How One Ottawa Semi-detached Turned Into 2 Legal Units — The Famous BRRR
Dear Lotful Realty Family
Quick question…
Do you want to build wealth the smart way?
Not by hoping prices go up — but by buying the right property and creating value on purpose through a smart conversion.
At Lotful Realty, we’re big believers in value-add investing — and here’s a recent real example of how Omar helped a client do it using the BRRR strategy:
Buy → Renovate → Rent → Refinance → Repeat
The Property
We bought a pretty normal semi-detached home in Nepean, Ottawa — nothing fancy — and converted it into two legal units that actually make money.
The strategy is simple:
Confirm feasibility first
Buy the right house
Convert with the right people
Most people skip step one… and that’s where things get expensive.
What We Look For (Before Buying)
These are the types of homes we target because they usually convert cleanly:
Semis or bungalows with a side entrance (or room for one)
Basements with workable ceiling heights
Zoning + layouts that won’t cause headaches later
The order matters:
Feasibility → Purchase → Conversion
On this one, Omar helped the client vet the home before purchase, sanity-check ceiling heights and zoning, and connect them with the right designers and contractors so there were no surprises.
The Numbers (Real Example)
Purchase Price: $540,000
Basement Conversion (all-in): $120,000
Total Investment: $660,000
Post-conversion appraisal: $705,000
That’s about $45,000 in equity right out of the gate.
The Refi Part
After refinancing, the client pulled out around $132,000.
That paid back the entire $120K renovation and left about $12K extra.
So net-net…
He only has around $96K left in the deal, and it’s still cash flowing.
Income Before vs After
Before conversion: $0 income (owner-occupied)
After conversion: $4,690/month ($56,280/year gross rent)
After mortgage + expenses:
Around $10,680/year positive cash flow
Not bad for a pretty normal Ottawa house.
Most buyers see a regular resale…
We look at what it can become long-term: income, value, and upside.
If you already own a home and have ever wondered, “Could this place make me some money?” — We’re happy to take a look.
And if you’re buying with this strategy in mind, reach out to your Lotful Realtor and we’ll help you do it the right way from the start.
Want us to run the numbers on a listing you’re eyeing?
Just reply to this email or message your Lotful agent.
— Lotful Realty Team
Click here and we can take a look
P.S. This is not a green light to buy the first house you see and call it an investment.
Please call us first
