Oshawa house investment 5

[David Steinbok]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $350
Cash invested: $170
Sale price: $575

was a 3 bed house. An investor tried to Reno the basemento & his contractor took out the support beams and the floor collapsed. I bought the house from him. Took me 90k to put the house back together. Took me 5 months and was very difficult. inspectors kept failing me because the old stuff didn't mesh well with the new stuff
I replaced all duct work. Electrical and all plumbing. cut holes in foundation for new big windows. The 2 apts turned out amazing and the house generates 2700$ mth.

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

The house was basically destroyed.

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

Friend that messed up and wanted a way out.

How did you finance this deal?

Bank

How did you add value to the deal?

Built 2 bed basement apt

What was the outcome?

Awesome house.

Lessons learned? Challenges?

This house had every issue possible. Learned that everything can be fixed. Just taked time and hardwork.

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

No