New primary to one day be investment...

[Terri-Leigh H.]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $685,000
Cash invested: $50,000

Purchased as a primary, will be a live in fixer. We will turn to STR after legal live in period!
Partially renovated when purchased and we are continuing. Purchased for $100k under value, post reno we should have equity of around $300k in.
Not being afraid to live in a fixer with 4 kids seems to be the ticket!

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

It is .5 mile down from our previous primary, allowing us to bounce from property to property based on the season as one is best for summer and the other best for winter due to road access.

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

Drove by:)
Offered way under asking... Lost the deal... Ran comps and saw how dumb we were to offer low (lesson here, just offer asking in a tough market, this doesn't mean you'll end up paying it), called the realtor everyday... Deal fell through and we were at the top of his list.

How did you finance this deal?

5% down conventional

How did you add value to the deal?

We are fully remodellin - finishing out the unfinished basement and then STR.