1st Property/Primary Residence

[Paul Mackay]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Dartmouth.

Purchase price: $300,100
Cash invested: $15,000

Rent upstairs flat as an Airbnb, live on the main floor.

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

Home ownership is expensive! Having a rental unit seemed like a practical way of reducing my living expenses.

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

Through MLS. From the listing cut, I felt the house was underpriced. I put in an offer $200 over asking the same day it was listed, having only my better half and my Realtor in the house.
Offer was accepted, and there were 2 back up offers on the table shortly after.

How did you finance this deal?

Mortgage Broker

How did you add value to the deal?

The upstairs of the house was a 2bed + den, with separate utilities, so the bones were there.
For the most part the reno was done by myself and father for about 11k, furnishing it was another 9k.
Currently working on the main floor bath, and am saving up for some foundation work.

What was the outcome?

A successful Airbnb business where we pretty well live for free!

Lessons learned? Challenges?

Give myself more time for renovations.

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

Jonah Wright my mortgage broker. One word... efficient!