First time investment 3 year round up

[Max Prato]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $285,000
Cash invested: $20,000

Purchased October, 2019 as a primary home, single family residence that has a mother-in-law suite. Completely gutted & renovated myself the downstairs studio suite for the first year. Upon completion rented out the studio suite which helped pay for 75% of the mortgage. Exactly marking the 2 years of ownership & living in the upstairs unit I moved out and found tenants to move into the bigger 3 bed 1.5 bath.

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

Found the property on the MLS, went to see the house and put an offer in for over asking that night.

How did you finance this deal?

Money saved up from working my W-2 job while living in a cheap rental per bedroom.

How did you add value to the deal?

I gutted and made basement suite livable to rent out as one unit.

What was the outcome?

I now have a cash flowing property at $1,265/month after all expenses and a CoC return around 44%. Also since the crazy appreciation from the Covid years the house currently stands at an assessment of ~$400k, which I am in the process of taking a HELOC out of $100K.