Renovating a multifamily

[Mark Moran]

I recently finished a renovation of a single family home and am closing on the sale at the end of July. I'm moving to the Ottawa area and with the prices of single family homes surging recently, am thinking of buying an older multi family property.  Has anyone had success trying to flip an older multi family for cash flow?

I'm seeing some challenges of having the existing tenants paying low rents and having to try and get the property vacant to update the units. I see that there is still no evictions allowed due to covid but even still the process to evict for renovations looks challenging. I was also planning on moving in to one unit and renovating and renting one at a time. 

I also noticed some properties have a lot of extra unused land. I'm wondering if anyone has any good ideas on how to capitalize on this? I was thinking of building a multi unit type garage and renting it out to the tenants or anyone nearby who wants to store their car or just have storage. 

[Michael Wong]

"I also noticed some properties have a lot of extra unused land. I'm wondering if anyone has any good ideas on how to capitalize on this? I was thinking of building a multi unit type garage and renting it out to the tenants or anyone nearby who wants to store their car or just have storage."

Hi Mark,

You will want to check w/the zoning to see what kind of accessory building is allowed on the lot. That will determine what you'll be able to build, if at all. If possible, build a dwelling rather than just storage, even if it's just a studio. Housing people tends to have a better ROI vs housing accessories. Again, your zoning will determine it.