Suited house in Alberta, Canada. My 2nd investment property

[Mike Axelsen]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Sylvan Lake.

Purchase price: $362,500
Cash invested: $73,405

Up and down suited house in Sylvan lake, Alberta, Canada.

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

I wanted to start getting into small multi family

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

I found it through my realtor, negotiated it through my realtor knowing that the seller was slightly motivated.

How did you finance this deal?

Conventional mortgage

How did you add value to the deal?

fixed a few small things, added washer and dryer in the upstairs suite. It was more or less a Turn key though

What was the outcome?

Bought the property, closed April 25 2019. Tenants moved in May 1st. It was a stressful close with some financing struggles but everything turned out well.

Lessons learned? Challenges?

Challenges were mainly with financing. I was using a lender that was in another province so it was a little tough dealing with them in a different time zone.

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

Tyne Gardiner - Realtor Royal lepage Red Deer
Jennifer Cragg - JD Law Red Deer