Hello Thomas, yes I am more than pleased to share more details.
1. I bought a nonconforming fourplex in 2018 (legal duplex. The other two new units added in the beginning of 2000s with occupancy permits but the building was not legalized as fourplex due to its lot size).
2. I just bought the next door duplex which has an extended backyard behind my previous property. The due diligence shows I can sever the backyard, attach it to the first property. With the new lot sizes the zoning will allow a max 12 units for the first property, and 3 units for the newly purchased. For the ease of construction I am thinking only to add 4 extra units to the first property, and a third unit to the new one.
3. Both properties have great equities ($800,000 + $$300,000) but my borrowing power has been used up for the $4.5m worth purchase in the last two years.
Properties both in Ottawa and both about 100 yeas old. Last reno done 10 & 15 years ago.
