Great video! Very informative! Bill 23 is a huge opportunity for this! I also have 2 ADUs (3 units total) on my property. Last summer I converted my garage into an ADU and made a video about it also!
$1.7mil invested, and he only gets $7-8k per month, about $80-90k gross a year, with all the headaches of managing tenants. It's not a good investment unless the property value increases tremendously, which is highly unlikely with the current RE markets. This definitely doesn't work.
The best part of real estate analysis is that it does not make sense in the moment but only 2-3 years down the road, it seems like a bargain. I remember seeing a Khan Academy video after 2010 on why renting is cheaper and now if you look the same video and just change the price the price of the house the analysis will instantly turn into regret of not absorbing the short term losses.
20% down that is 200k, + 500k ADU + 150k duplex = 850k cash down... only bring in 6k net cash flow per month, and the duplex itself was bought 200k over the market price in Carlington .... this is not an investment, this is just waste of money...@@MafiaXII
From the mouth of a Durham Regional Police officer who can't wait to retire & move away, Bowmanville is not the same nice little town it was 8-10 yrs ago. Most of the trouble has migrated from the west. (a.k.a. Toronto)
Who would want to pay 4000 or 3000 a month of rent? Crazy. 1.7 million. Might as well buy a bungalow for 800000 and pay 300000 to add a second floor and flip it.
Great video! Very informative! Bill 23 is a huge opportunity for this! I also have 2 ADUs (3 units total) on my property. Last summer I converted my garage into an ADU and made a video about it also!
Right on. Very cool. Thanks for sharing. Where are you located?
@@MovingToDurhamRegion Thanks! In Innisfil.
$1.7mil invested, and he only gets $7-8k per month, about $80-90k gross a year, with all the headaches of managing tenants. It's not a good investment unless the property value increases tremendously, which is highly unlikely with the current RE markets. This definitely doesn't work.
Should the cost of the rental reflect the price to purchase. These should rent for more.
The best part of real estate analysis is that it does not make sense in the moment but only 2-3 years down the road, it seems like a bargain. I remember seeing a Khan Academy video after 2010 on why renting is cheaper and now if you look the same video and just change the price the price of the house the analysis will instantly turn into regret of not absorbing the short term losses.
Thanks for having me on your channel to share about this topic 🔥
Thanks for giving us an exclusive tour
So clever to make it "easier" to convert into a duplex if the rules change.
Thanks for the info Cody!
With 20% down, the mortgage is over 4k$ to carry, I havent even factored in property tax or the Reno.
What kind of "investment" is this?
Maybe 3k with mortgage + property tax since he bought it in 2022 with at most 2% 5 year fixed rate
20% down that is 200k, + 500k ADU + 150k duplex = 850k cash down... only bring in 6k net cash flow per month, and the duplex itself was bought 200k over the market price in Carlington ....
this is not an investment, this is just waste of money...@@MafiaXII
He thinks he would get 10k/month as short term rental. That's 333$ a night occupied 30 days month. For an engineer and investor his math sucks
A very poor one.
Amazing content. So much value. Thank you Saman !!
Thanks Waiz!
this is amazing
best video, !!!
From the mouth of a Durham Regional Police officer who can't wait to retire & move away, Bowmanville is not the same nice little town it was 8-10 yrs ago. Most of the trouble has migrated from the west. (a.k.a. Toronto)
I thoroughly enjoyed the video as it effectively elucidated the intricacies in a clear and concise manner.
Thank you for watching
Those rents arent guaranteed, i woudnt go by his #s and would lower the expectations to do the cirrect math. If those numbers do workout good for him
I doubt the quality of tenants you would find in that area and able to to paying rent. Good for them if they have it work out.
I want to live in this garden suite
it's all yours
Drop your questions below 👇
Unless he split the front bungalow 2 units $2000 each and backyard $2000 each 2 units.
Hi Saman, He said he is going to test out the short-term market if he can two or three times that.... What does that mean? Thank you for the video.
Who would want to pay 4000 or 3000 a month of rent? Crazy. 1.7 million. Might as well buy a bungalow for 800000 and pay 300000 to add a second floor and flip it.
This isn’t a residential property anymore, it’s a business and should be taxed and regulated as such. It just needs a flashing neon sign out front.
Can you provide the contact details for the GC please?
The cost of this garden suit is too much.I know another builder can build a garden suit much cheaper than that.
Yes I imagine as more players enter the market there will be a price correction. Starting to see it in the US.
👍👏
$450,000?!?