2 Properties, 1 Day, No Problem.....

[Paul MacInnis]

Ok, so maybe it wasnt' exactly no problems, but the other stats are true.  I've closed on my 5th and 6th properties - and for the first time, two properties on the same day.  One is a 4-unit and the other is a 5-unit.  

I was an investor before joining BP but this community has given me the tools, network, and confidence to be more aggressive in pursuing properties.

Both properties were funded conventionally - the 5-unit was 15% down with CMHC insurance (i'm in  Windsor, Nova Scotia, Canada),and the residential was 20% down.  

5-unit - purchase price was $175k.  Mortgage (with CMHC fees wrapped in) is about 155k.  Building is solid (recent major upgrades are done - roof, etc.) with 4 one-BR units and a 2-BR.  Tenants pay all utils.  Gross income is $2430 but I will be doing small 'makeovers' to each unit and increase gross rents to $2700 as they come available - first is already complete.  

4-unit - purchase price was 135k.   Morgage is on about 108k.  This building is also in great shape - new roof, boiler, hot water heaters, fibreglass oil tank, etc.  I'm in the process of doing approx 10k worth of necessary cosmetic type upgrades.  Tenants are very happy with the new upgrades and although I pay the heat this is an excellent cash-flowing property in the short term.  Gross rent is $2750.

I've hired a property manager for the first time - after nearly 11 years of managing my own units - and although i'm still involved - this has already been paying dividends as the extra time is allowing me to pursue other deals and see what the BP rental property calculators tell me! I am also now in discussions with several potential new JV partners for the next deals which is really exciting as well.