Hi ER, I have a similar property and researching to do this type of build. I am curious about the potential noise issues of daily living in the units you just featured, in particular flooring and walls. This is a semi and wondered how the neighbours might have reacted to 3 new units as neighbours and a 4th to come in the lane way. Could you possibly do a video on these issues your clients have faced and how they were overcome? BTW love your channel, your presentation, and your well researched content on all your videos. Much appreciated.
Hey Malcolm, we'll add it to our ideas list. Thanks for the feedback! Regarding separation between units (ceilings and walls), building code does have requirements for fire and noise that you have to meet like thicker drywall and sound dampening resilient channelling. Having said this, we manage over 200 units and most are multiplexes in these types of homes. Although sounds does travel, most tenants do understand that's how houses are. Re: neighbours - it's very neighbour dependent but in most cases, being nice and sharing your plans and intent does help build a better relationship.
You can budget a vacancy rate but in Toronto, the only time it’s usually vacant would be between renovations to renting out. Tenants need to give 60 days notice on turnover and our leasing team can very likely get it rented out by then since there is very high demand for rentals.
Converting a home into a triplex can be costly, especially with underpinning and adding extra exits to meet building code requirements. Retrofitting older homes for mechanical upgrades can also drive up costs. Building codes in Toronto and Hamilton differ, so it’s important to account for those variations. Good luck!
@ElevateRealtyCa thank you very much ! In Hamilton, who would I have to speak to, to look at my home and determine exactly what I would have to do to legally rent out units, ie fire separation, egress, etc. I appreciate any and all advice!
In Ontario, the majority of municipalities adhere to the building code standards, which specify a height requirement of 6 feet 4 3/4 inches for houses older than 5 years, and 6 feet 11 inches for houses less than 5 years old.
Hello! That’s is correct for “houses” over 5 years old. The problem begins when it’s a dwelling more than 2 units, so ex 3 units may not necessarily fit in the definition of a house. It would be considered a building. Can you pls provide some insight? Or correct me?
Landscaping, maintenance, legal, property management fees.. and so much more left out. At best, he might get 2-3% on his investment while crossing his fingers that a major repair won’t happen(and it will). On top of that, he’s out 10% just from the transaction. It’s a lousy investment. He could make 2-3% RISK FREE sticking his money in a bank doing nothing.
@@tylerdurden7142 You know you can do that with stocks right? Have you compared the S&P to the Canadian or US real estate index? Better yet, compare the nasdaq.
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In your opinion, are big projects are worth it @ our current high interest rates?
Great video and a very smart project.
Hi ER, I have a similar property and researching to do this type of build. I am curious about the potential noise issues of daily living in the units you just featured, in particular flooring and walls. This is a semi and wondered how the neighbours might have reacted to 3 new units as neighbours and a 4th to come in the lane way. Could you possibly do a video on these issues your clients have faced and how they were overcome? BTW love your channel, your presentation, and your well researched content on all your videos. Much appreciated.
I would be interested in this type of content, too. Good recommendation!
Hey Malcolm, we'll add it to our ideas list. Thanks for the feedback! Regarding separation between units (ceilings and walls), building code does have requirements for fire and noise that you have to meet like thicker drywall and sound dampening resilient channelling. Having said this, we manage over 200 units and most are multiplexes in these types of homes. Although sounds does travel, most tenants do understand that's how houses are. Re: neighbours - it's very neighbour dependent but in most cases, being nice and sharing your plans and intent does help build a better relationship.
How can u be sure all your units are rented every month?
You can budget a vacancy rate but in Toronto, the only time it’s usually vacant would be between renovations to renting out. Tenants need to give 60 days notice on turnover and our leasing team can very likely get it rented out by then since there is very high demand for rentals.
Damn, a washroom right beside the kitchen. But you gotta do what you gotta do.
Im trying to do the same thing in Hamilton, what is the biggest obstacle and/or most costly aspect of the project? Thanks.
Converting a home into a triplex can be costly, especially with underpinning and adding extra exits to meet building code requirements. Retrofitting older homes for mechanical upgrades can also drive up costs. Building codes in Toronto and Hamilton differ, so it’s important to account for those variations. Good luck!
@ElevateRealtyCa thank you very much ! In Hamilton, who would I have to speak to, to look at my home and determine exactly what I would have to do to legally rent out units, ie fire separation, egress, etc. I appreciate any and all advice!
How did you qualify for 6’5” basement? Wouldn’t the city ask for 6’11?
In Ontario, the majority of municipalities adhere to the building code standards, which specify a height requirement of 6 feet 4 3/4 inches for houses older than 5 years, and 6 feet 11 inches for houses less than 5 years old.
Hello! That’s is correct for “houses” over 5 years old. The problem begins when it’s a dwelling more than 2 units, so ex 3 units may not necessarily fit in the definition of a house. It would be considered a building. Can you pls provide some insight? Or correct me?
Landscaping, maintenance, legal, property management fees.. and so much more left out. At best, he might get 2-3% on his investment while crossing his fingers that a major repair won’t happen(and it will). On top of that, he’s out 10% just from the transaction. It’s a lousy investment. He could make 2-3% RISK FREE sticking his money in a bank doing nothing.
Until/unless prices of homes appreciate again... that's when the power of leverage works wonders.
@@tylerdurden7142 You know you can do that with stocks right? Have you compared the S&P to the Canadian or US real estate index? Better yet, compare the nasdaq.