First property after quitting corporate job!!!

[Aditya Soma]

Investment Info:

Single-family residence buy & hold investment in Windsor.

Purchase price: $185,000
Cash invested: $27,750

After quitting my job on Jan 31st 2019 - biggest challenge is getting mortgages
But good new is there many creative financing options, one of which is VTB
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I love this property because seller gave me 85% VTB for 4.15% interest for 25 years - 1 year 3 months term
WIN - WIN for both of us
for seller he doesn't have to pay huge capital gain this year for me normally I would not get mortgage

Purchase Price - 185,000
Down payment + Closing cost - 31,500
Renovations - 25,000
After Repair Value - 240,000
Potential Rent - $1700 per month
Net Cash Flow - 200$ per month

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

VTB

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

Through social media

How did you finance this deal?

VTB - 85% LTV

How did you add value to the deal?

Adding powder room + updating Kitchen and bath, flooring and painting

What was the outcome?

BRRRR
will pull out majority of my money out

Lessons learned? Challenges?

Never be afraid to ask what you want - I was surprised the seller who owns 80+ properties didn't knew that if he does VTB he doesn't have to pay capital gain for upto 5 years

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

LOL! my self an agent here in Windsor ON Canada - yes 100% I recommend myself to anyone who's looking to invest in Windsor ON Canada - #BestInvestorFocusedRealtor