In 2010, my dad died and left us a wack of dough. What to do with it? Take a family vacation to Florida, Pay off a small debt? Or buy a rental property? My then partner and I decided on the income property gig. Truth be told we also took a vacation to Florida and paid off a small debt.
Like the more than 13 million people who watch DIY/income property shows we figured we could do that. Funny they make it look so easy on TV. Before we purchased the building my then partner and I had flipped a few houses and I was getting pretty good at renovating them. Together we decided we would purchase a dilapidated building in an up and coming neighbourhood. This will allow us to get it cheap, I would renovate it and we would wait for the area to regentrify. We settled on Vanier.
Vanier is a blue collar, working class neighbourhood just east of downtown Ottawa. The average cost of a home in Vanier is 311,000. Contrast that with the average cost of a home in Ottawa at 402,000. The socioeconomic status is low to lower middle class, with the occasional (not so occasional) crack addict or gang-banger for good measure. (No really, I’m renovating the ground floor apartment now because it was the scene of a drive by shooting.) I’ve become a slumlord.
I’m going to need some help on renovating this one. Anyone???
Statistics on reality show viewership provided by Statista.
House costs provided by the Ottawa Citizen.
Photo from Google Maps.
Interior photos provide by me.