First Student Rental Property - Ontario/Canadian Investors!

[Thomas Cramarossa]

Investment Info:

Single-family residence buy & hold investment in Peterborough.

Purchase price: $420,000
Cash invested: $45,000

Our first student rental property investment. Single Family Home with 6 bedrooms, fully rented by students of the nearby Trent University and Fleming College.

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

After listening to the podcast for months, I decided its time to JUST DIVE IN. After doing some research on vacancy rates, locations and capacities of surrounding colleges/universities, my partner and I found the deal that made sense to us. We had to hustle quickly, as closing was only 2 weeks and students were starting school just a week after we would take ownership. With some hard work and elbow grease, we secured a fully rented house with 6 students.

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

We found this deal on the market and decided to pursue it after it met all of our criteria. We knew it was a quick close, and therefore put in an offer that made sense for our team, and thankfully it was accepted!

How did you finance this deal?

As this was our first property, my partner and I used some of our own capital, as well as raising funds after a number of pitch meeting to investors.

What was the outcome?

We have this property fully rented and it is currently cash flowing!

Lessons learned? Challenges?

Real Estate Investing can be challenging, but it is definitely fun. Can't wait to continue to work and grow our portfolio!