Rental Property in Eastern Passage, Nova Scotia

[Theoren Goosney]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $385,000
Cash invested: $85,000

Not in Denver, CO! This house is in Eastern Passage, Nova Scotia. Its a 3 bedroom, 1.5 bath. This was purchased as my first rental, using some of the funds from my fix & flip in Ontario. It didnt need much work to get it tenant ready, and was rented immediately. Had to pay 20% which i'm fine with, as it is cash flowing well and has lots of room for improvement to add equity. I also expect the area to see good price appreciation. Very happy with the purchase

What made you interested in investing in this type of deal?

I want to start collecting rental properties in the area, and going about it using BRRRR method. Fortunately for this property, I didnt have to actually have to refinance or perform too much work to get it ready for tenants.

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

Found on the MLS

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

It only needed small renovations to get it tenant ready, like some flooring, paint, baseboards. If the tenants move out, I will definitely be doing more renovations to add some more value into it.

What was the outcome?

Rented immediately, and making good monthly cash flow. Very happy I made the purcahse

Lessons learned? Challenges?

Dealing with tenants & screening, immediate renovations vs. renovations which can be delayed

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Andrew Perkins from Keller Williams realty. He also helped me purchase my second property that I recently purchased. I would recommend him to anyone looking for real estate in the area. He is an investor himself so he knows what to look for in properties that will make them good investments