How Can I Convert My Personal Property Into Income Property? Where Do I Go To Find Out About Grants?

My borrowing power is almost or at its max. There is a possibility that I the property could be lost because of too much debt load.

Option 1
I want to keep the property. Kids are grown and I would like to put a legal suit in the basement. I need funds to make the conversion to the space and whatever code requirement are necessary. Can I get an investment mortgage for the fund to renovate in my situation? Who would be the best source to contact in Albert?

Option 2
Rent out the top portion of my residence and renovate the basement suit for two legal rental units in same home location with approximately 1,400 sq. ft top and 1,200 sq. ft basement to be develop outside separate entrance. I would go live somewhere else but still own the property. Does this change the investment mortgage options to be more in my favor?

This become a business venture what grants are available to me.

Comments for How Can I Convert My Personal Property Into Income Property? Where Do I Go To Find Out About Grants?

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Jan 29, 2013
 RE: How Can I Convert My Personal Property...
by: Tom Karadza

Thanks for the questions!

In general you can get mortgages on your property to do either of what you're suggesting. A simple credit line may work best. Contacting a mortgage broker would be the place to start.

We've never dealt with grants but I'd start with the Business Development Bank of Canada. They list out all their Alberta offices ... call them and explain what you're looking for. Perhaps they can point you in the right direction. I found this link on their website:

http://www.bdc.ca/EN/business-centres/alberta/Pages/default.aspx#.UQgyXL80WSo

Hope that helps...

Tom.

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