Oshawa house invest 2

[David Steinbok]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $320
Cash invested: $37
Sale price: $600

Single family house that I converted into a legal duplex. Demo entire basement to foundation. Built a legal 2 bedroom apt. Did it evenings and weekends with my buddy. We took 4 months since we both had day jobs. Rent up apt for 1350 plus util. Down is 1100 plus util. Refinanced a year later for 80ltv

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

Brrr

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

Agent

How did you finance this deal?

D.p was from refinance of oshawa house #1. Mortgaged the rest.

How did you add value to the deal?

Built a legal 2 bed apt.

What was the outcome?

Refinanced the house at new value. Still cashflow.

Lessons learned? Challenges?

Great house. Demo was very difficult. Ran all new electrical and all new plumbing. My first time doing that.

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

Yes

[Thomas S.]

$2450 rent on a 600K property. This is why investing in rental income properties in T.O. makes no scenes.