Condo Purchase Buy and Hold

[Jenn Richardson]

Investment Info:

Condo buy & hold investment in Victoria.

Purchase price: $200,000
Cash invested: $13,500

Buy and Hold 1 bed condo purchased for my young daughter to eventually live in and be able to pay less than market rent when she moves out.

How did you find this deal and how did you negotiate it?

Agent/MLS, on market for 6 + months in a very heated market where multiple cash bids over asking was normal. Starting price was 236K negotiated down to 200K. Property had 3 owners, originally purchased for approx 120K, they were looking to cash out. Interior had not been updated since 1990s at the earliest.

How did you finance this deal?

10K self finance from savings

How did you add value to the deal?

3500 in renovations from savings, new carpeting, paint, fixtures, doors, blinds/curtains, baseboards, heaters, refinished cupboards, new flooring, closet doors and organizer, electric fireplace.

What was the outcome?

Rent increased from 900/month to 1600/month, vacancy rate 0%.