First Rental Property

[Jason Cook]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $87,500
Cash invested: $4,300

Found a nice 2 bedroom 1 bath that needed a little updating

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

It was a an estate sale and the numbers made sense for us to grow our portfolio.

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

It was on our local MLS. We looked at the property saw what needed to be replaced and made our offer based on that

How did you finance this deal?

Through a bank

How did you add value to the deal?

We added hard wood to the living room and dinning room area. And put new carpet in the bedrooms. Added crown moulding to the main areas of the house. Landscaped

What was the outcome?

Currently still own the property and collecting income

Lessons learned? Challenges?

Screen tenants. Do just go with the first one

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

Yes wise guy mortgages london ontario. Andrew young. Very helpful