Refinancing after renovations

Residential

Hello everybody, at the start of the year I bought a run down quadruplex ( one triplex and one home on the same lot) . I am currently gutting it and making it hopefully nice again. I am doing the job alone and by the time I will be finished I will have put 130k in it in materials and some labor for jobs I coudnt do. Like structural stuff and asbestos. Heres a list of all the important renos I will have done when I’ll refinance :

  • Completely new interiors in the appartements. Kitchens, bathrooms, rooms etc everything is now new
  • Ac everywhere (minisplits)
  • new windows and exterior siding and doors for everybuilding
  • new subfloor that was rotted in one appartement
  • independant electricy and hot water for each appartement
  • completly new garage (the one that was there was falling down)
  • new flat roof now with metal for the triplex
  • New appartement, subdivised the home in two appartements so now its a quintuplex
  • new cedar tree line on property

I am in Québec, I’ve seen a property (quintuplex) similar to mine without a garage sell for 1.2million in my city. I bought mine for 520k. Is it possible to think that when I’ll refinance the bank could give me 800k in equity ? I put 104k as down payment for this one. And second question, is a gas station a good rental property ? Was looking at them and they seem really good.

Posted Jul 8, 2025, 4:51 PM UTC

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