BUY & HOLD INVESTMENT

[Lisa Lavie]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $180,000
Cash invested: $38,000

This house came on the market at 190K, there were 3 offers on the table same day. I ended up getting the property for 180K which is the more than I would typically want to pay for a buy and hold but I just fell in love with this house. It had so much potential, cathedral ceilings, in a wonderful neighbourhood right by the local high school! I'm so happy with this purchase.

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

(Always know why the seller is selling)

The house came up on MLS & I went to see it within the hour. The woman living in the home had lived there for 40 years, her husband had sadly passed a couple years prior & the house was too big for her to take care of.

The owner had 3 visits that morning and all had put offers in. I made mention that if she'd like, she could sell to me now but rent from me until she figures out where to move. She liked the thought of that & chose my offer :)

How did you add value to the deal?

She moved out 2 months later and I went in and gutted the entire kitchen & bathroom. I added a 2nd bathroom and a 4th bedroom downstairs. In all it cost about 38K in renovations. The house is gorgeous and I rent it out for a nice cashflow