Published On Jan 22, 2021
In this video Andy Tran breaks down how to do a Legal Second Suite Conversion (Duplex Conversion) into 8 easy steps you can follow. Converting single family homes to contain second suites is an excellent strategy to create immediate cash flow and boost long term value. Doing them legally ensures that you remain in good standing with the City and your community. More importantly, it ensures that they are safe, well-built, and healthy places to live.
The 8 steps outlined in this video are:
1. Get your finances In order
2. Find your ideal property
3. Place an offer to purchase
4. Pre-closing preparations
5. Permit drawings & applications
6. Construction & renovations
7. Post renovation procedures
8. Occupancy & long term strategy
Andy Tran has designed and consulted on over 250 second suite conversion projects in Ontario, in over a dozen cities. Many of these were investment properties designed to maximize ROI and cash flow as rental units.
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IMPORTANT* This guide is intended for informational purposes only. DO NOT rely on the information in this guide for any real estate transactions. Since every property is unique, you must perform your own due diligence with the City and with a professional consultant. Suite Additions Inc., and its affiliates are not liable for any loss as a result of information you receive in this guide.
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