First Refinance to extract equity and build portfolio

[Andrew Deveau]

Investment Info:

Single-family residence buy & hold investment in Dartmouth.

A Semi-Detached 3 bedroom single family home.

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

Newly renovated property with a motivated seller well priced in a good neighbourhood.

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

By accident, when we were looking at another property just down the street. We were able to negotiate the price down with a quick closing.

How did you finance this deal?

We had refinance our duplex and took the proceeds to pay for the down payment on this unit.

How did you add value to the deal?

We bought the property without over paying which ensured we had equity in the property from the start.

What was the outcome?

We were able to rent this unit out within 2 weeks of closing on the sale to our first applicant which stayed in the unit for over 2 years. We were cash flowing from the beginning!