First Purchase Made! Multi-Unit Hamilton, Ontario, Canada

[Joe Di Fonzo]

Proud to announce we purchased our first multi-family home (triplex):

-Purchase price: $320,000

-Needs some improvements in each unit (kitchen, bathroom cosmetic modernization) likely to be in the neighbourhood of $20,000 total

-Estimated rental income: $3150

-Estimated expenses: $2259 (this is a very safe estimate)

-Cash flow = $1090

-Meets the 1% rule and well above 50% rule

Feeling a little anxious (given it is our first deal) but very positive about the breakdown of the deal. All-in-all a great learning experience and hopefully the first of many deals. 

Feel free to comment, provide feedback on the deal. All thoughts are welcome!!

-Joe