My husband moves a lot for work. I mean A LOT. We have moved 13 times in 9 years. Along the way, we have lived in executive rental condos - some temporary and some for a year or more. Some are okay and some are ... well ... in need of some love. When I came into a little inheritance money, I thought, "I can do better." I also thought, "EEEK!! I dont know how to be a landlord!" So I bought a pre-construction condo. Put down a little money and get 3 years to figure it out.
Then my daughter decided to come to Calgary from university for the summer. Our son had already spoken for the 2nd bedroom in our condo. I needed a 3rd bedroom right NOW! Yup, I bought a condo to get a 3rd bedroom. To be fair, the rental market in Calgary that year was nuts! Vacancy rates were ZERO and prospective tenants would line up hours in advance of showings with money in hand hoping to be the chosen tenant. I chose to buy. In the fall, when she would return to school, we could rent the condo for some extra cash. Maybe enough to go on a trip, or at least keep me in knitting yarn.
Then I discovered Keyspire! This video tells the story of how and why I joined this amazing network.
Joining Keyspire brought Keyspire Courage! I could buy a house, put a suite in the basement, get tenants, and take cheques to the bank!! According to HGTV, I'd need about $40,000 for option 1 to $85,000 for option 2 and the full on reno. Either option would take about 60 minutes. Hehehe!! Live and learn! Try closer to $225,000 (downpayment plus renovation money), and 16 months. But this house in Edmonton was the training ground. We learned about budgets (UGH), over renovating (bye-bye budget), and how to enjoy each other's company on New Year's Eve by installing a glass tile backsplash right up to mid-night! Sweat Equity done right is love and laughter and drywall dust! I've been told drywall dust is divorce dust, but lucky for me, Jeff's love of project planning and tinkering and my love of design and trying everything at least once has combined well.
From this first over-renovated, poorly planned (can you say, Change Order), and expensive, insanely over-schedule project, we learned some very valuable skills. And at least I can say vacancy has never been an issue at this house.
Browse around and see what we are up to at Sweet Suite Home Builds. If you've got questions, I'm excited to chat with you one-on-one. Click BOOK NOW to get a free 30 minute private appointment with Laurie May