monthly cash flow on this property. And these numbers are based on financing the debt of a home equity line of credit (HELOC). If downpayment and reno's were completed with cash, the cash flow number would be well over $1000.
Check out the video to see how they were able to achieve these awesome numbers.
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