Canadian east coast multifamily
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $175,000
Cash invested: $27,000
4 unit multi family
What made you interested in investing in this type of deal?
Monthly cashflow
How did you find this deal and how did you negotiate it?
I live in vancouver BC, the most expensive city in the world. I could never afford buying anything here (yet) so i looked elsewhere and stubbled upon Saint John NB. It was an off market deal that my real estate agent presented to me. Right place at the right time.
How did you finance this deal?
traditional mortgage with the bank
How did you add value to the deal?
Renovating each unit as tenants moved out to up rental value and value to the building
What was the outcome?
When i bought the property it was already cash flowing with the rentals. It wasn't much but it was enough for all the bills.
Lessons learned? Challenges?
Rental agreements in NB are a lot different than BC. This being my first owned property i went bigger than a single family. like they always say " go big or go home". The challenges i still face are from owning such an old home (built in 1898) there is a lot of on going maintenance. My next purchase i will go newer.
