Today’s guest is Andy Tran, founder of Suite Additions, a design and education company that specializes in helping homeowners and investors convert single family homes into multiple units to turn homes into a cash generating asset.
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Andy is founder of Suite Additions, a design and education company that specializes in helping homeowners and investors convert single family homes into multiple units to turn homes into a cash generating asset. Andy founded Suite Additions after seeing opportunities to improve our communities and help people gain financial security through various housing densification strategies. Andy is a registered House and Small Buildings designer, and is also a real estate investor and developer himself. He holds a degree in Architectural Science from Ryerson University in Toronto.
- How Andy got involved with helping investors and homeowners add legal second suites in single family homes
- What it really means to add a legal secondary suites and the most popular option to do so
- Why detached accessory dwelling units (ADU), aka Garden suites, are becoming a more popular option to add a third unit on your existing property
- The house hacking strategy of how parents with young adult children can build a Garden Suite and have their kids live in it to accumulate savings to invest or use as a down payment on their own home
- The other financial and non-financial reasons why people are creating legal secondary suites or garden suites as a house hacking strategy
- How the garden suite strategy is a housing option with many different strategies suitable for empty nestors, parents with aging parents and young adult children
- The types of homes that qualify to put a garden suite on
- The process of how to create garden suites, including working with the municipality and typical timelines
- The current challenges in getting these garden suites built out, especially in newer
- The typical size of these garden suites
- The tremendous advantage you have as a homeowner if you already have an existing detached structure on your property and how it can save you money
- The rough guideline to budget for the cost of building out a garden suite
- The significant cost savings available given development charges do not need to be paid to the municipality, saving typically $80,000 – $100,000
- How current homeowners are currently financing the cost to build these projects
- The current lending environment on these projects
- The importance of working with someone knowledgeable about the process
- Atomic Habits by James Clear
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Thanks to Andy for joining me this week!
In case you missed it, make sure to catch up on last week’s episode “Episode 028: Your Kids, Their Money: A Parent’s Guide to Raising Financially Literate Children with Clifton Corbin”!